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“Cooperation between Italy and the US for the recovery”. The phone call between Yellen and Visco

AGI – The United States intends to “continue to collaborate closely with Italy during its G20 presidency on shared priorities: ending the pandemic, supporting a strong and balanced global economic recovery, increasing aid to low-income countries and forcefully tackle climate change“.

This is what the US Treasury Minister, Janet Yellen, said to the Governor of the Bank of Italy Ignazio Visco, during a phone call. This was reported by the US Treasury Department in a note.

The challenges on the agenda

The challenges posed by the crisis linked to Covid-19 require a strengthening of global cooperation on economic and fiscal measures. And this is one of the topics on the table at the first meeting of the G20 Finance Ministers and Central Bank Governors to be held next Friday under the Italian Presidency.

The meeting will be held in virtual mode. The Italian Presidency of the G20 began on 1 December 2020. A note from the Bank of Italy reminds us that in recent months, the representatives of the Members, of the host countries and of the International Organizations they have already met regularly in the G20 financial chain meetings, to define the agenda and address the pressures that the global economy is undergoing at this stage.

The financial chain of the G20 (Finance Track) deals specifically with addressing economic, fiscal and monetary issues at a global level. Since the start of the Covid-19 pandemic, the G20 Finance Track has been committed to limiting the impact of the crisis on the global economy, while seeking to foster a strong, sustainable and inclusive economic recovery.

In the meeting scheduled for Friday, Ministers and Governors will discuss the work program and the priorities identified for 2021. Priorities that are defined within the framework of the 3Ps that constitute the key themes of the Italian Presidency of the G20: People, Planet, Prosperity.

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Ministers and Governors will discuss the need to support a transformative recovery for a quick exit from the crisis and to put the world economy back on the path of growth.

Furthermore, they will evaluate the progress made by the working groups and discuss issues related to health, environment, support for the most fragile economies and international taxation. Issues relating to financial regulation, financial inclusion and sustainable finance were also at the center of the debate.

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