G20 Finance Chiefs Advocate for Central Bank Independence in Durban
G20 finance chiefs, meeting in Durban, underscored the crucial role of central bank independence amid global tensions. Their communique, reflecting cooperation, was notable despite U.S. absence. It also highlighted issues like WTO reform and stressed addressing economic vulnerabilities in low-income nations.
Finance leaders from the Group of 20 nations underscored the vital importance of central bank independence in a communique released after their meeting in Durban, South Africa. This marked their first official statement since October 2024, preceding the election of President Donald Trump and the ensuing tariff conflict.
The meeting was overshadowed by President Trump's continued pressure on U.S. Federal Reserve Chair Jerome Powell to lower interest rates, actions that have caused significant turbulence in global financial markets. While U.S. Treasury Secretary Scott Bessent was missing from the talks, the delegation was represented by Michael Kaplan, acting under secretary of the Treasury for international affairs.
Despite these challenges, the communique reached consensus on several strategic economic issues, including the need for WTO reform and addressing debt issues in low- and middle-income nations. Under the theme of "Solidarity, Equality, Sustainability," South Africa promoted an agenda focusing on capital costs and climate action funding.
(With inputs from agencies.)
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