Federal Councillor Ueli Maurer takes part in virtual G20 Finance Ministers Meeting

Bern, 18.07.2020 - On July 18, 2020, Federal Councillor Ueli Maurer and Swiss National Bank Chairman Thomas Jordan took part in the video conference of G20 finance ministers and central bank governors. This fourth meeting under the Saudi G20 presidency centred around efforts to deal with the economic impact of the COVID-19 pandemic.

The discussions focused on global economic developments and global financial stability, adjustments to the action plan to tackle the COVID-19 crisis, launched by the G20 in April this year, and joint efforts to secure global economic recovery. The G20 also emphasised the importance of the initiative to temporarily suspend debt service payments by the poorest countries to their sovereign bilateral creditors (Debt Service Suspension Initiative – DSSI). Other topics covered included international corporate tax reforms and sustainable infrastructure investment.

Federal Councillor Maurer stressed the importance of smoothly functioning and open markets for a swift, sustainable recovery. In his remarks, he highlighted the key role played by global supply chains and advocated a strengthening of international cooperation to avoid delivery delays. At the same time, Mr Maurer emphasised that investors and companies now needed planning certainty. With this in mind, he also urged to greater caution in the preparation of new international tax rules. Finally, he stressed that transparent and sustainable sovereign debt is the key to sound policies.

The next meeting of G20 finance ministers and central bank governors is scheduled for October 2020. Switzerland is participating in the meetings for the fifth consecutive year.

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