G20 Finance Chiefs Uphold Central Bank Independence Amid Global Uncertainty

Finance officials from the G20 emphasized central bank independence amid global economic uncertainties, such as trade tensions and extreme weather. The communique avoided directly addressing climate change or specific conflicts but highlighted the need for WTO reform and strategized on macroeconomic issues. Despite U.S. absences, cooperation persists.

Finance chiefs from the Group of 20 countries affirmed the critical role of central bank independence in navigating current global economic instability. Key points from their communique, released after a two-day meeting in Durban, included unresolved trade tensions and the impact of extreme weather events on economic systems.

Amid U.S. political controversy over Federal Reserve policies, the communique took a firm stance supporting central bank autonomy. This response comes in contrast to President Trump's repeated criticism of Federal Reserve Chair Jerome Powell. The U.S., though absent in crucial discussions, expressed intentions to lead effectively as they prepare for their upcoming G20 presidency.

Strategically avoiding divisive matters like the Ukraine conflict, the communique acknowledged challenges such as economic vulnerabilities in developing nations and urged WTO reforms. Despite the constraints and subdued global mood, the meeting reflected progress in multilateral cooperation, according to officials and economic experts.

(With inputs from agencies.)