Financial leaders of the Group of 20 gathered Saturday to brainstorm ways to adapt global finance to an age of trade turmoil and digital disruptions.
The central bank governors and other financial regulators meeting in this southern Japanese port city also flagged risks from upsets to the global economy as Beijing and Washington clash over trade and technology.
The G-20 officials were expected to express their support for adjusting monetary policy, for example by making borrowing cheaper through interest rate cuts, in a communique to be issued as meetings wrap up on Sunday. One aim is to prevent a"race to the bottom" by countries trying to lure companies by offering unsustainably and unfairly low tax rates as an incentive."Everyone, we are now facing a turning point," Japanese Finance Minister Taro Aso told the group."This could be the biggest reform of the long established international framework in over 100 years."
The issue is not confined to the wealthiest nations. Indonesia, a developing country of 260 million with more than 100 million internet users, is also struggling to keep up.
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