Part of yearlong process of multiple taskforces, of which WSBI partcipated
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BERLIN, 5 May 2017 – The B20 officially handed over on 3 May its policy recommendations to German Chancellor Angela Merkel in Berlin.
The recommendations are the product of a yearlong process of our seven Taskforces and Cross-thematic Groups, which comprise over 700 members from all G20 economies. Developed under the theme “Building Resilience – Improving Sustainability – Assuming Responsibility”, the B20 Policy Recommendations span the entire scope of the G20 process: from the need to maintain an open, rule-based trading system, to facilitating sustainable finance and increased efforts to widen the inclusiveness and resilience of the labor market in the face of technological change.
Germany assumed the G20 Presidency at a time of growing uncertainty around the world. The business community stands ready to take responsibility and do its part. The B20 thanked all its members and partners, which includes WSBI-ESBG, for their continuous engagement, without which this process would not have been possible.
WSBI and ESBG, representing savings and retail banks worldwide, were invited to represent their members in meetings of the B20 under the German presidency. In addition to the task force meetings, WSBI-ESBG made comments on the B20 draft policy recommendations for the G20 and called on its members to provide further input.
WSBI-ESBG stressed throughout the process the need for the principle of roportionality to be applied to banking sector rulemaking to help unleash growth and develop local communities. Invited to the the Financing Growth and Infrastructure (FGI) Taskforce meetings, WSBI-ESBG argued for the proportionality principle to be weaved into better regulation efforts, taking into account the unique nature of locally focused banks that serve their communities and regional economies. Proportionality should be the mindset held by policymakers when updating existing banking rules and any drafting any new laws.
To foster sustainable and inclusive growth, infrastructure investment is indispensable and savings and retail banks play a role. In many countries, the policy framework is not sufficiently supportive for long-term investment.
As part of G20-B20 efforts, WSBI published in early March its latest set of institutional positions related to G20 policy areas. The eight-page document called on G20 policymakers to recognise and encourage the role played by savings and retail banks in the real economy and to ensure appropriate regulation for better economic growth.
WSBI-ESBG members have played an essential role in providing a model that forms part of a diverse banking system that remains crucial to maintaining the stability of the financial system. Financing the real economy is a core function of their members' business model. Savings and retail banks safeguard deposits and put them to work through effective and responsible lending valued at close to €9.5 trillion.