The G20 Finance Ministers and Central Bank Governors Meeting took place on 10-11 April in Washington D.C. back-to-back with the World Bank – IMF Spring Meetings 2014. Representing the Council of the EU, the Greek Presidency delegation was leaded by Christina Papaconstantinou, Secretary General of the Ministry of Finance.

G20 Finance Ministers and Central Bank Governors, in view of the Brisbane Summit, resumed discussions on comprehensive growth strategies. These will include ambitious, realistic and concrete measures in order to foster growth and employment. The G20 nations reaffirmed their commitment to take new actions in order to achieve the ambition that was set in Sydney to raise overall growth by at least two additional percentage points compared to the baseline scenario over the next five years. To that end, the importance of structural reforms was underlined, while in this meeting emphasis was placed on reforms that will render product and services markets more competitive. 

While signs of recovery are visible and prospects for the global economy are optimistic, measures need to be taken to account for the significant risks that are still present and to reinforce growth. Furthermore, the G20 urge for closer cooperation in the macroeconomic field and underline the need for policy communication, also addressing potential global effects from domestic actions.   

The G20 acknowledged the key role of investment, especially in infrastructure and small and medium enterprises, in fostering growth and creating jobs. Country specific but also collective actions will be incorporated in the package of growth strategies which will be presented at the Brisbane Summit, including the creation and implementation of best practices to accommodate quality investment as well as the amelioration of the investment environment. The Greek Presidency notes that the experience of the European Union in the area of long-term financing can contribute significantly to the work currently being undertaken.

Finally, the G20 Finance Ministers and Central Bank Governors endorsed the progress on reforms in the international financial area, including the too-big-to-fail- financial institutions, in particular the global systemically important banks (G-SIBS)  and the structure of the representation of the FSB.