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Communiqué

Finance Ministers and Central Bank Governors Meeting
Berlin, Germany, December 15-16, 1999
[pdf] [French]

Annex: List of Participants

G20 Finance Ministers and Central Bank Governors

  1. Finance Ministers and Central Bank Governors of the G20 held their inaugural meeting on December 15-16, 1999 in Berlin, Germany. The meeting was chaired by Canada’s Finance Minister, Paul Martin, and hosted by German Finance Minister Hans Eichel. (A list of participants follows).

  2. The G20 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.

  3. Ministers and Governors welcomed the improvement in global economic conditions. They reaffirmed the importance of continued progress by the WTO toward multilateral liberalization of trade in goods and services that would bring broad-based benefits to the global economy.

  4. Ministers and Governors at this inaugural meeting discussed the role and objectives of the G20, and ways to address the main vulnerabilities currently facing their respective economies and the global financial system. They recognized that sound national economic and financial policies are central to building an international financial system that is less prone to crises. They noted the importance of strengthening national balance sheets to help cushion against unexpected shocks. They encouraged steps to strengthen sovereign debt management, and greater attention to the impact of various government policies on the borrowing decisions of private firms. They recognized that unsustainable exchange rate regimes are a critical source of vulnerability, and that a consistent exchange rate and monetary policy is essential. They discussed a range of possible domestic policy responses to the challenges of globalization, and exchanged views on the role of the international community in helping to reduce vulnerability to crises.

  5. They welcomed the important work that has been done by the Bretton Woods institutions and other bodies toward the establishment of international codes and standards in key areas, including transparency, data dissemination, and financial sector policy. They agreed that the more widespread implementation of such codes and standards would contribute to more prosperous domestic economies and a more stable international financial system. To demonstrate leadership in this area, Ministers and Governors agreed to undertake the completion of Reports on Observance of Standards and Codes ("Transparency Reports") and Financial Sector Assessments, within the context of continuing efforts by the IMF and World Bank to improve these mechanisms. This commitment will help mobilize support for measures to strengthen domestic capacity, policies and institutions.

  6. Members of the G20 asked their Deputies to consider existing work in other fora (including the Financial Stability Forum) and to examine further ways to reduce vulnerabilities to crises. Deputies will report on their progress at the time of the next meeting of G20 Finance Ministers and Governors, to be held in Canada in autumn 2000.

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Annex: List of Participants

Finance Ministers

Central Bank Governors

Argentina

José Luis Machinea
Ministry of the Economy and Works and Public Services
Pedro Pou
President, Central Bank of the Republic of Argentina

Australia

Peter Costello
Treasurer
I.J. MacFarlane
Governor, Reserve Bank of Australia

Brazil

Pedro Sampaio Malan
Minister of State
Ministry of Finance
Armínio Fraga Neto
Governor, Central Bank of Brazil

Canada

Paul Martin
Minister of Finance and Chair of the G20
Gordon G. Thiessen
Governor, Bank of Canada

China

Xiang Huaicheng
Minister of Finance
Dai Xianglong
Governor, People’s Bank of China

France

Christian Sautter
Minister of the Economy and Finance
Jean-Claude Trichet
Governor, Bank of France

Germany

Hans Eichel
Minister of Finance
Ernst Welteke
President, German Federal Bank

India

Yashwant Sinha
Minister of Finance
Bimal Jalan
Governor, Reserve Bank of India

Indonesia

Bambang Sudibyo
Minister of Finance
Sjahril Sabirin
Governor, Bank of Indonesia

Italy

Giuliano Amato
Minister of the Treasury and Budget
Antonio Fazio
Governor, Bank of Italy

Japan

Kiichi Miyazawa
Minister of Finance
Masaru Hayami
Governor, Bank of Japan

Korea

Bong-Kyun Kang
Minister of Finance and Economy
Chol-Hwan Chon
Governor, Bank of Korea

Mexico

José Angel Gurría Trevino
Secretary of Finance and Public Credit
Guillermo Ortiz Martínez
Governor, Bank of Mexico

Russia

Mikhail Mikhailovich Kasyanov
Minister of Finance
Victor Vladimirovitch Gerashchenko
Chairman, Central Bank

Saudi Arabia

Ibrahim Abdulaziz Al-Assaf
Minister of Finance and National Economy
Hamad Saud Al-Sayari
Governor, Saudi Arabian Monetary Agency

South Africa

T.A. (Trevor) Manuel
Minister of Finance
T.T. (Tito) Mboweni
Governor, Central Bank of South Africa

Turkey

Sümer Oral
Minister of Finance
Gazi Erçel
Governor, Central Bank of the Republic of Turkey

United Kingdom

Gordon Brown
Chancellor of the Exchequer and Chair of the International Monetary and Financial Committee of the IMF
Eddie George
Governor, Bank of England

United States

Lawrence Summers
Secretary of the Treasury
Alan Greenspan
Chair, Board of Governors, Federal Reserve System

Source: Department of Finance, Canada

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