Introduction
The leaders of the Heads of State and Government of major industrialized and emerging market economies will be meeting in the G20 Summit, which is going to be held in Hamburg, Germany from July 7-8, 2017. The meeting in Hamburg will be the twelfth G20 summit at the level of Heads of State and Government. The theme of the 2017 Summit is: “Shaping an Interconnected World”. In the run-up to the summit, preparatory meetings of Finance Ministers and Central Bank Governors and other G20 ministers’ were held since January 2017, providing necessary inputs for the summit1 (Figure 1 ). The agenda of the Summit will be to pursue three aims: building resilience, improving sustainability and assuming responsibility.2
The German Presidency has invited Norway, the Netherlands and Singapore as partner countries to the G20 process, as well as the African Union (AU), represented by Guinea, the Asia‑Pacific Economic Cooperation (APEC), represented by Vietnam, and the New Partnership for Africa’s Development (NEPAD), represented by Senegal. Spain will also attend the G20 Summit, 2017 as a permanent guest. Keeping with the tradition, organizations including the International Labour Organization (ILO), the International Monetary Fund (IMF), the Financial Stability Board (FSB), the World Bank (WB), the World Trade Organization (WTO), the Organization for Economic Cooperation and Development (OECD) and the United Nations (UN) are also attending the Summit. The German G20 Presidency has also invited the World Health Organization (WHO) for the Summit. 3
Defining the purpose of the summit, the Chancellor of Germany Angela Merkel, who will hold the Presidency of the Summit this year, stated: “Many current developments give us cause for concern. The development of the world economy is not keeping pace with expectations. It is worthwhile taking stock of the G20’s beginnings, as well as the global economic and financial crisis some ten years ago.” This sets the stage to assess the effectiveness of G20 in addressing the global economic crisis by reflecting upon its progress, both in terms of commitments as well as implementation.
The paper is divided into four parts:
Figure 1.
Source: Federal Government of Germany, Shaping an Interconnected World.
I
Genesis, Purpose and Membership
The origin of the G20 dates back to September 25, 1999 when the G-7 Finance Ministers and the Central Bank Governors (Canada, France, Germany, Italy, Japan, UK and US) met in the aftermath of East Asian Crisis of 1997. They announced their intention to “broaden the dialogue on key economic and financial policy issues among systemically significant economies and promote co-operation to achieve stable and sustainable world economic growth that benefits all.” 4 Thereafter, the group expanded to include 19 countries countries—Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, the Russian Federation, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States—and the European Union (Figure 2). The G20 countries represent around 80 percent of global economic output in terms of gross domestic product (GDP), around two‑thirds of the global population, and account for three‑quarters of global trade. Of the 20 countries with the largest volume of exports worldwide, 15 are members of the G20.5
Figure 2.
Source: https://www.g20.org/Webs/G20/EN/G20/Participants/participants_node.html (accessed on May 29, 2017)
The main motivation for the establishment of the group has been underlined in the 1999 Communiqué. It stated:
“The G-20 was established to provide a new mechanism for informal dialogue in the framework of the Bretton Woods institutional system, to broaden the discussions on key economic and financial policy issues among systemically significant economies and promote co-operation to achieve stable and sustainable world economic growth that benefits all.”6
Since its establishment, the Finance Ministers and the Central Bank Governors of this group met annually starting on December 15-16, 1999 in Berlin. The subsequent meetings were held in Canada in 2000 and 2001, India in 2002, Mexico in 2003, Germany in 2004, China in 2005, Australia in 2006, South Africa in 2007, and in Brazil in 2008. Thereafter, with the elevation of the forum to the Heads of State in the wake of the global financial crisis in 2008, the G20 Finance Ministers and the Central Bank Governors continue to meet twice a year usually in the sidelines of the IMF-World Bank annual/spring meetings and prior to the G20 Leaders’ Summit.7
The First G20 Leaders’ Summit was held in Washington D.C. in November 2008 in the wake of the financial crisis, and since then, the G20 leaders have met regularly in London, UK in April 2009; Pittsburgh, US in September 2009; Toronto, Canada in June 2010; Seoul, Korea in November 2010; Cannes, France in November 2011; La Cabos, Mexico in June 2012; St Petersburg, Russia in September 2013; Brisbane, Australia in November 2014; Antalya, Turkey in November 2015; and Hangzhou, China in September 2016.8
Although the initial focus of the group was on issues related to international financial stability, the G-20 has expanded to encompass a wide array of economic issues. These includes discussion on trade and investment, energy and climate change, empowering women, global health, agriculture, development policy, digitization, employment policy and terrorism (Table 1&2). In view of the emergence of new issues having global implications, the German presidency intends to focus on migration and refugee flows and counter-terrorism in the agenda of forthcoming G20 discussion too.
II
Review of Progress
Table 1 and 2 summarizes the progress made by the G20 countries, which clearly indicate an enlargement in terms of coverage of issues as well as enhanced commitment towards global economic recovery, particularly since 2008. The G20 Leaders’ Summits, especially during the first two years since the global economic crisis, resulted in many important outcomes, including commitment to avoid protectionism, enhanced integration, support for financial institutions, commitment to macro-economic policies and upgrading global approaches to financial regulation. The G20 took measures to ensure the availability of finance through the largest ever internationally coordinated fiscal and monetary stimulus package, the establishment of new Financial Stability Board (FSB) to include major emerging market economies with a stronger financial regulation mandate and agreement on substantial increase in International Monetary Fund (IMF) resources to ensure a strong and resilient international financial architecture in the 2009 summit.
Table 1: Major Issues at the G20 Finance Ministers’ Meetings, 1999-2007
Major Issues Chair |
1999
Canada |
2000
Canada |
2001
Canada |
2002
India |
2003
Mexico |
2004
Germany |
2005
China |
2006
Australia |
2007
South Africa |
Crisis Prevention & Resolution |
X |
X |
X |
X |
X |
X |
- |
- |
- |
Challenges of Globalization |
- |
X |
X |
X |
X |
X |
- |
- |
- |
Combating Terror Financing |
- |
- |
X |
X |
X |
X |
- |
- |
- |
Development & Aid |
- |
- |
- |
X |
X |
- |
X |
X |
- |
Financial Abuse/Crime |
- |
- |
- |
|
X |
X |
X |
- |
- |
Institutional Building In Financial Sector |
- |
- |
- |
- |
X |
X |
- |
- |
- |
Demographics |
- |
- |
- |
- |
- |
X |
X |
X |
- |
Regional Economic Integration |
- |
- |
- |
- |
- |
X |
- |
- |
- |
Surveillance/Domestic Polices |
- |
- |
- |
- |
- |
X |
X |
X |
X |
BWI Reforms |
- |
- |
- |
- |
- |
- |
X |
X |
X |
Commodities & Economic Impact |
- |
- |
- |
- |
- |
- |
- |
X |
X |
Fiscal Policies |
- |
- |
- |
- |
- |
- |
- |
- |
X |
Source: “The Group of Twenty: A History”, http://www.g20.utoronto.ca/docs/g20history.pdf (accessed on May 29, 2017)
Thereafter, the commitments towards global economic recovery were strengthened in each Summit like endorsement of new rules to improve the resilience of banks and the banking system (Basel III), with a commitment to full national implementation by 2019 at the 2010 Summit; and anti-protectionist commitments extended to 2018 and endorsement of a G20 Innovation Action Plan to pursue pro-innovation growth strategies at the 2016 summit to mention a few.
As far as implementation of these commitments is concerned, Chair of the Financial Stability Board (FSB), Mark Carney said that the post-crisis reforms have resulted in an open and resilient global system by making financial systems more regulated. Noting the progress, he added that the ‘main elements of the reform package have been agreed, and their implementation is well underway’.9 Keeping with its commitments, the G20 established the FSB in 2009 to oversee the financial mandate. The Second Annual Report of FSB concludes that ‘the implementation progress remains steady but uneven, and that the effects of the reforms implemented to date have been generally positive’.10 It also observed that the core of the global financial system is considerably stronger than pre-crisis period with the banks endowed with higher and better quality capital buffers, largely through retained earnings, and improvement of risk management of banks through robust prudential requirements, intensive supervision and increased risk awareness.11
The Basel Committee on Banking Supervision (BCBS) is mandated to make the financial institutions more resilient. The BCBS works towards achieving this goal with reform of international banks’ prudential rules. In this context, the BASEL III package is designed to address the inadequate pre-crisis minimum capital standards, to ensure that there is sufficient high quality bank capital to absorb losses, as well as to increase the stability of the banks’ funding so that they can withstand periods of systemic stress.12 The Second Annual Report of FSB maintains that the implementation of Basel III capital and liquidity standards has generally been timely, and banks remain on track to meet these standards. However, some major advanced economies have not addressed deviations in their rules from the Basel framework, which includes France, Germany and the UK.13
The FSB has also been entrusted to address financial stability concerns associated with ‘shadow banking’ and transform it into a resilient market-based finance. In this direction, the FSB adopted the Shadow Banking Roadmap to strengthen oversight and regulations of shadow banking. The FSB also publishes an annual Global Shadow Monitoring Report to systematically map the shadow banking system and develop new mechanisms to monitor and address risks.14 Notwithstanding such efforts, implementation of the agreed reforms on transforming banking (e.g. on the oversight and regulation of shadow banking entities, money market funds, risk alignment of securitisation) remains at a relatively early stage.15
Annexure 1 provides a country-specific progress on implementation of G20 commitments. As is evident from the Annexure 1, the G20 countries are at an advanced stage of implementation and compliance on BASEL III framework. In most countries final rules pertaining to BASEL III framework have been published and are in force. On Over-the-Counter (OTC) derivatives there are a variation in the implementation process. However, the G20 countries are at advanced stage of implementation. Either the legislative framework is in force for over 90 per cent of relevant transactions or regulatory framework is being implemented. However, there exist different barriers in terms of legal barriers to domestic participants’ reporting to trade repositories (TR), and limited or no permission in terms of access to domestic TR data by domestic authorities or foreign authorities. As far as shadow-banking is concerned, in most countries though draft regulation has not been published but it is at a more advanced stage in one or more sectors of either Money Market Funds (MMFs) or Securitization.
Overall, the G20 has been effective in the global economic and financial recovery and there is substantial improvement in the global economy. Progress in terms of commitments to global growth and implementation of these commitments by the G20 countries has been largely positive.
Table 2: Status Report of G20 Leaders’ Commitments, 2008-2016
Summits |
2008 (US) |
2009 (UK & US) |
2010 (Canada & Korea) |
2011 (France) |
2012 (Mexico) |
2013 (Russia) |
2014 (Australia) |
2015 (Turkey) |
2016 (China) |
Global Economy |
The first G20 Heads of the State meeting Commitment to stronger macro-economic cooperation between G20 countries, so as to support the global economy and stabilize financial markets. |
Largest ever internationally coordinated fiscal and monetary stimulus package undertaken. Adoption of the G20 Framework for Strong, Sustainable and Balanced growth, so as to restore confidence, growth and employment globally. |
Adoption of new standards to improve the resilience of the banking system. Sustainable fiscal consolidation with a commitment by the advanced economies to at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016. |
Coordinate action and policies to remove impediments to global economic recovery and to give special attention to the social dimension of globalization |
Agreement to an Accountability Framework to enhance implementation of the G20 policy commitments on growth.
|
Commitment to country-specific medium-term fiscal strategies to support economic growth and job creation, while putting debt as a share of GDP on a sustainable path. St Petersburg Action Plan setting forth reforms for achieving strong, sustainable and balanced growth. |
Commitment to support global economic growth and job creation through the development of comprehensive growth strategies Commitment to raise collective G20 Gross Domestic Product by 2% by 2018.
|
The G20 reaffirmed its goal of strong, sustainable and balanced economic growth. Around half of the multi-year reform measures agreed in the 2014 national growth strategies were fully implemented
|
A focus placed on inclusive and innovative growth, building on the efforts of previous Presidencies. Endorsement of a G20 Innovation Action Plan to pursue pro-innovation growth strategies
|
Financial Markets/International Financial Architecture |
Agreement to common principles to guide financial market reform, so as to improve financial market stability and resilience and avoid future financial crises. |
The establishment of new Financial Stability Board (FSB) to include major emerging market economies with a stronger financial regulation mandate. Agreement on substantial increase in International Monetary Fund (IMF) resources to ensure a strong and resilient international financial architecture. |
Agreement to reform global financial architecture (IMF) for better representation of emerging economies and developing economies. Launch of the Global Partnership for Financial Inclusion
|
Management of capital flows to reap the benefits from financial globalization and ensure resilience against volatile capital flows |
Adoption of Financial Inclusion Indicators Commitment to increase IMF resources by bilateral loans.
|
Agreement on a Roadmap towards Strengthened Oversight and Regulation of Shadow Banking, to ensure financial market stability.
|
Update of the Roadmap towards Strengthened Oversight and Regulation of Shadow Banking.
|
|
New financial inclusion indicators agreed to measure the use, availability and quality of digital financial services in more than 200 economies worldwide Re-commitment to finalize the banking regulatory (Basel III) framework by the end of 2016.
|
International Tax Cooperation |
|
To make taxation transparent and commitment to exchange Information. Commitment to take action against non-cooperative jurisdictions, including tax havens. |
|
Commitment to sign a multilateral convention to regulate tax information exchange. |
|
|
Adoption of High-Level Principles on Beneficial Ownership, an important step in identifying the actual owners of legal arrangements. Endorsement of the global Common Reporting Standard for the automatic exchange of tax information (AEOI) on a reciprocal basis from 2017 |
Endorsement of 15 actions to target the erosion of the tax base and profit shifting (BEPS), to help achieve a globally fair and modern tax system.
|
Agreement to submit a list of non-cooperative jurisdictions in the area of tax transparency by 2017 and consider proposals for measures against those benefiting from failing to implement global standards.
|
Trade & Investment |
First-ever commitment to resist protectionism, in the form of a “stand still” pledge to refrain from imposing any new trade or investment barrier for 12 months |
Commitment to refrain from barriers to trade or investment. WTO, UNCTAD and OECD mandated to publicly report on protectionist measures. US$250 bn support for trade finance.
|
International organizations mandated to report on the concrete benefits of trade liberalization for employment and growth.
|
|
Recognition given to the importance of regional and global value chains, and of enhancing developing country participation in these value chains. Standstill commitment until the end of 2014 with regard to measures affecting trade and investment, and to roll back any new protectionist measure including new export restrictions and WTO inconsistent measures to stimulate exports. |
Commitment to trade transparency reinforced. Standstill and rollback commitments renewed until 2016. Emphasis placed on coherence between regional trade agreements and the multilateral trading system.
|
Establishment of a Global Infrastructure Hub to promote longer-term infrastructure financing.
|
Publication of G20 country-specific investment strategies.
|
Anti-protectionist commitments extended to 2018. Focus placed on better communication of benefits of trade and open markets, alongside domestic policies to widely distribute these benefits. Establishment of a global forum for reducing steel overcapacity.
|
Employment |
|
Commitment to create employment opportunities through income, social protection, and training support for the unemployed. |
|
Agreement on an Action Plan for Growth and Jobs to foster employment and social protection Commitment to promote and ensure full respect for rights at work. |
|
|
Endorsement of country-specific employment Plans, including investments in apprenticeships, education and training, and incentives for hiring young people and encouraging entrepreneurship |
Target to reduce the number of youth at risk of being permanently left behind in the labour market by 15% by 2025 in G20 countries |
|
Energy and Climate Change |
Climate change and energy security recognized as “critical challenges” to be addressed. |
In order to shift to a low-carbon global economy, commitment made to phase out and rationalize fossil fuel subsidies over the medium-term while providing targeted support to the poorest. |
|
|
Focus placed on inclusive green growth to promote longer-term development and prosperity |
Commitment to support the Green Climate Fund’s operationalization, under the UN to assist developing countries with climate change adaptation and mitigation practices |
Agreement on Principles for Energy Collaboration and Action Plan for Voluntary Collaboration on Energy Efficiency for strong, resilient energy markets critical to economic growth. |
Endorsement of G20 Toolkit of Voluntary Options for Renewable Energy Deployment for energy efficiency, investments in clean energy and R&D. |
Commitment to join the Paris Climate Change Agreement as soon as national procedures in each G20 member allow. |
Development |
|
|
Commitment to work in partnership with other developing countries to help maximize their growth potential. Launch of a concrete Multi-Year Development Action Plan to promote improvements in people’s lives, in particular through development of infrastructure in developing countries |
|
|
Agreement on an integrated post-2015 development agenda with concise, implementable and measurable goals taking into account different national realities and levels of development and respecting national policies and priorities, focused both on the eradication of extreme poverty, promoting development and on
balancing the environmental, economic and social dimensions of sustainable
development. |
|
Strong commitment made to strengthen dialogue and engagement on development with Low Income Developing Countries |
Endorsement of the G20 Action Plan on the 2030 Agenda for Sustainable Development, to further align the G20’s work with the 2030 Agenda, while recognizing it is a UN-led process |
Global Health |
|
|
|
|
|
|
Publication of a Leaders Statement on Fighting Pandemics, particularly in the wake of Ebola. The International Monetary Fund and World Bank Group asked to explore mechanisms to address the economic effects of future comparable crises |
Attention to global health risks such as antimicrobial resistance, infectious diseases threats and weak health systems as these can significantly impact growth and stability. |
Relevant international organizations (WHO, FAO, OIE, OECD) mandated to report back in 2017 with concrete recommendations on further G20 action to tackle anti-microbial resistance, including on R&D incentives and prudent use |
Digitization |
|
|
|
|
|
|
|
|
G20 Digital Economy Development and Cooperation Initiative launched. The Initiative aims to foster favourable conditions for the digital economy and to address the digital divide. |
Women Empowerment |
|
|
|
|
Commitment made to overcome the barriers hindering women’s full economic and social participation, and to expand economic opportunities for women in G20 economies |
|
Target to reduce the gender gap in women’s labour market participation in G20 countries by 25% by 2025 |
Establishment of a specific engagement group aimed at promoting gender equality in the G20 called the Women 20. |
|
Migration/Displacement |
|
|
|
|
|
|
|
Migration recognized as a global challenge to be addressed. Commitment to strengthen support for efforts to protect the unprecedented global number of refugees and internally displaced persons. |
Recognition of the benefits to economies and societies of well-managed migration. Mandate given to the G20 to address forced displacement and migration issues in 2017. |
Africa |
|
Recognition of the historic commitment by G20 members to meeting the Millenium Development Goals, especially to sub-saharan Africa. |
Recognizing the acute development needs in Africa, the African Development Bank will be capitalized for substantial growth, with a 200% increase in its capital and corresponding tripling of its annual lending levels, to strengthen capacity to support the region’s long-term growth and development. |
|
|
|
|
Endorsement of the G20 Energy Access Action Plan: Voluntary Collaboration on Energy Access, focusing on enhancing electricity access in Sub-Saharan Africa in its first phase |
Launch of a G20 Initiative on Supporting Industrialization in Africa and Least Developed Countries to strengthen their inclusive growth and development potential |
Terrorism/Money laundering |
Strong recognition of the importance of national and International measures to protect the global financial system from risks of illegal financial activity. |
|
|
Support for the Financial Action Task Force`s work to engage jurisdictions with systemic anti-money laundering and counter-terrorist financing deficiencies |
|
|
|
Commitment to tackle the channels of terrorism-related financing, particularly by enhanced cooperation on exchange of information. |
|
Corruption |
|
|
To prevent and tackle corruption through G20 Anti-Corruption Action Plan |
|
|
|
Adoption of G20 High-Level Principles on Corruption and Growth outlining how corruption impedes economic growth and to frame the G20’s practical steps to combat corruption under the 2015-16 Anti-Corruption Action Plan. |
|
Endorsement of the 2017-18 Anti-Corruption Action Plan to improve public and private sector transparency and integrity |
Agriculture, food security and environmental protection |
|
|
Commitment to safeguard the global marine environment |
Launch of the Agriculture Market Information System to reinforce transparency of agricultural product markets. Endorsement of an Action Plan on Food Price Volatility and Agriculture |
|
|
|
Endorsement of an Action Plan on Food Security & Sustainable Food Systems to promote responsible agriculture and food system investments. A focus on the needs of smallholder farms, rural women and youth. |
|
Source: Compiled by the author from various documents adopted at different G20 Leaders’ Summits, available at https://www.g20.org/Webs/G20/EN/G20/Summit_documents/summit_documents_node.html
III
The Road to Hamburg: Challenges Ahead
In the wake of the challenges emerging from the growing protectionists’ as well as populist sentiments across the globe, the road to Hamburg seems beset with hurdles. Concomitantly, the divisiveness of countries on varied issues, visible at the earlier meetings of G20 in March 2017 and G7 in May 2017, makes it even more difficult to arrive at an agreed outcome at the end of the Hamburg Summit. The main sticking points of the Summit could be as follows:
IV
Conclusion
The analysis above suggests that the post-crisis reforms undertaken by the G20 members have resulted in an open and resilient global system by making financial systems more regulated. There has been discernible progress both in terms of commitments and its implementation. The efficacy of these commitments is manifested in the progress made in the implementation of BASEL III framework, OTC derivatives and shadow-banking. The fact that until recently there has been little resort to protectionism reflects that G20 provided a platform to act collectively on global issues ranging from trade to fiscal regulation. Reflecting on its achievements, it can be seen that the G20 has made substantial contribution in addressing the challenges of global economic crisis.
Nonetheless, as the Hamburg Summit approaches, it remains to be seen if a common policy could be agreed upon on the aforementioned issues of global significance, particularly with the US. Also, remains to be seen if the G20 countries’ longstanding support for free trade and opposition to protectionist measures and climate change will find mention in the final declaration. Continued policy coordination and cooperation will, thus, be a key test of the effectiveness of G20 in the forthcoming Hamburg Summit 2017.
***
*The Author is Research Fellow with the Indian Council of World Affairs, New Delhi.
Disclaimer: Views expressed are of author and do not reflect the views of the Council.
End Notes
ANNEXURE 1
ANNEXURE 1
Source: Financial Stability Board, Second Annual Report, 2016
End Notes
1 The Federal Government, Germany, “G20 Germany 2017: Shaping an Interconnected World”, https://www.g20.org/Content/DE/_Anlagen/G7_G20/2016-g20-broschuere-bpa- en.pdf;jsessionid=DA3D7D81EB7088BAD7E29DC232318753.s6t2?__blob=publicationFile&v=11 (accessed on May 27, 2017)
2 The Federal Government, Germany, “Priorities of the G20 2017 Summit””, https://www.g20.org/Content/DE/_Anlagen/G7_G20/2016-g20-praesidentschaftspapier-en.pdf;jsessionid=DA3D7D81EB7088BAD7E29DC232318753.s6t2?__blob=publicationFile&v=2 (accessed on May 27, 2017)
3 The Federal Government, Germany, “Participants of The G20 Summit In Hamburg”, https://www.g20.org/Webs/G20/EN/G20/Participants/participants_node.html (accessed on May 27, 2017)
[4] “The Group of Twenty: A History”, http://www.g20.utoronto.ca/docs/g20history.pdf (accessed on May 29, 2017)
5 The Federal Government, Germany, “Participants of The G20 Summit In Hamburg”, https://www.g20.org/Webs/G20/EN/G20/Participants/participants_node.html (accessed on May 27, 2017)
6 “G-20 Finance Ministers and Central Bank Governors Communiqué, 1999”, http://www.g20.utoronto.ca/1999/1999communique.pdf (accessed on May 15, 2017)
7 “G20 India -History and Past presidencies”, http://www.g20india.gov.in/aboutg20-history.asp?lk=aboutg203 (accessed on May 29, 2017)
8 The Federal Government, Germany, “Statements by the Heads of State And Government”, https://www.g20.org/Webs/G20/EN/G20/Summit_documents/summit_documents_node.html (accessed on May 15, 2017)
9 Mark Carney, “Ten Years on: Fixing the Fault lines of the Global Financial Crisis”, Financial Stability Review, No. 21, April 2017, pp. 13-20.
10 Financial Stability Board, “Implementation and Effects of the G20 Regulatory Reforms’, 2nd Annual Report, August 31, 2016, http://www.fsb.org/wp-content/uploads/Report-on-implementation-and-effects-of-reforms.pdf (accessed on June 2, 2017)
11 Financial Stability Board, “Implementation and Effects of the G20 Regulatory Reforms’, 2nd Annual Report, August 31, 2016, http://www.fsb.org/wp-content/uploads/Report-on-implementation-and-effects-of-reforms.pdf (accessed on June 2, 2017)
12 Mark Carney, “Ten Years on: Fixing the Fault lines of the Global Financial Crisis”, Financial Stability Review, No. 21, April 2017, pp. 13-20.
13 Financial Stability Board, “Implementation and Effects of the G20 Regulatory Reforms’, 2nd Annual Report, August 31, 2016, http://www.fsb.org/wp-content/uploads/Report-on-implementation-and-effects-of-reforms.pdf (accessed on June 2, 2017)
14 Mark Carney, “Ten Years on: Fixing the Fault lines of the Global Financial Crisis”, Financial Stability Review, No. 21, April 2017, pp. 13-20.
15 Financial Stability Board, “Implementation and Effects of the G20 Regulatory Reforms’, 2nd Annual Report, August 31, 2016, http://www.fsb.org/wp-content/uploads/Report-on-implementation-and-effects-of-reforms.pdf (accessed on June 2, 2017)
16 Patrick Donahue and Brian Parkin, “Merkel Challenges Trump With G-20 World-Trade Pitch in Hamburg”, Bloomberg, April 4, 2017, https://www.bloomberg.com/politics/articles/2017-04-04/merkel-challenges-trump-with-g-20-world-trade-pitch-in-hamburg (accessed on May 10, 2017)
17 https://twitter.com/realDonaldTrump/status/869503804307275776 (accessed on June 2, 2017)
18 Steve Holland and David Lawder, “Exclusive: Trump calls Chinese 'grand champions' of currency manipulation”, The Reuters, February 24, 2017, http://www.reuters.com/article/us-usa-trump-china-currency-exclusive-idUSKBN1622PJ (accessed on May 10, 2017); David Lawder, “Trump backs away from labeling China a currency manipulator”, April 13, 2017, http://www.reuters.com/article/us-usa-trump-currency-idUSKBN17E2L8 (accessed on May 10, 2017)
19 See, Michael D. Shear, “Trump Will Withdraw U.S. From Paris Climate Agreement”, The New York Times, June 1, 2017, https://www.nytimes.com/2017/06/01/climate/trump-paris-climate-agreement.html?_r=0 (accessed on June 1, 2017)