Global Tables on International Financial Architecture
At the core of the Digital Global Solutions Summit are Global Tables, each tackling the T20 and G20 agenda as well as generating policies in response to the COVID-19 pandemic. The Global Tables are filled with keynotes, discussions, interviews and impulse statements by high-ranking representatives from research, politics, business and civil society.
The discussion about ending the exceptional monetary and financial measures and policy strategies adopted after the 2008 Financial Crisis to return to a “new normal” in monetary policy, gained momentum in 2019 both among policy makers and in the academic research circles. Leading central banks started strategic reviews that should have reached conclusions before the end of 2020. These developments reflected advances in theory, empirical evidence and policy experience as well as new concerns about financial stability, income and wealth distribution, and growing global financial interdependence. However, the Covid-19 pandemic has created a new situation. Its economic consequences will persist for a substantial period and will require new special short-term measures by central banks, well-coordinated with fiscal authorities, to stabilize economies and safeguard financial stability; together with a medium-term strategy for phasing out these crisis measures. This panel will discuss monetary and financial strategies for dealing with the economic shocks triggered by the COVID-19 crisis, and what the G20 and do to support these at a time when multilateralism is in crisis and reaching consensus on the coordination of monetary and financial strategy is difficult. How can central banks and financial authorities maintain financial stability while providing the liquidity required for moderating economic shocks? What lessons can (or cannot) be learned in this regard from the global financial crisis in 2008? How can monetary and financial response measures be designed in a way that prepares for an exit strategy in 2-3 years to return onto the path towards a “new normal” in monetary policy? How can the G20 support this while including central banks and fiscal authorities from other countries?
Banque de France
Just and resilient societies depend on an adequate public funding base to provide important public goods, such as health care and education. The COVID-19 pandemic crisis has put a stark spotlight on this: Strong public health systems are an important pre-requisite for successfully dealing with the medical consequences of the pandemic, and fiscal stimulus packages will play an important role in stabilising economies.
However, in recent years there has been an erosion of the public funding base in many countries, as the globalisation and digitalisation of value creation was accompanied by profit shifting and tax avoidance. What can the G20 do to support tax systems for just and resilient societies? Will the OECD led initiative on Base Erosion and Profit Shifting come to a successful conclusion in 2020, as envisaged by G20 leaders? How can progressive wealth taxes contribute to more equitable societies?
German Vice-Chancellor & Federal Minister of Finance
Dr. Berat Albayrak
Turkish Minister of Treasury and Finance
Fighting inequality through progressive taxation
Global income and wealth inequality have increased dramatically in the last decade. Public money for acutely needed action on social and environmental problems is missing. The excessive wealth concentration erodes our societies’ social contracts and challenges the independence of democratic institutions. Calls for progressive taxation are getting louder to make the rich pay their fair share. But even in states with a progressive income tax, billionaires may pay very little taxes because they channel their assets in ways that reduces their taxable income. How could this be avoided? Would a progressive wealth tax solve the problem? How would it lead to a redistribution of wealth to middle class and lower income groups? How could it help to fund a social-ecological transformation? What measures against tax evasion and tax avoidance are necessary to ensure that rich individuals or Multinational Corporations do not hide their money in assets that are subject to tax exemptions, tax havens or in foreign financial institutions? How does the ongoing reform process of the international tax system reflect on these questions?
Party Chairman, Social Democratic Party of Germany (SPD)
International Trade Union Confederation
Australian Labor Party
Moderator: Carolin Roth
As the world is facing an economic downturn aggravated by the coronavirus pandemic, the creation of multilateral mechanisms of mitigating the consequences of such crises is once again on the agenda. G20 is the appropriate platform to discuss such mechanisms, in particular, dealing with the fiscal stimuli. Limiting the coordinated fiscal response solely to the country level significantly restricts the scale of resources that may be devoted to fiscal stimulus at the global level. There is an urgent need for a mechanism that allows for a coordinated response across all layers of the Global Financial Safety Net and the use of an entire array of reserves and resources to deliver the stimulus. These layers should include that of regional integration arrangements and regional development institutions, whose resources have become a significant part of the Global Financial Safety Net.
This coordinated stimulus exercise should improve upon the previous effort, undertaken in 2008-2009, through focusing more on the composition of fiscal spending with greater priority accorded to human capital development, most notably healthcare. Apart from targeting short-term exigencies, the stimulus should also address longer term vulnerabilities, including the undersupply of healthcare services on a global scale. Another important aspect of the economic stimulus is the possibility of amplifying the effects of fiscal spending at the national level with added momentum coming from the regional development banks and other regional institutions that need to work closely with global organizations such as the World Bank, WTO and the World Health Organization.
Sanctions Policy Expertise Center; Department for Academic Development, Institute of International Studies, MGIMO University, Moscow
Deputy Minister of Finance, Russian Federation
Institute for Global Dialogue, South Africa
Reinventing Bretton Woods Committee
Moderator: Yaroslav Lissovolik
Valdai Discussion Club
Policy Recommendations, Policy Briefs and Articles
Policy Briefs contain recommendations and visions and cover policy ares that are of interest to G20 policymakers. The majority of the Policy Briefs has been developed by a corresponding T20 Task Force.
By Anton Pichler, François Lafond, J. Doyne Farmer, R. Maria del Rio-Chanona, Penny Mealy (University of Oxford – Institute for New Economic Thinking)
José Siaba Serrate (Consejo Argentino para las Relaciones Internacionales – CARI), Claude Lopez (Milken Institute), Halit Unver Sergey Drobyshevsky (Gaidar Institute for Economic Policy), Pavel Trunin (Gaidar Institute for Economic Policy)
Contributions by the Young Global Changers
Ninety young people from around the world were selected to participate in the Global Solutions Summit as Young Global Changers. These young changemakers from academica, business and civil society will contribute and debate in their various working groups on the Summit topics.
Explore the Digital Global Solutions Summit 2020
You can navigate to content related to the Global Solutions Summit here. Discover the T20 agenda, an overview of all Global Tables, meet the speakers and read the latest issue of the Global Solutions Journal. Also navigate to the G20 Insights Platform offers policy proposals to the G20: The Policy Briefs, produced by Task Forces from the Think20 (T20) Group and other sources, are clustered in policy areas and describe either recommendations or visions.
If you have any questions about the Digital Global Solutions Summit 2020 and its program, please contact us at email@example.com.
As a media representative please contact firstname.lastname@example.org for more information. Please also note our press kit, press releases and comments published on the Digital Global Solutions Summit 2020.