Making the Global Financial System Work For All

The Global Financial Group was formally established by the G20 Finance Ministers and Central Bank Governors in April 2017. Its mandate was to recommend reforms to the global financial architecture and governance of the system of international financial institutions so as to promote economic stability and sustainable growth in a new global era; and to discuss how the G20 could better provide continued leadership and support for these goals.

Taken as a whole, the reforms suggested in this report are to serve a common agenda: to enable nations to create the jobs of the future and achieve more sustainable and inclusive growth, to eliminate extreme poverty and enable youthful populations to achieve their aspirations, to avert financial crises and the lasting damage they inflict on societies, and to tackle the pressing challenges in the global commons that affect us all.

The proposals in this report build on reforms that had been underway among the international financial institutions (IFIs), and take them further. But they also call for a much greater sense of urgency and recognition among their shareholders of the need for consistency and joined-up efforts among the IFIs and all other stakeholders, so that we raise our whole game.