The G20 Finance Ministers and Central Bank Governors Meeting
Five sessions have been scheduled:1.
G20 Framework for Strong, Sustainable, and Balanced Growth3.
Financial Regulatory Reform4.
International Financial Institutions Reform and Global Financial Safety Nets5.
Other issues & Communiqué sign off
: The first session will be a working dinner for G20 Ministers andGovernors only. Following a report by the IMF on the current status of the globaleconomy, there will be a discussion of exit strategies and plans for macroeconomiccoordination. The issue of fiscal prudence, now in the spotlight due to the fiscalcrisis in Southern Europe, is likely to be a major topic of discussion, along withvarious other issues regarding the state of the global economy.
: The second session will focus on the G20 Framework. Using thealternative policy scenarios that the IMF will present, the members will discuss the basket of policy options for “strong, sustainable, and balanced global economicgrowth” that is scheduled to be submitted at the June Summit. During this discussion,various international organizations, including the WB, FSB, ILO, and OECD, will present expert opinions on such issues as development gap reduction and financial,labor, and structural reforms.
Financial Regulatory Reform
: The third session will review progress on financialregulation reform measures implemented to date and discuss the regulatory issues thathave resurfaced due to the fiscal crisis in Southern Europe. The focus will be onstrengthening prudential regulations (such as capital and liquidity regulations) and preventing moral hazard of systematically important financial institutions (SIFIs).The members will receive a progress report from the FSB and discuss ways tostrengthen the interim reviews so that work can proceed according to the timelineestablished at the Pittsburgh Summit last year (prudential regulations: by the end of this year; SIFI reform: October of this year).On financial sector burden sharing, the members will discuss possible policy optionsafter receiving a progress report from the IMF on its financial burden sharing paper.The aim is to insure that the financial sector pays their fair share of the costs incurredduring the financial crisis and to create a source of revenue that can be used to respondto similar crises in the future. Other financial regulatory issues, such as thoseinvolving credit rating agencies, hedge funds and the over-the-counter derivativesmarket, will also be discussed.