EU urges more G20 cooperation on monetary, fiscal policy against Covid-19 crisis

European Union flags fly outside the European Commission headquarters in Brussels, Belgium, February 19, 2020. — Reuters pic
European Union flags fly outside the European Commission headquarters in Brussels, Belgium, February 19, 2020. — Reuters pic

BRUSSELS, July 9 — Global powers should cooperate better on monetary and fiscal policy to tackle the Covid-19 economic crisis, European Union finance ministers and central bankers will tell their G20 counterparts at a meeting next week.

The group of the world’s 20 most industrialised nations should also aim for a global deal on digital taxation this year and avoid rolling back planned and ongoing financial regulation reforms during the pandemic, an EU document seen by Reuters says.

The document, which is expected to be approved tomorrow after a videoconference of EU finance ministers, represents the EU position ahead of a meeting of G20 finance ministers and central bankers on July 18, chaired by Saudi Arabia.

“The G20 should support stronger international cooperation for defining the necessary monetary, fiscal and structural reform measures to ensure a safe exit” from the current crisis, the document says.

It calls on G20 partners to “reconfirm the importance of the principle of central bank independence worldwide.”

It also urges world leaders to “making the most of the green and digital opportunities in shaping the recovery.” — Reuters

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