On 4 and 5 September, Luxembourg Minister of Finance Pierre Gramegna was in Ankara to attend the meeting of Finance Ministers and Central Bank Governors of the G20.
Minister Gramegna was at the meeting as a representative of the European Union, alongside Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and Customs and Mario Draghi, President of the European Commission Bank.
The occasion was a significant one for the Grand Duchy, as it represented the first time that a Luxembourgish Minister of Finance was present at a G20 meeting.
Discussions centered around the global econmic situation and growth potential in a volatile macroeconomic environment. Pierre Gramegna commented during debates that "productive and efficient investments in infrastructure from both public and private sectors are the key drivers in fostering growth".
The Minister also highlighted the EU initiative, established under the Juncker plan, to create a strategic investment fund - a plan which has now begun to work. Minister Gramegna cited the initiative as a major factor in revitalising the European economy, which has not yet recovered the levels of investment which prevailed before the 2008 crisis.
Luxembourg "as the Presidency, will ensure an effective implementation of this plan together with the European Commission and the EIB," promised the Minister, before emphasising "the initiatives taken by the Luxembourg Presidency of the EU to promote the access of SMEs to financial markets".
The G20 meeting also considered the progress of negotiations related to the BEPS project of the Organisation for Economic Co-Operation and Development (OECD), which aims, on one part, to prevent harmful tax practices by improving transparency.
"These new rules ensure a fairer and moore modern taxation," said Minister Gramegna of the project, which is expected to be completed for the IMF and World Bank meeting in Lima this October. "It is a success that will change the global taxation".
Talks also focused on issues related to the financing of terrorism, climate financing for the December COP21 Conference in Paris and specific situations in developing countries.
Pierre Gramegna also engaged in bilateral meetings with the Deputy Prime Minister of Turkey, Cevdet Ylmaz, as well as Minister of Finance Mehmet Şimşek. The situation of Syrian and Iraqi refugees was at the heart of discussions, as well as bilateral relations between Turkey and the Grand Duchy.
Top photo by Anadolu Agency. Bottom Photo by Ministry of Finance (L-R: Angel Gurria, OCDE ; Luxembourg Finance Minister, Pierre Gramegna ; Pascal Saint-Amans, OCDE)
