With respect to the real economy, they should advocate a favourable business environment, flexible labour market conditions and efficient social security systems. Furthermore, monetary policies should be in line with central banks’ mandates and should not overstretch them or undermine the legitimacy of central banks’ independence.
Finally, G20 members should remain committed to the principle of open markets and crossborder trade – a point I come back to later in my speech. The second priority of the German presidency within the Finance Track is related to the objective of stimulating investment, particularly in Africa. In an increasingly interconnected world, it is more important than ever to build global partnerships.