Association of German Banks: further strengthen the international approach of the G20 – no retreat into protectionism

25. Januar 2017

'The G20 has proved its worth in the almost 20 years of its existence and cooperation between the world's 20 leading economies should be strengthened further in today's more difficult, uncertain times,' says Michael Kemmer, General Manager of the Association of German Banks, in Berlin - also with the current German G20 presidency in mind. The G20 functions as a central forum for international cooperation on economic and financial questions and has become even more important since the global financial crisis of 2008, he believes.

A good example of how worthwhile international cooperation can be is the Financial Stability Board, which was set up by the G20 in 2009 and given extensive responsibilities. As Kemmer stresses: 'This takes financial markets a big step closer to achieving a globally coordinated and aligned regime for players and transactions alike - and is at the same time an important step towards more stable financial markets.'

In times of growing renationalisation and isolationism, it is all the more important that the G20 wishes to continue focusing on the international environment. A key issue is also that large sections of the population are increasingly rejecting globalisation. Here, too, it's worthwhile carrying out a careful analysis and debating possible courses of action at international level. For clearly, as Kemmer sees it, 'there are no winners in a world of mounting protectionism and isolationism.'

These and other topics of the German G20 presidency will be discussed in Berlin today at an event jointly hosted by Michael Kemmer and Markus Kerber, Director General of the Federation of German Industries (BDI). Joining them as their guest will be Jens Spahn, Member of the German Bundestag and Parliamentary State Secretary at the Ministry of Finance.

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