1 of 1 Press conference by US Treasury Secretary Janet Yellen in São Paulo — Photo: Alexandre Schneider Press conference by US Treasury Secretary Janet Yellen in São Paulo — Photo: Alexandre Schneider
At the opening of a bilateral meeting between the United States and Argentina, US Treasury Secretary Janet Yellen explained this Thursday (29) that the South American country inherited a difficult path to economic stabilization but has already taken important steps to improve financial stability through adjustments Restoring the sustainability of the exchange rate and taking targeted measures to combat inflation.
Yellen had an agenda with Argentine Economy Minister Luis Caputo during the G20 financial event taking place this week in São Paulo.
“There is no doubt that this has been and will continue to be a period of difficult economic transition for the people of Argentina. Protecting the most vulnerable during this transition will be challenging, but it is vital,” Yellen said.
Luis Caputo, for his part, explained that the government knows that the measures implemented by the government of the country's new president will be “challenging and tough”, but reiterated that the country is confident that these initiatives will represent a turning point for the Argentine economy .
The Finance Minister also stated that she sees a number of possible areas of cooperation between the two countries on the issues discussed at the G20 summit. “I expect an active and constructive relationship between the US Treasury and the Commerce Department,” Yellen said.
Haddad asks for cooperation so that billionaires no longer exploit “tax holes”.
The Group of 20, or G20, is an organization that brings together economic ministers and central bank governors from 19 countries and two regional bodies, the European Union and the African Union.
Together, the G20 countries represent about 85% of the entire global economy, more than 75% of world trade and about twothirds of the world's population.
The G20 has changing chairs every year. Brazil is the current president of the group, took office on December 1, 2023 and will remain in office until November 30, 2024. During this period, the country must organize 100 official meetings.
The most important meeting will be the G20 summit in Brazil, scheduled to take place in Rio de Janeiro on November 18 and 19, 2024.
After each summit, the group publishes a joint statement with conclusions, but countries are not obliged to incorporate them into their legislation. In addition, separate meetings between officials from two countries are an important part of the events.
The G20 consists of the following countries:
- South Africa;
- Germany;
- Saudi Arabia;
- Argentina;
- Australia;
- Brazil;
- Canada;
- China;
- South Korea;
- US;
- France;
- India;
- Indonesia;
- Italy;
- Japan;
- Mexico;
- UNITED KINGDOM;
- Russia;
- Türkiye;
- European Union;
- African Union.
The G20 was formed in 1999 after a series of global economic crises in the 1990s. The idea was to bring together world leaders to discuss global economic, political and health challenges.
At that time there was a lot of talk about globalization and the importance of a certain level of proximity in order to solve problems. The G20 is actually a creation of the G7, a group of democratic and industrialized countries consisting of Germany, Canada, the United States, France, Italy, Japan, the United Kingdom and the European Union.
The first meeting of G20 heads of state and government took place in 2008. Each year the event is organized by one of the 19 member countries.