Italian G20 Presidency - Third Finance Ministers and Central Bank Governors meeting (Communiqué)

Since we met in April 2021, the global outlook has further improved, mainly due to the roll out of vaccines and continued policy support. However, the recovery is characterised by great divergences across and within countries and remains exposed to downside risks, in particular the spread of new variants of the COVID-19 virus and different paces of vaccination. We reaffirm our resolve to use all available policy tools for as long as required to address the adverse consequences of COVID-19, especially on the most impacted, such as women, youth and informal and low-skilled workers. We will continue to sustain the recovery, avoiding any premature withdrawal of support measures, while remaining consistent with central bank mandates – including on price stability – and preserving financial stability and long-term fiscal sustainability and safeguarding against downside risks and negative spillovers. On the basis of the G20 Action Plan, we will continue our international cooperation to steer the global economy toward strong, sustainable, balanced and inclusive growth. We confirm our April commitments on exchange rates. We reaffirm the important role of open and fair rules-based trade in restoring growth and job creation and our commitment to fight protectionism, and encourage concerted efforts to reform the World Trade Organization (WTO).

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