Despite the unprecedented effort made so far, "economic conditions remain challenging, we must monitor the situation and, if necessary, re-launch efforts".
This was stated by the Minister of Economy, Daniele
Franco
, illustrating
the work of the G20 of finance ministers and governors
at a press conference
which he chaired together with the Governor of Bank of Italy Ignazio Visco.
"
Any premature withdrawal of fiscal and monetary support measures should be avoided
" said the minister, summing up the position of the G20 in the press conference at the end of the summit and stressing that the pandemic "has widened inequalities both within countries and between the Countries ", a trend that must be reversed as soon as possible because it has an impact on the global recovery.
The reform of the international taxation system "has become an urgent task" given the pre-eminent role played by digital services: the G20 "will continue the work to find a global consensus" and to reach an agreement on minimum corporate taxation by mid-2021 multinationals and web giants, the minister continued.
The G20 finance, in today's meeting, said he was "concerned about the gap in vaccination rates" between the most developed and least developed countries and the risk "that the latter may not have vaccines for a long time" and therefore "l The idea is that the G20 should take charge by increasing the appropriations "in support of them, said Franco, adding that the delays within the more developed countries in vaccination campaigns" will be reabsorbed.
The G20 "did not discuss" the withdrawal of the anti-crisis support measures, on the contrary "we are fully committed to the need to support the recovery
" and
"extreme caution must be exercised before the withdrawal of such measures
", says the governor of the Bank of Italy Ignazio
Visco
at the end of the g20.
The recent increase in inflation expectations and interest rates was briefly discussed "at the G20, but" it was clearly stated that this increase will not be durable "and" the general view is that the current favorable financial conditions must remain. such until a strong recovery is achieved ". the Governor of the Bank of Italy also said. In the meeting - Visco explained - there was no mention of the future exit from the emergency measures, and on the issue" extreme caution prevails and prudence ".
The interventions implemented after the great financial crisis, to increase the capitalization of banks and strengthen them with respect to NPLs and financial leverage which "produced a truly remarkable resistance to the Covid-19 shock: it was the stress test of the reforms that have been implemented ", Visco added, inviting us not to let our guard down:" having said this, the current situation in many countries, not only advanced, is producing risks in terms of the insolvency of companies operating in the real economy, which should be tackled if possible with a cooperative approach ".
