November 30 2016
GBIC: Further strengthen global economic and financial resilience
Banking industry on the German G20 presidency
The German Banking Industry Committee (GBIC) welcomes it that, under the new German presidency, the G20 aims to further strengthen the resilience of economies and financial markets in 2017 as well. The GBIC member associations endorse, in particular, the intention of the world’s 20 leading industrialised nations to create a sound, comprehensive framework for evaluating the large number of supervisory rules and regulations and their impact. This will also cover the appropriateness and quality of regulatory measures.
GBIC considers it important that the G20 intends to keep an eye particularly on the global environment in order to enhance financial resilience. This includes monitoring both the state of the world economy and structural problems, along with the level of debt in some national economies. It is clear at present that, despite the additional fiscal leeway provided by persistently low interest rates, several countries have not yet launched necessary structural reforms. However, this failure to act harbours risks that may adversely affect both the world economy and the global financial system in the future.
It is therefore all the more important that Germany has already announced that its G20 presidency will focus on the most pressing problems, taking due account of recent developments in the process. For example, digitalisation is creating new problems such as cyber crime that require an international response.