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G20/visit by Pierre Moscovici to Moscow (19-20 July 2013)

Published on July 19, 2013
Communiqué issued by the Ministry of the Economy and Finance

Paris, July 18, 2013

Pierre Moscovici, Minister of the Economy and Finance, will go to Moscow on 19 and 20 July for the G20 finance ministers’ meetings, under Russia’s presidency. These meetings will provide the opportunity, inter alia, to prepare the G20 members’ commitments for the St Petersburg summit on 5 and 6 September.

Pierre Moscovici will participate in the Joint G20 Labour and Finance Ministers’ Meeting, then the G20 Finance Ministers’ and Central Bank Governors’ Meeting.

The joint labour and finance ministers’ meeting will provide the opportunity to highlight the importance of employment among economic policy objectives, draw on the initiatives taken in Europe to promote youth employment and highlight the G20’s commitment to social standards and labour law.

The Organization for Economic Cooperation and Development (OECD) will present its report and its Action Plan on Base Erosion and Profit Shifting. Pierre Moscovici will participate in a joint press briefing with its Secretary-General, Miguel Angel Gurria, and his Russian, British and German counterparts to support the ambitious proposals the OECD has drawn up in this area.

In Moscow, Pierre Moscovici will pursue his efforts to get financial transparency and concrete commitments from the G20 in the fight against non-cooperative jurisdictions, particularly in the area of tax. He will support the establishment of a demanding agenda on banking and financial services reform, in particular to combat the manipulation of indices and step up shadow banking regulation. Indeed, the G20 provides an essential framework for coordinating financial regulation reforms, given their extraterritorial dimension.

The necessary balance between growth and fiscal consolidation will be on the agenda of these meetings once again. France will reaffirm her desire for fiscal consolidation strategies – which must be tailored to the economic realities of each country – to take account of the need to support growth and employment./.

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