trade & finance
trade & finance
The main objective set out by Russia when it assumed
its G20 Presidency for this year was to ‘stimulate
economic growth and create jobs’. As premier forum
for international economic cooperation, the G20
indeed plays a central role in supporting policies aimed
at strong, sustainable and balanced growth globally.
The overall G20 agenda, proposed by Russia for this year, spans much wider, and is
fully in line with the original mandate of the G20 to cover both financial stability as
well as longer-term growth-related issues. As President Putin has just outlined, we
have a lot of hard work ahead of us. I am looking forward to making progress in all of
the areas earmarked.
At today’s and tomorrow’s meeting of G20 Ministers and Governors we will have a
fruitful exchange of views on the global economy, on the progress in our financial
regulatory reform agenda, on further reforms of the international financial
architecture, and on investment financing, among other things. These are all issues
which the Russian Presidency has given due importance as they address key
questions currently occupying economic policy makers all over the globe:
Mario Draghi, President
of the ECB, at the G20
Ministers and Central Bank
Governors meeting
But we have to remain prudent. We
should continue to press ahead with
reforms to avoid abrupt changes in
financial market sentiment. And we
can only acknowledge that for some
of the G20 members this improvement
We should continue
to press ahead with
reforms to avoid
abrupt changes in
financial market
sentiment
H
ow can we create jobs?
H
ow can we get back to strong, sustainable and balanced growth?
H
ow can we progress on financial regulation, so as to further strengthen our
financial systems?
W
hat are the further steps to complete our international financial architecture to
support stability and growth?
in financial markets has not yet found
its way through to the real economy.
The key responsibility for us, economic
policy makers in the G20, is therefore
to continue our action based on the
three pillars:
A
nd how can long-term investment financing be better geared towards delivering
long-term global growth, development and job creation? c ommitment to the policy goals that
we have set out
The first three issues - the agendas for growth, financial regulation and financial
architecture - have been occupying us ever since the global crisis emerged and G20
Leaders met in November 2008. The Russian Presidency has given special attention
to the fourth issue, long-term investment financing for growth and development.
And rightly so in my view, considering the key role played by investment not only
in increasing output in the short term, but also boosting potential output over the
medium term. c onsistency in their implementation,
across time, across countries and
across policy domains
Policy actions, notably by G20 members, have been able to bolster confidence and
improve financial market sentiment.
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Conditions in the banking sector, and in financial markets more generally, have
significantly improved since the summer of last year. This is manifested by rising
global equity prices and a decline in financial market volatility and global risk
aversion. Global capital flows have picked up again. Spreads on sovereign and
corporate bonds are narrowing.
a
nd collaboration among all of our
constituencies.
I have no doubt that the G20 will, under
the Russian Presidency, contribute to
restoring growth and job creation for the
global economy. Thank you.
Speech by Mario Draghi, President
of the ECB, at the G20 Ministers and
Central Bank Governors meeting,
Moscow, 15 February 2013
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