The US is set to shift its approach towards the G20 when it takes over the group’s rotating presidency from South Africa in December.The finance ministers of the Group of 20 have finally reached a consensus following meetings in South Africa, emphasising that central banks must remain independent in reaction to months of attacks by United States President Donald Trump.
In their final statement published on Friday, following two days of meetings in the coastal city of Durban, the grouping agreed on key challenges for the global economy, including ongoing wars and conflicts, trade disputes, supply chain disruptions, debt and natural disasters.
The G20 finance ministers have met several times since the beginning of the year, but have been unable to agree on a joint statement at previous summits.
“Central banks are strongly committed to ensuring price stability, consistent with their respective mandates, and will continue to adjust their policies in a data-dependent manner,” the grouping said in Friday’s joint declaration, their first communique since October.
“Central bank independence is crucial to achieving this goal,” read the statement, which was also signed by the US.
Trump has for a long time been criticising the Federal Reserve – the central bank of the US – mainly over its decision on interest rates.
His attacks have intensified during his second term in office, and have mainly targeted Federal Reserve boss Jerome Powell, whom he has called a …
