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Running head → as contracts get awarded to friends or family, not to the most efficient and the most competitive bidder. Private-sourced infrastructure investment has sometimes been more effective in China than some governmentsourced spending. Both India and China, where there are huge demands for infrastructure, need more private-sector, private-run approaches, in addition to government-financed ones. Q If the stimulus is part of the solution, what form should it take? TB Many studies have looked at the deficit in infrastructure investment globally. The numbers are huge – obviously, in emerging markets such as India and perhaps China, but also in North America. A lot of crumbling infrastructure needs to be rebuilt. If there is immediate need, it will serve the economy well in the future, as well as giving that short-term boost. RF Look at the Detroit-Windsor bridge and how much truck traffic takes place between Canada and the United States. A large share of trade passes over that one bridge. Even on a bilateral basis does crumbling infrastructure play a significant role. In the long term, we need to improve the educational system and adequately prepare young people for the future. We may need to return to vocational training as opposed to every child going to college. It is hard to have a one-size-fits-all approach to fiscal stimulus everywhere. It needs to be country by country. One can talk about infrastructure spending and then leave it to the ‘local’ level to decide how to define infrastructure. Q How could fiscal stimulus be coordinated with monetary policy for maximum effect? 2% Added growth G20 members committed to at the 2014 Brisbane Summit TB Fiscal and monetary policies are opposite sides of the same coin. The governor of the Bank of Canada said fiscal policy has relieved pressure on monetary policy because the policies are working together effectively. Mario Draghi told European political leaders that there are limits to what the European Central Bank can do. In several countries, such as Germany, political authorities are not addressing the task. On the structural side, these are very difficult political issues. At Brisbane, governments committed to add two per cent growth to the trend line of 2013. Implementation has been very weak. The hope was that announcing measures together would give some cover for addressing politically difficult issues such as immigration. But countries have, sadly, become silent. RF Timing makes a huge difference. Some reforms have some short-term and short-to-medium-term effects and those are all positive. Some labour market changes, unless accompanied by other policies on the fiscal or tax side, particularly focused on industries or labour market conditions, can have short-term negative effects. In the post-war period there was a considerable focus on the role of monetary authorities. Central banks need independence from governments. There was a long, slow battle to break the Bank of Japan away from the finance ministry. It has gone backwards under Shinzo Abe. Coordinated fiscal and monetary policies that are announced jointly and draw central bank governors and finance ministers together to agree on policies weaken the banks’ independence. Central bank governors could coordinate their own statements. That said, on the structural and fiscal side, we need coordination. Realistic discussions on implementable fiscal or structural policies can positively affect business and consumer expectations. We are failing to focus on the current weak consumption effects. People are saving more than spending, because they lack confidence in the job markets and outlook. We need to look at business investment and consumer behaviour. Q What should the G20 leaders do at their Hangzhou Summit? TB Bob’s point about confidence also applies in Europe and Canada and elsewhere, especially in the context of the broad disenchantment with political institutions in many countries. The lack of credibility in institutions and political leaders contributes to the growing rejection of the elite. The G20 risks falling into the same trap. It is the same people, after all. The Brisbane Action Plan was an attempt to be more specific. Perhaps it could have worked had governments been prepared to follow through, but they have not. They will make their usual statements, which of course are right: we need to buttress world growth through appropriate monetary, fiscal and structural measures. They need short-term wins to create credibility in their commitments, which would instil confidence and promote growth. It may be something about infrastructure, perhaps building on China’s Silk Road initiative. RF The effectiveness of a communiqué is inversely proportional to the number of pages. Keep it simple, stupid. We need something that is results oriented and visible. Something they can point to and say: “We did this.” They need to focus on something they have done jointly, and say “here is the value from it”. It can be something very small but it needs to be concrete. Rebuilding confidence is very important. G20 98 G20 China: The Hangzhou Summit • September 2016 G7G20.com
ADVOCACY CENTRAL BANK OF NIGERIA Taking payments system transformation in Nigeria to the next level Payments system in Nigeria is pivotal to its financial system, economic growth and development. The leap-frogging advantage had placed Nigeria’s payments system among the most modernised in the world, leveraging on innovation and risk management practices. With effective strategic planning and collaboration with stakeholders in the industry, the payments system in Nigeria is position for facilitation of commerce, financial inclusion and inclusive economic growth. The Bank started on a programme to transform its payments system in 2010. Tremendous growth has recorded since then. In order to sustain the momentum, the Bank launched the second phase of the national payments strategy in 2013 to further improve safety, improve efficiency and effectively integrate into the global system by improving compliance with international standards. Redefining the National Payments System landscape became crucial for the Bank, to respond to industry imperatives, such as efficiency, innovation as well as to deepen the National Financial Inclusion Strategy. The Payments System landscape transformation is three-pronged: a) Infrastructure Enhancement, b) Policy Enhancement and c) Incentives. Managing risks: spotlight on fraud management Inherent in the rapid adoption of electronic payment system is its exploitation by cyber criminals within and outside the system, especially for new adopters. In response to the emerging threats, the Bank embarked on a multi-faceted approach to fighting fraud in the payment system by working to improve regulations and strengthen the existing infrastructure. Through collaboration, the Nigeria electronic Fraud Forum (NeFF) was established in 2011, to serve as an industry focal point for sharing of information and collaboration in the fight against fraud. In 2015 the Bank issued various regulations to combat fraud in addition to the enactment of the Cybercrime (Prevention, Prohibition, etc) Act. The Bank also implemented a user identification number, the Bank Verification Number (BVN), which has greatly curtailed account-to-account transfer frauds. In addition, the Bank is leading industry efforts to educate and sensitise users on precautions and secure usage of electronic payments platforms and systems. Challenges and prospects The peculiarities of our environment and previous episodes of financial instability in Nigeria, dictate that payments system risk is effectively managed to instill confidence in the public. In line with the national payments system strategy, the Bank is addressing settlement risks in the payments system. The speed of payments system innovations and innovators is challenging. The country will have to manage the trade-off between innovation and risks to engender disruptive innovation with positive benefits of inclusiveness. This is the task that the Bank is taking very seriously, to ensure that we have an innovative, efficient, reliable but secure payment system that will serve the purpose of financial inclusion and enhancing economic growth. GODWIN EMEFIELE Governor of the Central Bank of Nigeria Central Bank of Nigeria Plot 33, Abubakar Tafawa Balewa Way Cadastral Zone Abuja Nigeria info@cenbank.org http://www.cbn.gov.ng
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G20 Research Group September 2016 G
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Welcome from the President WELCOME
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China: the Hangzhou Summit | Septem
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China: the Hangzhou Summit | Septem
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G20 China: the Hangzhou Summit | Se
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@G7_G20 www.G7G20.com LinkedIn.com/
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Leader's view LEADER'S VIEW Buildin
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Leader view LEADER'S VIEW Africa’
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Leader's view Narendra Modi Prime M
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Leader's view LEADER'S VIEW Practic
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The EU is pursuing a virtuous trian
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2 nd Leader's view Summit 2015 Elec
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National tax authorities must work
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Leader's view GUEST LEADER'S VIEW P
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ADVOCACY Mostadam's first Certified
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ADVOCACY AMSCO Deepening African bu
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• Contribuer à la croissance éc
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ADVOCACY David Herbinet, Global Hea
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Leader's view 10 th Summit LEADER'S
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Page 58 and 59: Spotlight on China The Hangzhou Sum
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Page 68 and 69: Spotlight on China China Central TV
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Page 82 and 83: G20 through history $430BN 2% IMF f
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Page 88 and 89: ADVOCACY HIVE TECHNOLOGY Single Ide
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Page 96 and 97: Growing the global economy Thomas A
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Page 122 and 123: Structural reform and SMEs Xia Bing
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Page 142 and 143: Regulating finance KEY TAKEAWAYS An
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Regulating finance KEY TAKEAWAYS St
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ADVOCACY EDUCATION INTERNATIONAL In
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Sustainable development BETTER SKIL
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Sustainable development Possible ec
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Sustainable development KEY TAKEAWA
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Background 450M People out of reach
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Sustainable development Into that l
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Trade and investment TRADE AFTER BR
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Trade and investment 52% 767M Major
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Trade and investment KEY TAKEAWAYS
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Trade and investment KEY TAKEAWAYS
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Trade and investment 1.1BN tourists
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Global healthcare IN CONVERSATION W
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Global healthcare ALL IMAGES ON THI
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Global healthcare KEY TAKEAWAYS Glo
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Global healthcare C James Hospedale
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G7 Research Group In the rapidly gl
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Climate change and green finance St
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Climate change and green finance KE
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Climate change and green finance 65
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ADVOCACY AKZO NOBEL ABOUT AkzoNobel
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ADVOCACY AKZO NOBEL AkzoNobel Resea
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ADVOCACY BALEEN Ending marine pollu
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Energy markets and access KEY TAKEA
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Energy markets and access 9,000,000
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Energy markets and access United Ki
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Energy markets and access KEY TAKEA
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Agriculture, food and nutrition COM
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Agriculture, food and nutrition Kan
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Agriculture, food and nutrition Inn
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ADVOCACY Above: Organic farming can
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Agriculture, food and nutrition IN
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ADVOCACY OCP GROUP MR TARIK CHOHO,
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Strengthening the G20 System COMPLI
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Strengthening the G20 system This y
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Strengthening the G20 system The BR
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Strengthening the G20 system The UN
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Strengthening the G20 system www.pa
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Strengthening the G20 system 23 pos
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Stories from inside summitry The G2
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Business. For Good TM 鼓励商
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G20 china_web

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