S&Ds tell G20 to focus on growth, close tax evasion loopholes

Ahead of the G20 finance ministers and Central Bank governors‘ meeting in Moscow this week, S&Ds are calling for joint efforts from the world’s leading economies to promote growth in the global economy and close tax evasion loopholes.

Hannes Swoboda, President of the S&D Group, called on the G20’s finance ministers to take action:

„The goal of the G20 from 2010, to halve deficits, cannot be the only priority in view of the protracted global economic crisis. A balance between deficit reduction and policies that generate growth and employment must be found to return stability to economies in the long-term.

„Tax evasion and tax avoidance by global companies are creating an imbalance between the taxation levels of middle-class and global enterprises that hurts our economies. In the European Union alone, €1 trillion is lost annually due to tax evasion. The G20 must agree on international solutions to close those loopholes.“

On the ongoing debate of a ‚currency war‘, Hannes Swoboda added:

„We must have a frank debate about the effects the common currency has had on the different countries within the eurozone, to find a viable way to prevent ‚currency wars‘ and establish a common strategy for monetary stability. Europe cannot tolerate an incessant rise of the Euro to the detriment of exporting nations.“

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S&D an G20: auf Wachstum konzentrieren, Steuerschlupflöcher schließen