B20 presenting recommendations to the G20 at B20 Summit in Berlin
>> Find further information on B20 Germany
>> Related story: WSBI joins B20 taskforce
>> WSBI Positions: G20 German Presidency
BERLIN, 3 May 2017 – At the B20 Summit on May 2-3, the Business20 (B20) presents its recommendations to German Chancellor Angela Merkel, who is presiding over the G20 in 2017. Over the past seven months, more than 700 representatives from companies and business associations from all G20 countries and sectors have developed recommendations, which strive to make the global economy more sustainable and future-oriented. The themes of this year's G20 presidency are: Building Resilience, Improving Sustainability, and Assuming Responsibility. These are essential pillars for growth that is not only dynamic, but also inclusive and sustainable. The B20 supports these ambitions.
"If the G20 did not exist today, we would need to create it. Through trade, investment, financial integration, data flows, and migration, our economies are growing more and more interdependent. This interdependence is a driver of economic growth and prosperity“, B20 Chair Juergen Heraeus emphasized. However, it also means that crises can spread more easily, from country to country and region to region, and that existing opportunities can only be fully leveraged through joint efforts. “In our interconnected world, international cooperation is key – to realize the benefits but also to tackle the challenges", Heraeus stressed.
The global business community is convinced that globalization offers tremendous opportunities. However, common rules, strong institutions, and international cooperation are necessary to shape the outcomes of globalization and ensure that everyone has the chance to benefit from it. “The G20 must meet the objective of not only fostering growth, but growth that is sustainable and inclusive. Everyone should be able to benefit from globalization," Heraeus stated. Business is ready to carry its share of responsibility, through job creation, education and vocational training, responsible business conduct, and innovation.
The B20 is convinced that a future-oriented, sustainable, and competitive world economy can only be guaranteed if businesses keep finding innovative solutions to curtail climate change, foster the energy transition, and decrease resource intensity. The G20 can achieve this by implementing the Paris Agreement, accelerating the market readiness and deployment of low-carbon technologies, and by establishing a Resource Efficiency Platform.
G20 members should also promote open, dynamic and inclusive labor markets by removing structural and legal barriers, promoting diverse forms of work and female employment, and by bringing labor migration policies in line with labor market needs. “Rather than echoing the populist discourse that makes globalization the scapegoat for all kinds of problems – from economic downturn to security risks – we need to focus on offering real solutions to real problems", Heraeus called on the G20.
industry again voiced its concern that banks are not in a good position in
infrastructure and SMEs financing following the new prudential regulation after
the crisis and called for review of effect of new prudential regulation and
evidence-based approach. Banks are still well positioned in credit risk
management, however, level playing field is required for any Fintechs that
substitute service from the banking value chain.
The Business 20 (B20) is the official G20 dialogue with the global business community. The mission of the B20 is to support the G20 through consolidated representation of interests, expertise, and concrete policy proposals. Furthermore, the B20 promotes dialogue among policy-makers, civil society, and business at the international level.
The German B20 is organized by the Federation of German Industries (BDI), the Confederation of German Employers' Associations (BDA), and the Association of German Chambers of Commerce and Industry (DIHK). The B20 is headed by B20 Chair Juergen Heraeus (Heraeus Holding). He is assisted by the three members of the Executive Committee Dieter Kempf, President of BDI, Eric Schweitzer, President of DIHK, and Ingo Kramer, President of BDA, as well as B20 Sherpa Stormy-Annika Mildner. B20 Germany has more than 700 members from all sectors and all G20 members, representing the entire G20 business community.
Industry representations such as WSBI can play an important role to foster regular communication and information exchange on the evolution of international regulatory and supervisory frameworks such as new initiatives or guidelines developed by the G20 implementing partners at the global level. Interaction with G20 implementing partners is an effective way to convey concerns of locally focused banks.
A member of the B20 Financing Growth Taskforce, WSBI noted recently that it is important for 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.
>> Related story