G20 Finance Chiefs Emphasize Central Bank Independence Amid Global Uncertainty

G20 finance leaders highlighted the importance of central bank independence in a joint statement after a meeting in South Africa. The communique addressed global economic uncertainties including trade tensions and extreme weather events, while emphasizing the need for cooperative financial policies and acknowledging the vital role of the World Trade Organization.

In a significant move, finance leaders from the G20 underscored the critical role of central bank independence in a joint statement following their meeting in South Africa. This highlights the ongoing challenges faced by the global economy, encompassing trade tensions and the disruptions caused by extreme weather patterns.

The communique, the first since the economic upheavals triggered by President Trump's tariff wars, emerged amid a backdrop of controversy surrounding the Federal Reserve. Trump's criticisms of Fed Chair Jerome Powell have impacted global financial markets, adding urgency to the leaders' call for strong central bank autonomy.

While mentioning 'trade tensions' and 'ongoing wars,' the statement notably omitted direct references to climate change or the specifics of international conflicts. Despite this, the meeting is seen as a step forward, especially with the U.S. set to assume the G20 presidency, aiming for a streamlined and unified approach to global economic challenges.

(With inputs from agencies.)