Financial Markets and International Financial Architecture
The G20 attaches great importance to the role of the financial sector in ensuring sustainable economic development and the stability of financial markets. The OECD supports this ambition by contributing to the G20 discussion on capital flows, including by promoting further the relevance of the OECD Code of Liberalisation of Capital Movements for all G20 members in the G20 International Financial Architecture Working Group. Furthermore, the OECD has supported the G20 emphasis on promoting small and medium-sized enterprise (SME) development, including access to finance, participation in GVCs, corporate governance and taxation rules. The G20 adopted the G20/OECD High Level Principles on SME financing and G20/OECD Principles of Corporate Governance.
In 2020, with the COVID-19 crisis hitting developing countries with particular force, the G20 launched the Debt Service Suspension Initiative (DSSI), extended to 2021. The G20 expressed readiness to go beyond suspension by affording debt treatment for DSSI-eligible countries (Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative - DSSI). In support of the G20’s efforts to advance debt transparency and sustainability, the OECD is moving towards hosting the data repository of the Institute of International Finance (IIF)’s Voluntary Principles of Debt Transparency. The OECD is also continuously supporting the G20 in following and analyzing capital movements and corresponding country measures, observed since the onset of the COVID-19 crisis.