C20 finance working group March 2021

English only – Translation in French and Spanish will follow in separate messages

Sólo en inglés - La traducción en francés y español se compartirá en mensajes separados

Anglais uniquement - Les traductions en français et en espagnol seront communiquées dans des messages séparés.


EN - Dear C20 Finance WG colleagues,


We hope this message finds you well! Welcome to the first step of the C20 Finance WG process. Let us start with a gentle reminder as the first WG call will be held on Tuesday, March 16, at 2PM CET (expected length 90 min). Kindly register in advance for this meeting:


After registering, you will receive a confirmation email containing information about joining the meeting. Here some information in preparation for our discussion.


  1. Concept of C20 and proposed working modalities

The driving concept of the Italian C20 is to build on the solid foundations generated by the past C20 processes and attempt to engage in much more extensive and coordinated advocacy efforts. Regarding the finance track, the policy recommendations that were generated during the Saudi presidency (attached) remain largely valid, though they would of course need to be revisited and adjusted to the new circumstances, such as the establishment of the G20 Common Framework, among others. Such a revisitation and further development should happen with the highest possible coherence and synergy with existing economic justice platforms and their advocacy efforts. This is particularly important as the global advocacy space with the G20 remains extremely limited; most sessions happen under closed doors and the opportunity to engage with the actual policy process are scarce. Engaging with the Host Country is important but there is little hope that ideas shared with the Presidency will actually be transmitted to the other negotiations. Advocacy therefore requires coordinated engagement with G20 countries as well as strong mediatic/communication pressure. Hence, the need for greater coordination with national platforms in synergy with existing campaigning efforts.


  1. Brief information on the G20 Finance Track & recent updates

The G20 Finance Track refers to the meetings coordinated by the Ministries of Economy and Finance and the respective Central Banks  which are related to economic, financial, monetary and tax issues. The Track is structured into five separate working groups (text taken by the G20 website):


  • The Framework Working Group (FWG) monitors the evolution of the global economic outlook, while coordinating policies aimed at underpinning a strong, sustainable, balanced, and inclusive growth. In the wake of the crisis caused by the pandemic, the primary goal of the FWG is to advance economic policy proposals to sustain the global recovery. To this end, the FWG contributes to updating the G20 Action Plan and monitoring progress in implementation;
  • The International Financial Architecture (IFA) Working Group works to enhance stability and cohesion of the international financial system. It addresses the challenges related to debt sustainability and transparency; strengthening global financial safety nets; volatile capital flows and associated risks; financing for development in low-income countries; coordination between international financial institutions, including multilateral development banks. It is Co-Chaired by South Korea and France;
  • The Infrastructure Working Group (IWG) advises on policies to improve preparation, financing and management of quality infrastructure investments to secure the provision of inclusive, sustainable and resilient basic infrastructure services to all. The Group aims to tackle the persistent gap in infrastructure investment, also by promoting them as an asset class as to stimulate private sector involvement. It is Co-Chaired by Australia and Brazil;
  • In 2010, the Global Partnership for Financial Inclusion was created to advance financial inclusion globally as a mean of increasing well-being and achieving a sustainable and inclusive growth. The focus of its action is to enhance the access to, and the use of, responsible formal financial services – also through digital means – for families and businesses. It also helps to promote an adequate financial education and to strengthen financial consumer protection;
  • The Africa Advisory Group (AAG) is responsible, since 2017, for leading the G20 Compact with Africa, with the aim of improving the environment for private investment in African countries and fostering growth and sustainable development. This informal body is co-chaired by Germany and South Africa, and comprises some G20 members, the African Compact Countries, the World Bank, the African Development Bank, the International Monetary Fund and other stakeholders such as the EU Commission and the OECD. The AAG meets twice a year to monitor progresses made by Compact Countries and suggest new policy recommendations based on the Compact Monitoring Report;
  • The Finance Track also includes groups on financial regulation and taxation, though these are less formalized than the 5 core WGs;
  • The Italian Presidency has proposed to re-establish the Sustainable Finance Study Group and the proposal was endorsed. The Study Group will be co-chaired by USA and China, with UNDP serving as Secretariat. The agenda is being elaborated though it will presumably tackle to two tracks, including (1) issues related to indicators, data & taxonomies (data quality on environmental risk, taxonomy, ESG indicators, etc.) and (2) normative/political workstream environmental taxation, carbon prices, etc. A key event associated to the Study Group will be the G20 Venice Conference on Climate (July 11). The Study Group might be transformed in a fully-fledged WG at the April session;
  • The Italian Presidency established the High-Level Independent Panel on the financing the Global Commons for Pandemic Preparedness and Response, which will be supported by a Project Team constituted by Bruegel and the Center for Global Development, and an Administrative Secretariat from the US National Academy of Medicine and Wellcome Trust:



  1. First Meeting of G20 Finance Ministers and Central Bank Governors

The first meeting of G20 Finance Ministers and Central Bank Governors was held on February 26. As expected, no communique was issued. Here a few references:

  • Please find here the press release of the Italian Ministry of Finance:


  • Some video footings can also be found on the G20 webite:


  • And I am sure most of you have seen the IMF MD statement:


  • And the US Treasure letter prior to the G20 Meeting:




  1. C20 Finance WG

The C20 Finance WG is an umbrella WG that aims to follow all relevant G20 Finance Track workstreams, with special reference to the IFA WG and the Infrastructure WG, as well as the Trade & Investment WG (even if this is maintained within the G20 Sherpa Track). Considering the wide mandate, the WG maintains two focal points to interface with the G20 Infrastructure WG (Maria Jose Romero of Eurodad) and the G20 Trade & Investment WG (Monica Di Sisto, Fair Watch). While all C20 participating organizations interested to follow these issues have been invited to join the C20 Finance WG, we might decide to establish separate working lists for infrastructure and trade respectively, should this be considered necessary and useful. But the objection is to maintain an overall coherence on all macro-economic issues by operating under one comprehensive umbrella. Indeed, it would be essential to have a systemic and comprehensive approach that could bridge some of the challenges of policy fragmentation, such as the different angles of the infrastructure financing agenda (the development finance concerns, the climate/green angle, and the human rights angle) and the investment side of the trade agenda, including the link with the capital account liberalization, in addition to immediate priorities related to TRIPS and ISDS moratorium. At the same time, we need to explore the close interface with all other WGs (anticorruption, gender, digitalization, climate, health, development and global citizenship). The Sustainable Finance Study Group provides for a close interaction with both the C20 Climate WG and the C20 Development WG, while the joint Health-Finance Ministerial and the High-Level Panel both require a close interface with the C20 Health WG, among others. Having said all this, we also need to avoid getting lost in macro systems and remain tangibly connected to an actionable advocacy agenda in the G20 context.


We hope this information may help preparing for the Tuesday call and look forward to a vibrant discussion!


Cheers, Stefano & Patricia

C20 Finance WG Co-Coordinators


Da: Stefano Prato
Inviato: lunedì 8 marzo 2021 17:05
Oggetto: C20 Finance WG Call - Tue, Mar 16, 2PM CET (90 min)
Priorità: Alta


Traducción al español a continuación - Traduction en français ci-dessous (DeepL translations)


EN - Dear C20 Finance WG colleagues,


We hope this message finds you well! Welcome to the first step of the C20 Finance WG process. We would like to invite you to join us for the first WG call on Tuesday, March 16, at 2PM CET (expected length 90 min). Kindly register in advance for this meeting:


After registering, you will receive a confirmation email containing information about joining the meeting.


We have included you in the Finance WG list upon your registration on the C20 website. As you are aware, this WG will also include workstreams related to infrastructure financing as well as trade & development. We will discuss in the upcoming call whether additional lists will be established for these two tracks. In the meantime, we will start our conversation all together on this list and the upcoming call. All those that were previously included in the C20 IFA WG list in 2020 have been maintained. However, those of you that no longer intend to follow the C20 process can either cancel themselves from the list or request us to do it.


We will share an overall update of the current situation and a proposed agenda for the first discussion later this week.


Cheers, Stefano & Patricia - C20 Finance WG Co-Coordinators



ES - Queridxs compañerxs del Grupo de Trabajo de Finanzas del C20,


Esperamos que este mensaje les encuentre bien. Bienvenidos al primer paso del proceso del Grupo de Trabajo de Finanzas del C20. Nos gustaría invitarles a unirse a nosotros en la primera llamada del GT el martes 16 de marzo a las 14 horas CET (duración prevista de 90 minutos). Le rogamos que se inscriba con antelación para esta reunión:


Después de inscribirse, recibirá un correo electrónico de confirmación con información sobre la participación en la reunión.


Le hemos incluido en la lista del Grupo de Trabajo de Finanzas tras su inscripción en el sitio web del C20. Como ya sabe, este grupo de trabajo también incluirá líneas de trabajo relacionadas con la financiación de infraestructuras, así como con el comercio y el desarrollo. En la próxima convocatoria discutiremos si se establecerán listas adicionales para estas dos líneas. Mientras tanto, iniciaremos nuestra conversación todos juntos en esta lista y en la próxima convocatoria. Se mantienen todos los que ya estaban incluidos en la lista del GT de la IFA del C20 en 2020. Sin embargo, aquellos que ya no tengan intención de seguir el proceso del C20 pueden darse de baja de la lista o solicitarnos que lo hagamos.


Compartiremos una actualización general de la situación actual y una propuesta de agenda para el primer debate a finales de esta semana.


Saludos, Stefano y Patricia - Coordinadores del Grupo de Trabajo de Finanzas del C20



FR - Chers collègues du groupe de travail "Finances" du C20,


Nous espérons que ce message vous trouvera bien ! Bienvenue à la première étape du processus du GT C20 Finances. Nous vous invitons à vous joindre à nous pour la première réunion du groupe de travail le mardi 16 mars à 14 heures (durée prévue : 90 minutes). Veuillez vous inscrire à l'avance pour cette réunion :


Après votre inscription, vous recevrez un courriel de confirmation contenant des informations sur la participation à la réunion.


Nous vous avons inclus dans la liste du groupe de travail "Finances" lors de votre inscription sur le site web du C20. Comme vous le savez, ce groupe de travail comprendra également des domaines de travail liés au financement des infrastructures ainsi qu'au commerce et au développement. Nous discuterons dans le prochain appel à propositions si des listes supplémentaires seront établies pour ces deux domaines. En attendant, nous allons commencer notre conversation tous ensemble sur cette liste et sur le prochain appel. Toutes celles qui étaient précédemment incluses dans la liste du groupe de travail C20 IFA en 2020 ont été maintenues. Toutefois, ceux d'entre vous qui n'ont plus l'intention de suivre le processus C20 peuvent soit se retirer de la liste, soit nous demander de le faire.


Nous partagerons une mise à jour générale de la situation actuelle et une proposition d'ordre du jour pour la première discussion plus tard cette semaine.


Cheers, Stefano & Patricia - Coordinateurs du groupe de travail "Finances" du C20

Showing 1 reaction

Please check your e-mail for a link to activate your account.