Economic growth, the sustainability of public finances, global trade imbalances and financial regulation are among the main issues on the agenda.
Finance ministers and central bank governors from the Group of 20 (G20) are gathering in Asheville, North Carolina, today for a two-day meeting focused on the global economy, financial stability and international economic policy. The talks will continue through September 1.
The meeting is part of the G20 finance track and is being held under the US presidency of the group. It follows talks among deputy finance ministers and deputy central bank governors in Asheville on August 29 and 30.
Economic growth, the sustainability of public finances, global trade imbalances and financial regulation are among the main issues on the agenda. The US presidency is also placing emphasis on structural reforms and modernising financial rules.
Ahead of the meeting, US Treasury Secretary Scott Bessent said Washington would push G20 countries to discuss measures aimed at reducing global trade imbalances, including those involving China. Bessent said China’s trade surplus had reached around $1.2 trillion.
The situation surrounding Iran is also expected to feature prominently in the discussions. Bessent said the United States is planning additional secondary sanctions against financial institutions that continue to conduct transactions with Iran. Washington will also urge its G20 partners to reduce their economic and financial ties with Tehran.
The meeting comes amid heightened tensions across global financial and energy markets. Renewed escalation between the United States and Iran has pushed oil prices higher and intensified concerns about inflation.
Participants are also expected to assess the state of the global economy and financial markets, including elevated levels of public debt and movements in government bond yields. US federal debt has already surpassed $40 trillion.
The G20 brings together 19 countries and the European Union. Its finance ministers and central bank governors have been meeting in this format since 1999, while the G20 has served as the leading international forum for economic cooperation since 2009. | BGNES