Switzerland at IMF and World Bank 2018 Annual Meetings in Bali
Bern, 10.10.2018 - Federal Councillor Ueli Maurer as Head of the Swiss delegation, Federal Councillor Johann N. Schneider-Ammann and Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, will attend the Annual Meetings of the International Monetary Fund and the World Bank Group in Bali from 12 to 13 October 2018.
As usual, the finance ministers and central bank governors will discuss the most important economic policy challenges and corresponding guidelines for the IMF in the Steering Committee of the International Monetary Fund (IMF). The persistently strong growth of the global economy – the IMF expects an increase of 3.7% in both 2018 and 2019 – is increasingly being overshadowed by risks. These include growing trade tensions and shifts in capital flows in connection with the gradual normalisation of US monetary policy. In this environment, the IMF recommends strengthening the monetary and fiscal policy buffers and tackling necessary structural reforms. It is also advocating cooperation between countries to modernise the trading system and reduce excessive financial imbalances.
Switzerland supports the call for greater resilience and growth-promoting reforms. In the area of financial market regulation, it advocates principle-based regulation, which should, among other things, make use of the potential of new technologies without losing sight of the associated risks.
Discussions at the World Bank Group (WBG) will focus on supporting poorer countries in dealing with the consequences of technological change. Furthermore, the debt problem in emerging markets and lower-income countries will be discussed. After eight years as Swiss governor, Federal Councillor Johann N. Schneider-Ammann will say goodbye to WBG President Jim Yong Kim in a personal meeting.
Further events will take place on the fringes of the meetings, particularly a meeting of G20 finance ministers and central bank governors, to which Federal Councillor Ueli Maurer and SNB Chairman Thomas Jordan have also been invited.
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