Federal Councillor Karin Keller-Sutter attends G20 Finance Ministers Meeting

Bern, 29.02.2024 - On 28 and 29 February 2024 in São Paulo, Federal Councillor Karin Keller-Sutter, accompanied by SNB Vice Chairman Martin Schlegel, attended the first meeting of G20 finance ministers and central bank governors under the Brazilian presidency. The main topics discussed included the global economic environment, budgetary policy and the debt situation, the international financial architecture and financial sector stability, as well as multilateral tax matters.

The finance ministers and central bank governors exchanged views on global growth trends. They also discussed possible responses to the persistently high and rising debt burden, and emphasised the importance of international financial stability. In addition, they spoke about how risks and imbalances can be mitigated by means of enhanced cooperation, and how the representation of emerging market and developing economies in global financial institutions could be improved. Finally, the participants stressed the need to further implement the regulations on the taxation of large international companies.

Federal Councillor Karin Keller-Sutter advocated sustainable fiscal policy and legal certainty in international taxation by calling for robust dispute resolution mechanisms and realistic timetables in international projects. She campaigned for a focus on financial stability: "It is crucial to learn from the banking turmoil in 2023. Strengthening the resilience of the global financial system to maintain financial stability is key." Switzerland's finance minister also took the opportunity to hold various bilateral talks.

Switzerland is taking part in the G20 Finance Track for the ninth consecutive time this year, following an invitation by Brazil. The meeting of finance ministers held on 28 and 29 February was the first of four such meetings in 2024.

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