G20 Finance Chiefs Back Central Bank Independence, Renew Push for Global Tax

Finance ministers and central bank governors of the Group of 20 have reached consensus on a communiqué they plan to adopt on Friday, committing the world’s largest economies to closer international policy coordination amid heightened geopolitical and economic strains. The draft text underscores that "central bank independence is crucial to achieve the price-stability goal" and reaffirms support for the World Trade Organization and its rules as a foundation for open trade. Members also agree to strengthen global partnership and multilateral cooperation to confront what they describe as growing uncertainty and complex challenges in the world economy. Citing ongoing wars, trade tensions, elevated debt levels and frequent extreme-weather events, the G20 pledges to ensure fiscal sustainability, pursue productivity-enhancing reforms and continue joint work on the OECD-backed Pillar Two global minimum corporate tax framework.