Federal Councillor Eveline Widmer-Schlumpf at G20 meeting in Moscow
Bern, 20.07.2013 - During the G20 Finance Ministers' and Central Bank Governors' Meeting on 19-20 July in Moscow, Federal Councillor Eveline Widmer-Schlumpf stressed the importance of consolidated government finances and structural reforms, both of which are necessary for sustainable growth. She also advocated international tax competition on equal terms for everyone. On the fringes of the event, she additionally met with the Italian Finance Minister, Fabrizio Saccomanni, and the German Finance Minister, Wolfgang Schäuble, for bilateral talks. The Federal Councillor was accompanied at the G20 meeting by Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank.
The G20 finance ministers and central bank governors noted that the global economic environment had deteriorated since the last meeting in April 2013. Against this backdrop, the ministers and central bank governors called for measures to strengthen EU financial sectors, the maintenance of monetary easing and structural reforms to boost employment and competitiveness. Federal Councillor Widmer-Schlumpf stressed the importance of consolidating public finances, making reference to Switzerland's experience with the introduction of the debt brake.
The G20 emphasised the need to implement the reform of the International Monetary Fund (IMF) adopted back in 2010. Ratification by the US Congress, in particular, is necessary for this. In addition, the ministers called for further efforts to improve the IMF's cooperation with regional financing mechanisms and to promote long-term investment, particularly in infrastructure.
In the area of financial market regulation, the finance ministers and central bank governors called in particular for the widespread implementation of the Basel III regulatory framework by all states before the end of the year. Federal Councillor Widmer-Schlumpf referred to the key importance of introducing the Basel III capital requirements across the board in order to strengthen the financial sectors and prevent distortions of competition.
At the G20 meeting, the OECD presented its action plan in the area of corporate taxation, on which Switzerland also stated its position. In terms of international tax competition, Federal Councillor Widmer-Schlumpf advocated a level playing field for all concerned. Switzerland will continue to bring its interests to bear in the implementation of the action plan. Regarding another key tax issue, the standard for the automatic exchange of information, the G20 finance ministers stressed the importance of a global procedure that is binding for all major financial centres. The aim is to achieve an internationally accepted framework agreement that contains clear rules for bilateral or multilateral agreements on the automatic exchange of information. In this way, reciprocity and data protection should be guaranteed and the rules for determining beneficial owners should be strengthened. It will now be necessary to discuss the content of such a framework agreement in a transparent process within the framework of the OECD. Here too, Switzerland will actively contribute to the discussions as an OECD member.
Federal Councillor Eveline Widmer-Schlumpf also held talks with the Italian Finance Minister, Fabrizio Saccomanni, in Moscow. Both finance ministers wish to resume the negotiations on unresolved bilateral financial and tax issues and agreed to hold another meeting before the end of the year. With the German Finance Minister, Wolfgang Schäuble, Federal Councillor Widmer-Schlumpf discussed current fiscal policy issues.
In 2013, at the invitation of the Russian presidency, Switzerland is taking part in the meetings of the G20 finance ministers and central bank governors, as well as in the preparatory meetings and the working groups on financial and monetary issues. This participation underlines Switzerland's good bilateral relations with Russia and its position in the international financial and monetary system.Address for enquiries
Mario Tuor, Head of Communications, State Secretariat for International Financial Matters SIF
+41 31 322 46 16
mario.tuor@sif.admin.ch
Publisher
Federal Department of Finance
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