Wanganui

Main Menu

  • Creative Destruction
  • Tax Haven
  • Terminal Value
  • First Theorem Of Welfare Economics
  • Debt

Wanganui

Header Banner

Wanganui

  • Creative Destruction
  • Tax Haven
  • Terminal Value
  • First Theorem Of Welfare Economics
  • Debt
Tax Haven
Home›Tax Haven›What is so important about the G20 besides the savings?

What is so important about the G20 besides the savings?

By Judy Grier
October 29, 2021
0
0


ROME (AP) – The Group of 20 has transformed since its inception in the late 1990s as an international body fighting financial crises into a forum to address pressing issues such as global access to vaccines and climate change. Whether the structure of the G-20 is suitable to help meet the changing needs of our time will be put to the test when the leaders of the world’s largest economies hold their first face-to-face COVID-19 summit in Rome this weekend. .

WHO IS IN THE FOLD?

The Group of Seven industrialized nations – which was the Group of Eight for a few years before Russia was suspended for its annexation of Ukraine’s Crimean peninsula – is probably the best-known “G” group. The Group of 20 falls back on the seven: Great Britain, Canada, France, Germany, Italy, Japan and the United States. The other members include a dozen other countries, established powers as well as fast growing economies: Argentina, Australia, Brazil, China, India, Indonesia, South Korea, Mexico, Saudi Arabia, South Africa and Turkey. The European Union is the 20th member, and since the EU is made up of 27 nations – including three in the G-7 – the G-20 actually represents the interests of more than just countries.

HOW MUCH DOES IT MATTER?


In terms of population and economic weight, the G-20 is impressive. Member countries represent 60% of the planet’s population and 80% of the world’s gross domestic product. There is also a lot of back and forth between members – the G-20 countries account for 75% of foreign trade.

HOW WAS IT?

The Group of 20 is considered the premier international forum for economic and financial cooperation. Following a 1997 Asian economic crisis and its aftermath, G-7 finance ministers created the largest group in 1999 so that other countries could have their say. After the 2008 global financial crisis sparked by the subprime mortgage debacle in the United States, Washington pushed for the G-20 to be elevated to the level of heads of state and government. The leaders, at their 2009 summit in Pittsburgh, said they intended to “turn the page on an era of irresponsibility and adopt a set of policies, regulations and reforms to address the needs of the 21st century global economy ”.

IS THE G-20 STILL RELEVANT?

Some suggest that a membership update could be helpful, especially given the urgency to tackle climate change. After the global crisis triggered by US subprime loans, “the emergence of the G-20 as a forum for international policy coordination seemed to be the only bright side of this mess,” says Rosario Forlenza, professor of contemporary history and anthropology at LUISS University in Rome. But he and others note that South Africa is still the only African country in the G-20. When it comes to climate issues, “Africa is crucial,” says Forlenza. The absence of Nigeria, which has the largest economy and the largest population in Africa, thus appears to be a glaring gap.

HEAVY LIFTING

Before presidents and prime ministers arrived in Rome for the summit, the “sherpas” worked for a long time to find an agreement on the final declaration of the G-20. Referring in this context to diplomats or other government officials, the term “Sherpa” is used in recognition of the Himalayan people renowned for their expertise in mountaineering and who are leading the way to the top.

As in a multi-act play, in the months leading up to a G-20 summit, ministerial-level meetings are held, ranging from foreign affairs, trade, finance, education, health and environment. These thematic caucuses bring back pledges. In Venice this summer, for example, G-20 finance ministers backed a sweeping international tax review that would include a minimum 15% corporate levy to deter mega-companies from taking refuge in low-rate tax havens. The Rome summit is an opportunity to seal the deal before the curtain falls.

THE ROAD TO ROME

Each year, the G-20 presidency rotates, and with it, the country that hosts the group’s annual summit. Italy took the helm in December 2020. Going back year after year, previous summits were held in Saudi Arabia (in November 2020, a rally that took place remotely due to precautions against the pandemic), Japan, Argentina, Germany, China, Turkey, Australia, Russia, Mexico, France, South Korea, Canada, United States, Great Britain and United States.

AT THE HEART OF THE MATTER

The G-20 summit gives host countries a chance to push forward the issues that matter to them. Italian Prime Minister Mario Draghi is keen to empower women economically. An economist who previously served as President of the European Central Bank, Draghi often points out how the exclusion of women from the labor market – often due to the need to care for children or the elderly at home – slows down the economic growth. The 2014 G20 summit in Australia set a goal of reducing the gender gap in employment by 25% by 2025.

OUT OF THE BUBBLE

Italian security forces will establish a wide and narrow security perimeter around the summit site at EUR, an area of ​​Rome outside the city center notable for its Fascist-era architecture. Protesters plan events near postcard sets in the historic heart of Italy’s capital to draw attention to their causes, despite being miles (miles) within earshot of G-20 leaders . Among them are Tibetan activists who have called a rally at the Colosseum for Friday afternoon, when most of the leaders arrive in Rome. Activists protesting human rights violations want a boycott of the Beijing 2022 Winter Olympics.


Related posts:

  1. Financial result – the difference between revenues
  2. 8 financial principles to understand
  3. Alder grants tax reduction to Antillean Manor
  4. Vic introduces the primary tax on electrical automobiles in Aust | Camden Haven Courier

Recent Posts

  • XPeng Stock: Anchored in Valuation, Not Speculation (NYSE: XPEV)
  • Balenciaga’s trashed sneakers divide opinion and tap into fashion history
  • US States Struggle to Replace Tax Revenue from Fossil Fuels | News, Sports, Jobs
  • MarketInk: Newsradio KOGO Wins Regional Edward R. Murrow Award
  • Scarlet Witch Fills Out The Original MCU Hulk Arc

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • July 2019
  • June 2019
  • April 2019
  • February 2019
  • January 2019
  • September 2018
  • December 2017
  • October 2017
  • March 2017
  • February 2017
  • December 2016
  • August 2016
  • May 2016
  • April 2016
  • October 2015
  • May 2015
  • April 2015
  • November 2014
  • September 2013
  • August 2010

Categories

  • Creative Destruction
  • Debt
  • First Theorem Of Welfare Economics
  • Tax Haven
  • Terminal Value
  • Terms and Conditions
  • Privacy Policy