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G8 Finance Ministers Meeting IV, St. Petersburg: June 9-10, 2006

Australian Treasurer Peter Costello will attend the Finance Ministers meeting and lead a discussion on good governance in public finance.[1]

On June 6, 2006, Russian Finance Minister Alexei Kudrin said that the Finance Ministers meeting will discuss access to energy infrastructure in the worldÕs poorest countries, infectious disease, terrorist financing, energy security, public finance management and financial literacy.[2] Kudrin stated that the Finance Ministers will not discuss global exchange rates, given that the Central Bank Governors will be absent from the meeting.[3] Kudrin announced that representatives from China, India, Brazil, Australia, South Korea and Nigeria will participate in the discussions on public finance management and donorship.[4] The Minister of Finance from Austria, which holds the chair of the European Union, as well as International Monetary Fund and World Bank representatives, will also attend.[5] ITAR-TASS further reports that a representative from the Organisation of Economic Cooperation and Development will attend.[6]

On June 6, 2006, Jiji Press stated that the Finance Ministers are expected to discuss the importance of communication between oil-producing and consuming countries, investment in oil exploration, production, transportation and refining, and energy efficiency and diversification.[7] They are set to discuss energy infrastructure in developing countries.[8] They will discuss infectious diseases and vaccine development.[9] They will also discuss financial education.[10] Global imbalances will also be discussed, on which the Finance Ministers are expected to agree to redress imbalances through structural reform of G8 countries rather than exchange rate adjustment mechanisms.

On June 6, 2006, Japanese Finance Minister Sadakazu Tanigaki said that the Finance Ministers will mainly discuss issues surrounding the high energy prices.[11] Tanigaki stated that Japan will call for improving the investment climate in countries that produce crude oil and other energy sources, and increasing energy efficiency in energy-consuming countries.[12]

On June 6, 2006, Japanese Finance Minister Sadakazu Tanigaki stated that the Finance Ministers will discuss rising energy prices and their effects on the global economy.[13] Tanigaki stated that "Energy issues have been discussed at past international meetings, such as the Group of Seven finance leaders' meeting, and there are many things that oil producers, consumers and financial markets can do to improve."[14]

On June 5, 2006, Jiji Press reported that the Finance Ministers are set to agree to promote financial education.[15] Jiji Press obtained a copy of the draft joint statement of the meeting, which stated that "The lack of financial literacy may also create favorable conditions for deceptive financial practices and unfair competition in financial markets... Financially educated consumers are better able to protect themselves from fraud and abuse. Moreover, well-informed and educated financial consumers contribute to more efficient financial markets by encouraging the development of new products and services thus increasing competition, innovation and product quality."[16] Jiji Press reported that the Finance Ministers are expected to refer to financial education due to the fact that G8 countries have aging population that requires asset formation and asset management after retirement.[17] They may also touch on how financial education is important in developing countries to create healthy financial markets.[18] There is also a plan to set up a framework policy dialogue with international institutions and emerging economies to provide examples of financial education.[19]

On June 5, 2006, Dow Jones reported that the finance ministers will not discuss foreign exchange issues in depth.[20] The Finance MinistersÕ statement is not expected to include text on exchange-rate policy, due to the fact that the Central Bank Governors will not be present. It is expected that the ministers will discuss global imbalances in terms of macroeconomic policy.[21] Analysts predict that talks on global imbalances may hurt the US dollar in the week following the Finance Ministers meeting.[22] Japanese Finance Minister Sadakazu Tanigaki said that it is inappropriate to solve global imbalances by adjusting exchange rates alone. Tanigaki also stated that the document released by the Finance Ministers will not contain an annex on global imbalances, like the April statement did.[23] The Finance Ministers may have a breakfast meeting on Saturday following their official meeting with Finance Ministers from non-G8 countries, such as China and possible South Korea.[24]

On June 5, 2006, British Finance Minister Gordon Brown announced that he would "call for world finance ministers to lead the debate about who benefits from globalisation" at the Finance Ministers meeting.[25] Brown also urged the Finance Ministers to look at ways of opening up the newest round of global free trade talks.[26]

On May 22, UK Chancellor of the Exchequer Gordon Brown said that he would press his fellow G8 finance ministers to boost funding for education in developing nations. Brown stated "In St. Petersburg in June, I will press other G8 finance ministers to commit to their share."[27]

On January 18, 2006, Russian Finance Minister Alexei Kudrin stated that the second meeting of the G8 Finance Ministers will be held in June, 2006 in St. Petersburg.[28]

G7 Finance Ministers Meeting, London: February 9, 2006

The G7 Finance Ministers met in London on February 9 without Russia, before heading to Moscow on February 10, 2006.[29]

G8 Finance Ministers Meeting I, Moscow: February 10-11, 2006

The G8 Finance Ministers, along with Paul Wolfowitz, President of the World Bank and representatives from South Africa, India, China and Brazil met at the National Hotel in Moscow. The Finance Ministers released a signed communiquŽ detailing their discussions.

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G7 Finance Ministers Meeting II, Washington: April 21, 2006

The G7 Finance Ministers and Central Bank governors met on Friday, April 21 in Washington D.C., just prior to the World Bank and International Monetary Fund (IMF) annual spring meeting, which will be held over the weekend.[30] The ministers discussed rising oil prices and fluctuations in global currency rates,[31] including Chinese currency reform.[32] They will also discussed IMF reforms, including the issue of how to better represent emerging economies.[33] The ministers were expected to discuss debt relief and debt cancellation for the poorest countries.[34] Contrary to previous speculation on who will be invited to this meeting, Finance Ministers from China, India and Brazil did not attend.[35] Russia attended the meeting and participated in the majority of G7 discussions, according to Russian Finance Minister Alexei Kudrin.[36]

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G7 Finance Ministers Meeting II, Sharm-el-Sheikh, Egypt: May 21, 2006

The G8 Finance Ministers met with the Ministers of Finance of the Broader Middle East and North Africa Region.

Notes

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Earlier Versions

• January 16, 2006
• January 23, 2006
• January 30, 2006
• February 6, 2006
• February 16, 2006
• June 1, 2006

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