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Banking 02 Jun 2017

Argentina is preparing for its presidency of the G20

In 2018, Argentine will preside over the G20, the forum representing the 20 largest economies in the world.  In the lead-up to its presidency, Argentina’s priorities are very much present this week at the Euroamerica Foundation in Buenos Aires.  BBVA Executive Director José Manuel González-Páramo will participate in the meeting.

Argentina is warming up for its presidency of the G20 next year. It will be “the most important international event in Argentine history,” in the words of the Secretary of Inter-ministerial Coordination Mario Quintana, as reported in the newspaper Clarín.

The transfer of the presidency from Germany to Argentina will take place at the end of the year, but their respective leaders are already working on it. German Chancellor Angela Merkel and Argentine President Mauricio Macri will meet on June 7th in Buenos Aires to discuss G20 priorities, among other issues, according to the Telam news agency.

The G20 is a key forum for international discussion and decision-making to adopt specific solutions for the main challenges on the global agenda. Its members represent 85% of the world’s GDP, two thirds of the global population and 80% of international trade.

BBVA has traditionally had a prominent role in the G20 corporate community, known as the “Business 20” or the B20. During the presidencies of Germany (2017), China (2016) and Turkey (2015), BBVA’s top management has led working groups for the B20, a forum that provides recommendations from the corporate community to the G20 heads of state.

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This year José Manuel González-Páramo is co-chair of one of the B20 working groups on Financing Growth and Infrastructure.

This year José Manuel González-Páramo is co-chair of one of the B20 working groups on Financing Growth and Infrastructure. The group focuses on the role of the financial system in promoting economic growth. Together with the other working groups, they have proposed 20 recommendations for political leaders, which can be divided into three areas:

  • Fostering a resilient economy that is capable of adapting to the new environment. The B20 calls for the opening of international trade, financial inclusion of small- and medium-sized enterprises (SMEs) through digitization, the application of new technologies like artificial intelligence, infrastructure development and cyber security.
  • In terms of sustainability, the B20 recommends addressing the problem of climate change and moving toward more sustainable sources of energy. To do so, they suggest using resources and energy more efficiently, and increasing investment in environmentally friendly infrastructure.
  • A more responsible economy and corporate community, by promoting open, dynamic and inclusive labor markets and taking advantage of technological change. They request the same rules of the game and competition for new digital players and financial institutions, a commitment to transparency and greater efforts in terms of compliance and responsible conduct.

During China´s presidency in 2016, BBVA also co-chaired the working group on Financing Growth and Infrastructure. The bank played an active role in raising awareness of the importance of digital technology development as a formula to boost growth. BBVA also participated in another working group to promote the role of SMEs as a driver of growth and employment.

During Turkey’s presidency of the B20 in 2015, BBVA Global Executive Chairman Francisco González co-chaired a working group on the development of financial markets. BBVA defended the need to take a break in the regulation of the financial sector to measure its impact on the economy, among other recommendations.

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