G20 Mexico

In response to the G20 communique, Oxfam says: ‘The G20 has failed to meet the huge challenges our world faces. They continue to stumble away from taking the bold actions necessary to tackle poverty, inequality, and climate change after an uninspiring and underwhelming Summit in India this weekend.” 

Today EU Finance Ministers, meeting in Luxembourg, agreed to drop the idea of an EU-wide European Financial Transaction Tax (FTT).

The G20 leading economies have sidelined development and food security at their summit in Los Cabos.

Oxfam spokesperson Carlos Zarco said:

A Eurozone breakup could cost the world’s poorest countries $30 billion in lost trade and foreign investment, international agency Oxfam has warned ahead of the G20 leaders meeting in Mexico to discuss the state of the global economy.

Inequality has increased in 14 of the 18 G20 countries since 1990 as economic growth has too often failed to benefit poor people.