G20 Finance and Central Bank Deputies met in Istanbul to set the stage for 2015

On December 11-12, 2014, the first G20 Finance and Central Bank Deputies Meeting under the Turkish G20 Presidency was held in Istanbul, Turkey.

The meeting was chaired by Turkey’s G20 Finance Deputy, Mr. Cavit Dağdaş, and G20 Deputy Governor, Mr. Turalay Kenç. Senior finance and central bank officials from G20 members and invited countries and representatives from international financial organizations attended the meeting.

On December 11th, Turkey’s Deputy Prime Minister Ali Babacan delivered a keynote address outlining Turkey’s 2015 priorities at a lunch hosted by the Turkish Presidency.

This inaugural meeting kicked-off discussions on the 2015 agenda and work program of the G20 Finance Track; and laid foundations for policy discussions during the year ahead. Deputies exchanged views on a comprehensive agenda comprising following topics:  recent global economic developments and outlook; framework for strong, sustainable and balanced growth; investment and infrastructure; international financial architecture; financial regulation; and international tax issues. The agenda and work plan outlined by the Turkish Presidency received broad support from G20 Deputies.

Strengthening the global recovery and lifting economic potential, enhancing resilience and buttressing sustainability will be overarching goals of the G20 in 2015.

During Turkey’s Presidency year, G20 Deputies will continue to assess the global economic outlook, risks and policy responses. They plan to work on developing a monitoring mechanism to be able to effectively implement the commitments of G20 countries comprehensive growth strategies and a new narrative on investment and infrastructure issues. Taking into account the current impasse in front of the 2010 IMF Quota and Governance Reforms, G20 Deputies will start discussing alternative options for rebalancing quotas and increasing Fund resources. Deputies will follow the timely, full and consistent implementation of financial regulation reforms and focus on completing key features of the G20 work on international taxation.

The next meeting of the G20 Finance and Central Bank Deputies will take place on February 8-9, 2015.  G20 Finance Ministers and Central Bank Governors will then meet on February 9-10, 2015 in Istanbul.

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