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EU urges more G20 cooperation on monetary, fiscal policy against COVID-19 crisis

Thu, 9th Jul 2020 14:49

BRUSSELS, July 9 (Reuters) - Global powers should cooperate
better on monetary and fiscal policy to tackle the COVID-19
economic crisis, European Union finance ministers and central
bankers will tell their G20 counterparts at a meeting next week.

The group of the world's 20 most industrialised nations
should also aim for a global deal on digital taxation this year
and avoid rolling back planned and ongoing financial regulation
reforms during the pandemic, an EU document seen by Reuters
says.

The document, which is expected to be approved on Friday
after a videoconference of EU finance ministers, represents the
EU position ahead of a meeting of G20 finance ministers and
central bankers on July 18, chaired by Saudi Arabia.

"The G20 should support stronger international cooperation
for defining the necessary monetary, fiscal and structural
reform measures to ensure a safe exit" from the current crisis,
the document says.

It calls on G20 partners to "reconfirm the importance of the
principle of central bank independence worldwide."

It also urges world leaders to "making the most of the green
and digital opportunities in shaping the recovery."
(Reporting by Francesco Guarascio; Editing by Toby Chopra)

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