Looking forward, Italian Presidency has always kept in mind that the crisis broke out in a context of declining global growth and productivity. Technological change also brings about new challenges for social inclusion, regional cohesion and equality.
Making sure that nobody is left behind along the path to more digital and innovative societies will be a key priority. Investment in digital and green innovations should be seen as mutually reinforcing tools, with the potential of triggering a virtuous process of stimulating the global economy, creating jobs and generating long-term savings. Investment in quality infrastructures plays a critical role to spur economic recovery and set the ground for a sustainable and inclusive growth.
This crisis has shown to what extent reliable and high-quality infrastructure systems are critical to respond to unexpected external shocks and to deliver quality services to the entire population. This applies to the health sector including access to water and sanitation , as well as to telecommunications, digital connectivity and logistics. The Italian Presidency promoted infrastructures — including digital ones — as a way to foster social inclusion, reduce geographical disparities and improve environmental sustainability.
Investment in infrastructure should not be limited to new large-scale projects. Good practices at local level have been encouraged. Similarly, maintaining and optimising existing assets have been given high priority. A strong recovery critically relies on the ability of the global financial system to provide financing to the real economy while managing heightened risks to financial stability.
The Italian Presidency built on the coordinated response enacted in to promote a smooth transition towards the post-Covid world and develop a shared understanding on how to ensure growth and financial stability in the longer term. In particular, Italian Presidency prioritized initiatives aimed at reviewing the lessons learned from the pandemic shock, with a view to possibly adapting the global financial rules and standards, coordinating the preparations for the exit from the emergency support measures and enhancing the resilience of non-bank financial intermediation.
Beyond the pandemic, we gave priority to other important initiatives including renewed efforts to fight money laundering and terrorist financing, building more efficient and secure cross-border payment infrastructures and arrangements, strengthening cybersecurity in the financial sector and further analysing the regulatory, supervisory and oversight challenges raised by global stablecoins arrangements and remaining financial stability concerns.
The financial sector also played a key role in accompanying the transition towards sustainable growth. The Italian Presidency stepped up initiatives to enhance the resilience of the overall financial system, in particular against climate-related financial stability risks, including by ensuring better quality data and more comparable climate-related financial disclosure. The Covid has also contributed to shedding light on the opportunities and challenges linked to the spread of digitalised financial services.
Under the Italian Presidency, the Global Partnership for Financial Inclusion has identified two main areas of intervention. The Covid crisis has put a strain on the financing needs of the most vulnerable economies and risks jeopardising development prospects, after a decade of progress in reducing poverty, including in African countries.
Yet, these efforts are not always sufficient to create enough fiscal space to cope with the crisis and secure debt sustainability for the most leveraged borrowers. Within this context, a new Special Drawing Rights allocation on a large scale helped boost global reserves and support countries with foreign exchange difficulties. Building on the works of the International Financial Architecture Working Group , the Italian Presidency also favoured a gradual shift from the provision of emergency liquidity to address the longer-term financing needs of low-income countries, while pursuing the Sustainable Development Goals.
Financing alone, however, would not solve all problems. It is important that the impact and coordination of the donor community, in particular the Multilateral Development Banks, is maximized to help low-income countries to make the most of the resources they receive. Within this context, the G20, together with the Paris Club, endorses the Common Framework for debt treatment beyond the DSSI as a structural solution for low-income countries with unsustainable debt levels.
The Italian Presidency also renewed efforts to foster the resilience of the international monetary system. Looking forward, technological and digital development is also set to reshape the international monetary system. The G20 promoted a reflection on the potential macro-financial impact of the cross-border use of digital currencies and the implications for reserve currencies. A fairer and more sustainable international taxation system is key to promoting global trust.
Expectations were high on G20 members for an agreement on international rules capable of creating a more efficient and certain tax system and supporting an inclusive and sustainable recovery. The Italian Presidency strove to meet these expectations and reached a comprehensive agreement on the taxation of digital economy and on the definition of a global minimum effective taxation , based on the work already carried out by the OECD.
Moreover, continuity has been given to other work streams on international taxation. Monitoring the effective implementation of anti-avoidance measures, especially the Base Erosion and Profit Shifting minimum standards agreed by more than countries, was crucial to stop strategies exploiting gaps and mismatches in tax rules to avoid paying tax. Fighting tax evasion was another key priority. In the area of tax transparency, the Italian Presidency endorsed the extension of the automatic exchange of information to crypto-assets and, potentially, to non-financial assets.
Finally, global policy makers cannot ignore the potential of taxation in supporting the green transition. Italy will foster a debate on the role of taxation in protecting the environment , promoting a more efficient use of energy sources, reducing pollution and ultimately supporting a more sustainable growth. Italy believes that the international commitments to address climate change and environmental degradation can no longer be postponed.
Our Presidency promoted the fair transition towards modern, resource-efficient and competitive economies, also in line with the path set at the European level with its new Green Deal. This was e a cross-cutting priority across all the Finance Track activities, ranging from the inclusion of environmental risks in macroeconomic risks analyses, to the impact of green investment on productivity, to the potential of nature-based solutions applied to infrastructures.
The Italian Presidency has also opened a debate and made progress on a number of sensitive yet crucial topics, such as sustainable finance and environmental taxation. Each G20 Presidency includes the organization of ministerial meetings on each of the main focus areas of the forum. These meetings are important opportunities to discuss and further develop issues of international relevance, thus building consensus around specific shared deliverables.
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