Argentine Treasury Minister and the President of the Central Bank highlight constructive dialogue at the G20 finance ministerial

Argentine Treasury Minister, Nicolás Dujovne and President of the Central Bank, Federico Struzenegger underlined the agreements made on the importance of international trade, the need to monitor crypto-assets, and the tax challenges of the digital economy.

At a press conference held at the conclusion of the First G20 Meeting of Finance Ministers and Central Bank Governors, Argentine Treasury Minister, Nicolás Dujovne, and Central Bank President, Federico Sturzenegger, jointly expressed the importance of international trade as a crucial factor for development.

Minister Dujovne explained that the agreements reached at the meeting send “a clear and decisive message on the benefits of international trade.” The minister highlighted the importance of the G20 as a forum for international policymaking, and cited the group’s positive role in mitigating the effects of the global financial crisis of 2008. The group will continue to work in favour of dialogue and the search for consensus, he said.

The minister reviewed the main issues discussed at the meeting, which included two of the Argentine G20 presidency priorities: the future of work and infrastructure financing. “What we want to achieve is for all G20 countries to be able to generate the mechanisms needed for sustained and inclusive global growth,” he said.

Dujovne added that during the discussions, general consensus was reached on the need to develop the tools necessary to tax the digital economy. In the new economic climate, “there is a gap in terms of how to collect taxes.”

Central Bank President Sturzenegger emphasized the level of dialogue achieved over the course of the working sessions, stating that despite the current trade tensions, all parties kept a constructive focus. While, according to Sturzenegger, “the feeling yesterday was that international trade took centre stage,” steps forward were possible. “Today, the feeling is of a cooperative outlook.”

Sturzenegger explained that the issue of crypto-assets was raised during the meeting, and that two positions stood out: one in favour of regulation and work on cybersecurity, and the other suggesting that given that there exist these calls for regulation and greater cybersecurity, the international payment system must be improved. Consensus was reached on the need to continue monitoring and discussing the issue.

About the G20

The G20 started out in 1999 as a meeting of finance ministers and central bank governors. In 2008, amidst the global financial crisis, it evolved into what it is today: a major forum that seeks to develop global policies to address the world’s most pressing issues. The G20 summits are attended by the heads of state and government of 19 of the world’s leading economies and the EU. Together, the G20 members represent 85% of global GDP, two-thirds of the world’s population, and 75% of international trade.