As an informal forum for the twenty most important industrialised and emerging countries, the G20 has given crucial boosts to coordinated reforms at a global level since its first summit of heads of state and heads of government. Key questions on the global financial and economic system are addressed in the Finance Track, while other questions such as development or climate policy and combating corruption are dealt with in the Sherpa Track.
In 2019, Switzerland is taking part in the G20 meetings of finance ministers and central bank governors under the Japanese presidency. Switzerland is also actively involved in the corresponding working groups and preparatory meetings of the Finance Track.
Preparations for the summit of the G20 heads of state and heads of government focus on two main areas: the Finance Track concentrates on economic issues and financial matters, whereas the Sherpas' Track deals with all other topics (development, international trade, social issues, corruption, etc.).
The focus of the discussions in the Finance Track is on coordinated steps to stabilise the global economy, structural measures to promote growth and reform proposals for the international financial system. The objective is to detect crises more effectively and at an earlier stage and to prevent the development of global imbalances. At the same time, the international financial, economic and monetary system is to be made more stable.
The Finance Track involves the meetings of the G20 finance ministers and central bank governors in which representatives of international financial institutions such as the IMF, the FSB, the World Bank and the OECD also take part. High-ranking deputies of finance ministers and governors meet prior to this ministerial meetings.
Selected topics are addressed in detail on a technical level in working groups. These expert groups, which are appointed by the finance ministries and are generally co-chaired by an industrialised and emerging market country, meet regularly throughout the year.
Issues concerning financial sector regulation are prepared directly by the Financial Stability Board (FSB). Switzerland is a permanent member of the FSB and is actively involved in its reform projects. The range of topics is broad and covers issues such as systemically important financial institutions (SIFIs), shadow banking, rating agencies and OTC derivatives markets.
Last modification 25.01.2019