this version of the speech and the delivered german version the contribution of central banks, within their mandates, has largely been through supportive monetary policies, reforms to the international financial architecture, strengthening the resilience of the financial sector, leading the dialogue on global regulatory reform, playing a key role on the fsb, and assisting in developing strategies for sustainable economic growth. without too much chest - beating for my own guild, i do think that the contribution of monetary policy in addressing the economic challenges is beyond question. in fact, it has been widely recognised that there has, at times, been an overreliance on monetary policy to address the binding growth constraints in many economies. it is thus clear that the g - 20 has taken much action over the years, but the global economic recovery has nevertheless been less than inspiring. hence, we are now witnessing a rise in anti - globalisation rhetoric, a rise in populism, and countries developing greater nationalist tendencies. the g - 20 has an important leadership role to play in unpacking and addressing the reasons for this change in sentiment and highlighting the negative ramifications of an inward bias. we need to emphasise the positive spillovers of globalisation, but also accept that we may have underestimated the number of people were left behind and who did not share in the spoils of globalisation. it is with this in mind then, that germany ’ s focus on ‘ shaping an interconnected world ’ and enhancing resilience is very pertinent. germany ’ s three main pillars for the g - 20 presidency – of ensuring stability, improving viability for the future, and accepting responsibility – reflect continuity of the g - 20 agenda over the years and also aim to tackle the issues i have just spoken of. the issue of accepting responsibility is borne out by the new agenda item, ‘ compact with africa ’, which speaks directly to achieving sustainable economic progress in africa as part of addressing some of the root causes for the various migration crises we have been observing. i will return to this later. disclaimer : there may be minor differences between this version of the speech and the delivered german version i must add that we certainly welcome the more streamlined agenda that the german presidency has put together, particularly in light of the fact that the agenda of the g - 20 had become more bloated over the years, with the increasing risk of detracting from the effectiveness, efficiency and credibility of this forum. we are looking forward to germany ’

“ global solutions are needed for global challenges ”. during the first leaders ’ summit in 2008, the g - 20 focused primarily on strengthening economic growth, dealing with the economic and financial crisis, and laying the foundation for much - needed reform of the financial sector. there was a drive to reform the international monetary fund ( imf ), the world bank and other multilateral development banks, coupled with initiatives to resist trade protectionism and work towards the conclusion of the doha disclaimer : there may be minor differences between this version of the speech and the delivered german version development round, the objective of which was to lower trade barriers and facilitate increased global trade. the london summit of april 2009 focused on coordinated fiscal and monetary stimulus measures to avert the threat of a global depression. leaders agreed on additional resources of up to us $ 1 trillion for the imf to assist countries in weathering the financial crisis. the financial stability forum at the bank for international settlements, which at the time was only represented by advanced economies, was transformed into the financial stability board ( fsb ), with key emerging market economies represented on the fsb. in september 2009, the g - 20 leaders also agreed on the implementation of a framework for strong, sustainable and balanced growth. by the time of the toronto summit in june 2010, fears were escalating over the deteriorating fiscal health of various advanced economies as they tried to support growth. advanced economies with large deficits agreed to at least halve their fiscal deficits by 2013 and to stabilise or reduce sovereign debt ratios by 2016. these commitments included ongoing structural reforms across all g - 20 members to rebalance and strengthen global growth. an agreement to conclude work in the basel committee on banking supervision on a new global regime for bank capital and liquidity was also reached. by 2012, the european banking and sovereign debt crisis received much attention, with the spillover effects to other member countries in a globally interconnected world and the need for policymakers in europe to take decisive and credible action featuring strongly. with this in mind, and with the potential for increased instability, the g - 20 leaders pledged over us $ 450 billion in financial resources to boost the imf firewall at the june 2012 los cabos summit. in 2014, the g - 20 adopted the 2 - in - 5 objective, committing to collectively raise g - 20 output by an additional 2 per cent over a five - year period, by 2018. disclaimer : there may be minor differences between