UAE participates in international financial architecture seminar

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Abu Dhabi, April 2 (IANS/WAM) United Arab Emirates’ (UAE) Minister of State for Financial Affairs, Obaid bin Humaid Al Tayer, participated in the G20 high level seminar on international financial architecture held in Paris under the slogan “From Nanjing to Paris”.

The seminar witnessed the participation of G20 finance ministers, Christine Lagarde, managing director of the International Monetary Fund (IMF), as well as a group of central bankers from across the globe.

The seminar included three parallel breakout sessions, strengthening policy frameworks to tackle increased volatility, global financial safety nets and how to enhance them and strengthening the resilience of the international monetary system.

Al Tayer participated in the session – Strengthening resilience of the international monetary system.

Speakers also discussed a number of key topics including currency internationalisation, exchange rate regimes, the role of the special drawing rights (SDR) basket and other forward-looking issues to prepare the ground for evolutions that are already ongoing, and to continue ensuring the stability and resilience of the international monetary system in the increasingly diverse yet interconnected global economy.

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China hosted G20 meetings last February with the participation of major economy finance ministers, and central bank governors; whereby these meetings raised a range of topics on policy coordination to support the recovery of the global economy and the consequences of the collapse in oil price.

The group seeks, through its 2016 agenda, to focus on four key priorities including creating a new path for growth, enhancing the effectiveness and efficiency of the global economic and financial governance, developing international trade and investment as well as achieving inclusive and interconnected development.

G20 includes key emerging economies from 19 countries and the European Union. In addition the group represents two-thirds of the world’s population and accounts for 85 per cent of global GDP and 75 per cent of world trade. The inaugural meeting of G20 took place in Berlin in 1990.

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