On February 17 and 18, 2022, Federal Councillor Ueli Maurer and Swiss National Bank Chairman Thomas Jordan participated in the first meeting of G20 finance ministers and central bank governors under the Indonesian presidency. They took part virtually via videoconference. Topics discussed were the global economic situation, the sustainability of the financial sector, the future financing of measures to combat pandemics, and international corporate taxation.
The finance ministers and central bank governors discussed the disruption of global supply chains, increased energy prices and the accelerating inflation in many economies. They emphasised the need to ensure global access to vaccines, above all in emerging market countries, in order to also enable a sustainable economic recovery. In addition, they discussed the options for strengthening cooperation between the healthcare and financial authorities in preventing and managing future pandemics. Finally, the ministers and central bank governors stressed the need to draw up the still outstanding regulations on the taxation of large international companies, in order to ensure that the deadlines for implementation can be met.
As regards reforming the taxation of internationally active companies, Federal Councillor Maurer observed that globally uniform application of the new rules will be crucial to creating legal certainty for the companies concerned. Uncertainty and high implementation costs for companies as a result of this reform could have negative repercussions for global sustainable growth. Moreover, Federal Councillor Maurer highlighted the risks associated with a combination of higher inflation rates and growing general government deficits. Conversely, room for fiscal policy manoeuvre is essential for the financing of measures to combat climate change. At the same time, Federal Councillor Maurer urged the G20 to take an active role in ensuring the credibility of international net zero alliances.
2022 will see Switzerland taking part in the G20 Finance Track for the seventh consecutive time, following an invitation by Indonesia. The meeting of finance ministers held on 17 and 18 February was the first of four such meetings in 2022.