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German Cabinet Adopts Programme for German G7 Presidency

November 19, 2014
See also Key Topics for Summit Announced

The German Cabinet adopted the programme for the German G7 Presidency on 19 November 2014. The core issues for the Presidency at the level of the Finance Ministers and Central Bank Governors are as follows:

More dynamic and sustainable economic growth

The G7 has a special responsibility for the global economy. Within the G7, Germany advocates long-term structural reforms to improve the environment for investment, innovation and employment, and Germany wishes to strengthen the global upswing. Investment plays a key role in the current climate. The G7 will therefore work to enhance the conditions for investment. Sound public finances are the basis for our actions.

Financial market regulation

Expediting the work on the new financial market architecture is a core element of the German Presidency. The G7 process supports the G20's declared objective that all systemically important financial institutions, markets and instruments should be subject to an appropriate degree of regulation and oversight.

Measures to counter tax evasion and avoidance

Measures to counter tax evasion and avoidance by multinational enterprises are further matters of major importance to the German G7 Presidency. The G7 has agreed to support the effective, internationally agreed measures to counter base erosion and profit shifting which were developed by the OECD. Germany will use its Presidency to take this work forwards. The same applies for the automatic exchange of financial account information, which will become the new global standard. The German Government will actively support this process through its Presidency.

Together with the Bundesbank, the German Finance Ministry has held the G7 Presidency at the level of the Finance Ministers and Central Bank Governors since July 2014

Source: German Federal Ministry of Finance

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