G20 must tackle financial risks: CEDA

By Daniel Palmer

The report, slated for release in Brisbane today, suggested that talk of the waning influence of the G20 was overstated, though the risk of the meeting becoming a talkfest was a concern. “Our report has found that, despite suggestions to the contrary, the G20 absolutely still has a role to play in tackling major economic challenges,” CEDA chief executive Stephen Martin said. “However, the CEDA report also highlights it is vital that issues such as financial system regulation and taxation reform – where substantial progress through the G20 has been achieved already – must be addressed with renewed rigour following the Brisbane summit. “For example financial system regulation reforms pursued by the G20 following the GFC have been strong but they were largely, as to be expected, reactionary.

The think tank also weighed into the climate change debate, expressing disappointment that the issue was not currently on the G20 agenda. “As the host of the G20 Brisbane Summit, Australia has a unique opportunity, in fact a duty, to make sure that the forum is more than a ‘talkfest’, and that key issues with significance for both our own economy and globally are tackled effectively,” Professor Martin said. “While there has been some comment that the G20 lacks the firepower to achieve results on [climate change], in reality this is a major economic issue.

Read more here: Business Spectator


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