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The commercial war took the flashes of the third G20 Finance meeting, which ended Sunday in Buenos Aires. But, beyond the circumstances, forty finance ministers and central bankers and representatives of multilateral organizations discussed issues that will mark the daily life of the coming years.
The Future of Work
is one of the topics proposed by the Argentine G20 presidency, with the aim that countries acquire common strategies to deal with the impact of changes in the world of work.
The objectives were set out in the G20 communiqué: "Leveraging Technology to Enhance Growth and Productivity, Supporting People During Their Transitions and Dealing with Distributive Challenges, Securing Tax Systems In 1965,
In a document entitled Menu of G20 Policy Options for the Future of Work there are some policies that countries can "adapt to their contexts", according to The Minister of Finance, Nicolás Dujovne, at the close of the meeting
Among other questions, this Menu argues that technology can reduce the gap between developed and developing countries and it raises policies for "To accompany people during their transitions."
The G20 proposed "to facilitate the mobility of the workforce and, at the same time, to ensure adequate protection for all " He called for" ensuring the sustainability and relevance of social protection for a changing work environment ". And "deal with distributive challenges and ensure equal opportunities."
Cryptoactives
The G20 calls Bitcoin and other similar assets cryptoactive and non-cryptocurrency because "they do not have the main attributes of sovereign currencies"
At previous meetings, the countries raised different concerns about cryptoactives, which were reflected in the agreed text yesterday.
Cryptoactives, they said, "can bring significant benefits to the financial system and to the economy as a whole". But, they warned, "raise issues related to the protection of consumers and investors, the integrity of markets, tax evasion, money laundering and theft. Terrorist Financing. "
Finance and central bankers felt that" they do not currently involve a risk to global financial stability, "but said," we remain vigilant ".
Countries have asked international financial organizations, such as the Financial Action Task Force (FATF), which set standards to mitigate the risks involved in investing and trading in this class. d & # 39; assets.
Netflix and Digital Platforms
How to collect taxes from companies that, based in one country, generate value around the world across digital platforms is a hot topic of debate in all the countries.
Argentina began billing, last month, VAT to Netflix and other p The digital services platform, thanks to a retention made by the issuer of the card with which the subscription is paid.
"We support a fair, sustainable and modern international tax system," said the G20. "We maintain our commitment to work together to reach a consensual solution to respond to the impacts of the digitization of the economy in the international tax system by 2020," he said. .
The G20 will support in the OECD to set up a tax system that helps collect taxes from these "border" companies.
Investment in Infrastructure
Of the $ 80 trillion managed by investment funds, less than 1.5 the percentage is used to finance the infrastructure.
The investment foment in infrastructure in emerging countries is one of the horses of the Argentine G20 presidency. The country has proposed a roadmap to convert these investments into an "asset class" that can be traded on the financial markets. According to the authorities, this would reduce costs and bring major investment funds closer to public works financing, since they could treat them – buy them and sell them – just like any other investment.
"Argentine Presidency Builds Roadmap to Facilitate Private Sector Investment", Central Bank President Luis Caputo at the press conference that closed the meeting G20 meeting. "The ultimate goal is to transform infrastructure into an asset class .To achieve this, it is necessary to carry out, in the preparatory phase, a project that can be easily analyzed and analyzed. standardizable, and on the other hand the financial contract this is more standardized, so that they are marketable, "he explained
The G20 release expected to" d & # 39; here the end of 2018 critical advances "in this roadmap. The objective: "to generate a portfolio of projects that can be financed and adequately prepared and attractive for private investors".
Beyond good intentions, the G20 support groups do not share the enthusiasm of the Argentine presidency. The C20, the parallel summit bringing together civil society organizations, warned that PPP and other projects involving private investors can increase the costs of public works and become a burden for emerging countries.
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