G-20 finance ministers release no statement after meeting

G-20 finance ministers release no statement after meeting

The G-20 Finance Ministers and Central Bank Governors (FMCBG) meeting, held on April 23-24 in Washington, D.C., concluded without the release of a formal statement. This meeting took place amidst a backdrop of heightened global economic uncertainty and increased trade and economic policy tensions. The lack of a statement underscores the complex and contentious nature of the current international financial landscape.

Prior to the meeting, Klaas Knot, the outgoing Chair of the Financial Stability Board (FSB), submitted a letter to the G-20 FMCBG [1]. In his letter, Knot highlighted the challenging global risk outlook, characterized by increased trade and economic policy uncertainty, large price swings, and heightened volatility in global financial markets. He emphasized the need for vigilance and international cooperation to address emerging risks and ensure a resilient financial system.

The People's Bank of China's Governor, Pan Gongsheng, echoed these concerns during the meeting, calling for enhanced cooperation to avert a global economic downturn. He stated that the current global economy is fraught with uncertainty, with economic fragmentation and trade tensions intensifying, disrupting global supply chains and triggering financial market turbulence [2]. Pan stressed the importance of free trade and multilateral cooperation, warning against the pitfalls of unilateralism and protectionism.

The absence of a formal statement from the G-20 meeting reflects the difficulty in reaching consensus on how to navigate these complex challenges. The meeting's focus on maintaining global economic and financial stability was evident, but the lack of a unified statement suggests that there is still significant disagreement among the member countries.

In the steel market, the G-20 meeting coincides with ongoing supply chain disruptions and market volatility. The social inventory of HRC (Hot Rolled Coil) in China continued to decline, reflecting a mix of limited supply increases and strong demand [2]. Meanwhile, steel mills remain motivated to produce, but supply pressure is expected to rebound as demand resilience persists.

As the global financial landscape remains uncertain, the focus on cooperation and coordination will be crucial. The G-20's ability to address these challenges will be a key indicator of future economic stability.

References:

[1] https://www.fsb.org/2025/04/fsb-chairs-letter-to-g20-finance-ministers-and-central-bank-governors-april-2025/
[2] https://news.metal.com/newscontent/103296894