The G20 Eminent Persons Group on Global Financial Governance (the Group) was formally established by G20 Finance Ministers and Central Bank Governors on 21 April 2017.
The Group comprises eminent persons with deep knowledge and experience in the area of the global financial architecture and governance.
The Group will be chaired by Tharman Shanmugaratnam, Deputy Prime Minister of Singapore. Its members will contribute in their personal capacities. Collectively, their experiences reflect a broad diversity, geographically and of different stages of economic development.
The work of the group will be centred around the following tasks:
to review current and possible future challenges and opportunities facing the international financial and monetary systems, and the current state of the global financial architecture and governance;
to consider, having regard to relevant past reviews, the optimal role of the international financial institutions (IFIs) comprising the IMF, the WBG, and other multilateral development banks, including how these IFIs interact and coordinate with one another, with the G20, and with their respective memberships; their capacity to catalyse private capital flows and domestic resources; and corporate governance and accountability structures, to ensure efficiency, effectiveness and transparency in addressing the challenges identified;
to recommend practical reforms to improve the functioning of the global financial architecture and governance so as to promote economic stability and sustainable growth; and to discuss how the G20 could better provide continued leadership and support for these goals.
The Group’s work will not duplicate existing efforts in the G20 and the IFIs related to Shareholding Reviews and the IMF General Review of Quotas.
The Group will provide its findings and recommendations to G20 Finance Ministers and Central Bank Governors for their deliberation. Decisions on any proposals concerning the IFIs would have to be made by their respective governing bodies.
The Group will provide an outline of its work to G20 Finance Ministers and Central Bank Governors at the IMF/WBG Annual Meetings 2017. A progress update will be provided by the IMF/WBG Spring Meetings 2018. The mandate of the Group will be fulfilled with the delivery of final recommendations by the time of the IMF/WBG Annual Meetings 2018.
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