G20 Finance Leaders Discuss 'New Globalization'

G20 Finance Leaders Discuss 'New Globalization'

Feb. 29, 2024, 7:29 a.m.

Finance ministers and central bank governors from the Group of 20 nations have gathered for two days of meetings in Sao Paolo, Brazil.

Brazilian Finance Minister Fernando Haddad welcomed the attendees on Wednesday, saying the G20 is the forum where they can effectively coordinate economic policies so that their efforts "multiply."

He said it is time to "redefine globalization" to include investing not just for profit but also to respect social and environmental principles. He added that Brazil wants to focus discussions on the fights against poverty and climate change.

However, some of those around the table found geopolitical tensions difficult to set aside. They revisited the fighting in Ukraine and its effects on food and energy security.

Some of those who support Ukraine have been debating whether to use the proceeds from Russian assets they have frozen overseas to fund the Ukrainian war effort. Russian Finance Minister Anton Siluanov warned that such seizures would undermine the international financial system.

The attendees also broached the spillover from the fighting in Gaza, including the attacks on shipping in and around the Red Sea. They fear the conflict could spiral, with catastrophic effects for the global economy.

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