G7 Information Centre
Summits |  Meetings |  Publications |  Research |  Search |  Home |  About the G7 and G8 Research Group
Follow @g7_rg

Back to Analytical Studies

The Prospective Agenda for the
2006 G8 Finance Ministers Meetings

Laura Sunderland
Senior Researcher, G8 Research Group
June 7, 2006

See also Prospective Agenda for G8 St Petersburg Summit
See also Prospective Energy Agenda for the St Petersburg Summit
See also Prospective Agenda for G8 Foreign Ministers
See also Sherpa Meetings

G7 Finance Ministers Meeting I, London/Moscow: February 9-11, 2006
G7 Finance Ministers Meeting II, Washington: April 21 2006
G7 Finance Ministers Meeting III, Sharm-el-Sheikh: May 21, 2006
G7 Finance Ministers Meeting IV, St. Petersburg: June 9-10 2006
Notes
Earlier versions


This prospective agenda for the 2006 G8 Finance Ministers Meetings is compiled by the G8 Research Group from public sources as an aid to researchers and other stakeholders interested in the G8. It will be updated periodically as planning evolves and as more information becomes available about its intended and actual agenda.


G8 Finance Ministers Meeting IV, St. Petersburg: June 9-10, 2006

Australian Treasurer Peter Costello will attend the Finance Ministers meeting and lead a discussion on good governance in public finance.[1]

On June 6, 2006, Russian Finance Minister Alexei Kudrin said that the Finance Ministers meeting will discuss access to energy infrastructure in the worldÕs poorest countries, infectious disease, terrorist financing, energy security, public finance management and financial literacy.[2] Kudrin stated that the Finance Ministers will not discuss global exchange rates, given that the Central Bank Governors will be absent from the meeting.[3] Kudrin announced that representatives from China, India, Brazil, Australia, South Korea and Nigeria will participate in the discussions on public finance management and donorship.[4] The Minister of Finance from Austria, which holds the chair of the European Union, as well as International Monetary Fund and World Bank representatives, will also attend.[5] ITAR-TASS further reports that a representative from the Organisation of Economic Cooperation and Development will attend.[6]

On June 6, 2006, Jiji Press stated that the Finance Ministers are expected to discuss the importance of communication between oil-producing and consuming countries, investment in oil exploration, production, transportation and refining, and energy efficiency and diversification.[7] They are set to discuss energy infrastructure in developing countries.[8] They will discuss infectious diseases and vaccine development.[9] They will also discuss financial education.[10] Global imbalances will also be discussed, on which the Finance Ministers are expected to agree to redress imbalances through structural reform of G8 countries rather than exchange rate adjustment mechanisms.

On June 6, 2006, Japanese Finance Minister Sadakazu Tanigaki said that the Finance Ministers will mainly discuss issues surrounding the high energy prices.[11] Tanigaki stated that Japan will call for improving the investment climate in countries that produce crude oil and other energy sources, and increasing energy efficiency in energy-consuming countries.[12]

On June 6, 2006, Japanese Finance Minister Sadakazu Tanigaki stated that the Finance Ministers will discuss rising energy prices and their effects on the global economy.[13] Tanigaki stated that "Energy issues have been discussed at past international meetings, such as the Group of Seven finance leaders' meeting, and there are many things that oil producers, consumers and financial markets can do to improve."[14]

On June 5, 2006, Jiji Press reported that the Finance Ministers are set to agree to promote financial education.[15] Jiji Press obtained a copy of the draft joint statement of the meeting, which stated that "The lack of financial literacy may also create favorable conditions for deceptive financial practices and unfair competition in financial markets... Financially educated consumers are better able to protect themselves from fraud and abuse. Moreover, well-informed and educated financial consumers contribute to more efficient financial markets by encouraging the development of new products and services thus increasing competition, innovation and product quality."[16] Jiji Press reported that the Finance Ministers are expected to refer to financial education due to the fact that G8 countries have aging population that requires asset formation and asset management after retirement.[17] They may also touch on how financial education is important in developing countries to create healthy financial markets.[18] There is also a plan to set up a framework policy dialogue with international institutions and emerging economies to provide examples of financial education.[19]

On June 5, 2006, Dow Jones reported that the finance ministers will not discuss foreign exchange issues in depth.[20] The Finance MinistersÕ statement is not expected to include text on exchange-rate policy, due to the fact that the Central Bank Governors will not be present. It is expected that the ministers will discuss global imbalances in terms of macroeconomic policy.[21] Analysts predict that talks on global imbalances may hurt the US dollar in the week following the Finance Ministers meeting.[22] Japanese Finance Minister Sadakazu Tanigaki said that it is inappropriate to solve global imbalances by adjusting exchange rates alone. Tanigaki also stated that the document released by the Finance Ministers will not contain an annex on global imbalances, like the April statement did.[23] The Finance Ministers may have a breakfast meeting on Saturday following their official meeting with Finance Ministers from non-G8 countries, such as China and possible South Korea.[24]

On June 5, 2006, British Finance Minister Gordon Brown announced that he would "call for world finance ministers to lead the debate about who benefits from globalisation" at the Finance Ministers meeting.[25] Brown also urged the Finance Ministers to look at ways of opening up the newest round of global free trade talks.[26]

On May 22, UK Chancellor of the Exchequer Gordon Brown said that he would press his fellow G8 finance ministers to boost funding for education in developing nations. Brown stated "In St. Petersburg in June, I will press other G8 finance ministers to commit to their share."[27]

On January 18, 2006, Russian Finance Minister Alexei Kudrin stated that the second meeting of the G8 Finance Ministers will be held in June, 2006 in St. Petersburg.[28]

[top of page]

G7 Finance Ministers Meeting, London: February 9, 2006

The G7 Finance Ministers met in London on February 9 without Russia, before heading to Moscow on February 10, 2006.[29]

G8 Finance Ministers Meeting I, Moscow: February 10-11, 2006

The G8 Finance Ministers, along with Paul Wolfowitz, President of the World Bank and representatives from South Africa, India, China and Brazil met at the National Hotel in Moscow. The Finance Ministers released a signed communiquˇ detailing their discussions.

[top of page]


G7 Finance Ministers Meeting II, Washington: April 21, 2006

The G7 Finance Ministers and Central Bank governors met on Friday, April 21 in Washington D.C., just prior to the World Bank and International Monetary Fund (IMF) annual spring meeting, which will be held over the weekend.[30] The ministers discussed rising oil prices and fluctuations in global currency rates,[31] including Chinese currency reform.[32] They will also discussed IMF reforms, including the issue of how to better represent emerging economies.[33] The ministers were expected to discuss debt relief and debt cancellation for the poorest countries.[34] Contrary to previous speculation on who will be invited to this meeting, Finance Ministers from China, India and Brazil did not attend.[35] Russia attended the meeting and participated in the majority of G7 discussions, according to Russian Finance Minister Alexei Kudrin.[36]

[top of page]


G7 Finance Ministers Meeting II, Sharm-el-Sheikh, Egypt: May 21, 2006

The G8 Finance Ministers met with the Ministers of Finance of the Broader Middle East and North Africa Region.


Notes

[1] Daily Telegraph (June 5, 2006), "Costello to talk to G8 elite."

[2] RIA Novosti (June 6, 2006), "G8 finance ministers to talk poor-nation energy access June 9-10."

[3] Dow Jones International News (June 6, 2006), "Kudrin: No Risk To Russian Econ From Rising Global Rates."

[4] RIA Novosti (June 6, 2006), "G8 finance ministers to talk poor-nation energy access June 9-10."

[5] RIA Novosti (June 6, 2006), "G8 finance ministers to talk poor-nation energy access June 9-10."

[6] ITAR-TASS World Service (June 5, 2006), "G-8 FinMins to gather in St Pte June 9-10—Kudrin."

[7] Jiji Press English News Service (June 5, 2006), "G-8 Finance Ministers To Address High Energy Prices: Tanigaki."

[8] Jiji Press English News Service (June 5, 2006), "G-8 Finance Ministers To Address High Energy Prices: Tanigaki."

[9] Jiji Press English News Service (June 5, 2006), "G-8 Finance Ministers To Address High Energy Prices: Tanigaki."

[10] Jiji Press English News Service (June 5, 2006), "G-8 Finance Ministers To Address High Energy Prices: Tanigaki."

[11] Jiji Press English News Service (June 5, 2005), "G-8 Finance Ministers to Address High Energy Prices: Tanigaki."

[12] Jiji Press English News Service (June 5, 2005), "G-8 Finance Ministers to Address High Energy Prices: Tanigaki."

[13] Dow Jones Chinese Financial Wire (June 5, 2006), "DJ Tanigaki: G8 To Discuss Energy Prices, Global Econ Impact."

[14] Dow Jones Chinese Financial Wire (June 5, 2006), "DJ Tanigaki: G8 To Discuss Energy Prices, Global Econ Impact."

[15] Jiji Press English News Service (June 5, 2006), "G-8 Finance Ministers to Agree to Promote Financial Education."

[16] Jiji Press English News Service (June 5, 2006), "G-8 Finance Ministers to Agree to Promote Financial Education."

[17] Jiji Press English News Service (June 5, 2006), "G-8 Finance Ministers to Agree to Promote Financial Education."

[18] Jiji Press English News Service (June 5, 2006), "G-8 Finance Ministers to Agree to Promote Financial Education."

[19] Jiji Press English News Service (June 5, 2006), "G-8 Finance Ministers to Agree to Promote Financial Education."

[20] Leika Kihara (June 5, 2006), "PREVIEW: G8 To Discuss Oil, Imbalances; Talks May Hurt Dlr," Dow Jones International News.

[21] Leika Kihara (June 5, 2006), "PREVIEW: G8 To Discuss Oil, Imbalances; Talks May Hurt Dlr," Dow Jones International News.

[22] Leika Kihara (June 5, 2006), "PREVIEW: G8 To Discuss Oil, Imbalances; Talks May Hurt Dlr," Dow Jones International News.

[23] Leika Kihara (June 5, 2006), "PREVIEW: G8 To Discuss Oil, Imbalances; Talks May Hurt Dlr," Dow Jones International News.

[24] Leika Kihara (June 5, 2006), "PREVIEW: G8 To Discuss Oil, Imbalances; Talks May Hurt Dlr," Dow Jones International News.

[25] Agence France Presse (June 5, 2006), "Brown calls for globalisation debate at G8 talks."

[26] Market News International (June 5, 2006), "UK Brown Calls For WTO Progress; EU Liberalisation."

[27] Dow Jones Commodities Service (May 22, 2006), "UK To Press G8 Nations to Boost Education Aid."

[28] RIA Novosti (January 18, 2006), "G8 foreign ministers to meet in Moscow in June."

[29] Market News International (February 8, 2006), "G7 Deputy FinMins to Meet Without Russians in London Thurs-FT."

[30] Agence France Presse (April 16, 2006), "G7 powers to meet as oil prices smash new highs."

[31] Agence France Presse (April 16, 2006), "G7 powers to meet as oil prices smash new highs."

[32] AFX News Limited (April 14, 2006), "G7 finance ministers to discuss oil, rates, yuan ' Japan."

[33] Agence France Presse (April 16, 2006), "G7 powers to meet as oil prices smash new highs."

[34] Agence France Presse (April 16, 2006), "G7 powers to meet as oil prices smash new highs."

[35] Mike Dolan (April 13, 2006), "Analysis ' Growth boom gets G7 off the hook on imbalances," Reuters.

[36] Pavel Kusnetsov and Andrei Sitov (April 21), "Russia to promote G8 summit agenda at Washington meetings," ITAR-TASS World Service.

[top of page]


Earlier Versions

January 16, 2006
January 23, 2006
January 30, 2006
February 6, 2006
February 16, 2006
June 1, 2006


[top of page]

Back to: Analytical Studies


G7 Information Centre

Top of Page
This Information System is provided by the University of Toronto Library and the G7 and G8 Research Group at the University of Toronto.
Please send comments to: g8@utoronto.ca
This page was last updated September 14, 2006.

All contents copyright © 2017. University of Toronto unless otherwise stated. All rights reserved.