Mexico s Presidency of the G20: Update and Pending Agenda. XCIV Mee?ng of Central Bank Governors of CEMLA October 2012 Tokyo, Japan

Transcription

1 Mexico s Presidency of the G20: Update and Pending Agenda XCIV Mee?ng of Central Bank Governors of CEMLA October 2012 Tokyo, Japan

2 Index 1. Introduc?on: G20 Priori?es 2. Achievements of the Los Cabos Summit 3. The G20 Agenda for the Second Semester of Future Direc?ons 2

3 1. Introduc?on: G20 Priori?es Mexico Economic stabiliza1on and structural reforms as founda1ons for growth and employment 2. Improving the interna1onal financial architecture 3. Strengthening the financial system Fostering financial inclusion 4. Enhancing food security and addressing commodity price vola1lity 5. Promo1ng sustainable development Green Growth, the Fight against Climate Change and Disaster Risk Management 3

4 Index 1. Introduc?on: G20 Priori?es 2. Achievements of the Los Cabos Summit 3. The G20 Agenda for the Second Semester of Future Direc?ons 4

5 2. Achievements of the Los Cabos Summit Important deliverables were reached at the Los Cabos Summit: ü Subscrip*on of the Los Cabos Growth and Jobs Ac*on Plan, with policy commitments by G20 countries. ü Pledges of more than 450 billion USD in bilateral lending to the IMF for crisis preven*on and resolu*on. ü Enhancement of the IMF bilateral and mul*lateral surveillance. 5

6 2. Achievements of the Los Cabos Summit ü Financial regulatory reforms focused to strengthening financial systems and ins*tu*ons and improving the global governance on financial stability. ü Commitment to undertake common work on financial inclusion and raising awareness on financial educa*on. ü Development of policy op*ons to mi*gate the adverse effects of excessive commodity price vola*lity. ü Establishing Green Growth and Disaster Risk Management as priori*es in the G20 agenda. 6

7 Index 1. Introduc?on: G20 Priori?es 2. Achievements of the Los Cabos Summit 3. The G20 Agenda for the Second Semester of Future Direc?ons 7

8 3. The G20 Agenda for the Second Semester of 2012 The second semester agenda has three main objec1ves: 1. Con*nue the ongoing tasks in the working groups 2. Complete the deliverables and commitments derived from the Leader s Declara*on 3. Transi*on for 2013 when Russia chairs the G20. 8

9 Index 1. Introduc?on: G20 Priori?es 2. Achievements of the Los Cabos Summit 3. The G20 Agenda for the Second Semester of Future Direc?ons 9

10 3. The G20 Agenda for the Second Semester of 2012 Framework for Strong, Sustainable and Balanced Growth 1. Ac&on Plan Progress and Monitoring 2. Development of Accountability Indicators 3. Addi&onal Policy Measures (if required) Interna?onal Financial Architecture 1. Implementa&on of the 2010 IMF Quota and Governance Reforms and Discussion of the IMF Quota Formula Review 2. Local Currency Bond Markets Report 3. Infrastructure Investment 10

11 3. The G20 Agenda for the Second Semester of 2012 Financial Inclusion 1. Progress Report on Global Partnership for Financial Inclusion (GPFI) Recommenda&ons 2. G20 Financial Inclusion Peer Learning Program Report 3. Conclude the formaliza&on process of the Interna&onal Financial Consumer Protec&on Network (FinCoNet) 11

12 3. The G20 Agenda for the Second Semester of 2012 Financial Regula?on 1. Progress reports on the implementa&on of Basel III, Resolvability Assessment Process, principles for reducing reliance on Credit Ra&ng Agencies (CRAs), Legal En&ty Iden&fier (LEI) framework and Over the Counter (OTC) deriva&ve market reforms. 2. Systemically Important Financial Ins&tu&ons (SIFIs) framework: ü Report on the intensity and effec1veness of the supervision of SIFIs ü Updated list of Global Systemically Important Banks (G- SIBs) ü Extended modali1es for Domes1c Systemically Important Banks (D- SIBs) ü Progress on the development of the assessment methodology for systemically important non- bank and global ins1tu1ons 3. Proposed Regula&on on Shadow Banking. 4. IOSCO s report on Credit Default Swaps (CDS) func&oning 12

13 3. The G20 Agenda for the Second Semester of 2012 Energy and Commodity Markets ü Progress on Fossil Fuel Subsidies Phase- Out ü Recommenda&ons to increase transparency in the oil and gas markets Disaster Risk Management/ Climate Finance ü OECD Framework on the implementa&on of strategies to cope with disaster risk management 13

14 Index 1. Introduc?on: G20 Priori?es 2. Achievements of Los Cabos 3. The G20 Agenda for the Second Semester of Future Direc?ons 14

15 4. Future Direc?ons Key ac1ons required to reinforce the G20 s effec1veness and legi1macy: ü Place emphasis on core economic and financial issues; ü Strengthen transparency and accountability. à Confidence: Policies to bolster confidence and promote economic stabiliza1on and recovery à Structural Reforms: Ac1ve promo1on of the founda1ons that sustain medium and long term stability and growth à Financial Regula?on: Further design and instrumenta1on of mechanisms to align private and global interests, to prevent new crises 15

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