introduction & welcome 9
Address by Chancellor Angela Merkel
Global challenges call for global engagement . That is why the G20 has established itself as the leading forum for Heads of State and Government in the sphere of international economic cooperation following the international financial and economic crisis . Our shared goal is the strong , sustainable and balanced growth of the global economy .
At the St . Petersburg summit we intend to adopt an Action Plan which will contain both growth-oriented structural reforms and credible and ambitious plans on budgetary consolidation . These two elements are essential prerequisites for creating stable conditions for more growth and employment . This is also about creating a positive environment for long-term investments whose crucial role in the growth process has rightly become the focus of the G20 to an ever increasing extent .
Another priority is free trade , the engine for economic prosperity . The G20 has been guided by this conviction since the outset . At the St . Petersburg summit , too , we want to advance the liberalisation of international trade . Furthermore , I am calling for the G20 to reaffirm its commitment to do away with protectionist measures .
We also have to pull in the same direction in order to ensure effective international financial market regulation . Stable growth requires stable financial markets . The G20 has already achieved much as it strives towards this goal - partly through new and tougher regulation not only of banks but also , for example , of hedge funds and rating agencies . However , much remains to be done with regard to shadow banking . I am continuing to press for the G20 to live up to its aspiration to subject all financial market players , all financial market products and all financial centres to the appropriate level of supervision and regulation . We have to prevent the financial markets from again setting off a global economic crisis . We also have a responsibility towards those who have had to bear the burden of these adverse developments during the last few years to prevent this happening .
Above all , we have to ensure that every citizen in our countries benefits from positive economic development . No-one should be excluded permanently from the promise of prosperity which the market economy has to offer . So it follows that I am deeply concerned by the high level of youth unemployment in some countries . We have to develop joint strategies to create more jobs for young people in particular and to provide targeted help for disadvantaged groups on the labour market .
At the same time , fairness dictates that everyone makes their contribution towards financing the structures of society in line with their ability to do so . The fight against tax fraud and evasion , especially on the part of multinationals , is a central task which can only be tackled successfully by coordinated international action . The German Government has therefore been urging its partners to deal with this issue at G20 level . The OECD has already done valuable work in this area . The G20 is taking up its proposals to substantially curtail the scope for aggressive tax planning by companies which operate around the globe . Furthermore , we want to see an automatic exchange of tax information as a new global standard . Progress in these
tax issues benefits us all , industrialised countries as much as emerging economies and developing countries .
Issues relating to energy supply and efficiency , which will also be on the G20 agenda in St . Petersburg , are also of interest to us all . With the introduction of the Energiewende , the transformation
We have to prevent the financial markets from again setting off a global economic crisis
of the German energy system , Germany has become an international pioneer in generating reliable and clean energy . At international level , there is still great potential for greater environmental compatibility and sustainability . I am calling for the opportunities this brings to be grasped and for the G20 to provide positive impetus to the United Nations climate negotiations .
The meeting in St . Petersburg can show that international summits involving the leading industrialised countries and emerging economies can once more set the pace when it comes to international cooperation . Such joint action is essential in light of the advance of globalisation .