Brazil is honored to host the Group of Twenty Finance Ministers and Central Bank Governors Meetings in 2008. The G-20 is an important forum to promote dialogue between advanced and emerging countries on key issues regarding economic growth and stability of the financial system. During Brazil’s chair, we aim to consolidate previous efforts and to give a stronger impetus towards a more balanced and stable environment for global economic.

Since 1999, the G-20 has contributed to strengthen the international financial architecture and to foster sustainable economic growth and development. In 2004, for instance, members agreed to the G-20 Accord for Sustained Growth and committed to standards of transparency and fiscal governance in order to combat abuse of the financial system, money laundering and terrorism financing. Moreover, the forum has dealt with financial crises, international co-operation policies and reform of international financial institutions.

For 2008, Brazil proposes dialogue on Competition in Financial Markets, Clean Energy and Economic Development and Fiscal Elements of Growth and Development. To follow with the discussions, there will be three technical workshops in the first semester and two Deputies Meetings. The objective of these meetings is to provide an updated view on those themes that will be further discussed on the Ministers' and Governors' Meeting.

As is usual practice, the organization of the G-20 events during the year will be shared between the Ministry of Finance and the Central Bank. We are looking forward to closely working with our Troika colleagues, namely South Africa and United Kingdom, and other G-20 members, whose valuable experience will help promote a successful term.

We warmly welcome the G-20 participants and look forward to having fruitful meetings during the Brazilian chair!