The United States takes over the chair of the finance track of the Group of Twenty (G20) this week. US Treasury Secretary Scott Bessent and Kevin Warsh are hosting their counterparts in Asheville, a city severely battered by Hurricane Helene in September 2024. The storm claimed more than 250 lives and caused nearly $80 billion (€69 billion) in damage from Florida to the Carolinas.
Bessent sees the region’s rebuilding as a fitting backdrop for talks on economic growth. “We want the rest of the world to embrace our growth agenda, whether through deregulation or greater energy independence,” he said. Public debt is set to take center stage in the deliberations, which officially cover topics such as global imbalances, banking regulation, and energy security.
Trade conflicts between the US and Canada have intensified after failed negotiations. On Iran, Washington is now relying primarily on economic pressure: Bessent announced that another financial institution would be sanctioned this week, without naming it. “If necessary, it will be financial force,” he told the Associated Press. On Friday, the US Treasury proposed cutting the branches of Egypt’s Banque Misr in the United Arab Emirates off from the American financial system.
The EU will be represented at the meeting by Ireland’s Finance Minister Simon Harris, as Ireland holds the EU Council presidency since July 1. ECB Christine Lagarde and Economic Commissioner Valdis Dombrovskis are also at the table. Harris cited energy security as a central concern for the EU amid volatility in the Middle East. The G20 talks pave the way for the leaders’ summit on December 14 and 15 in Miami.
Source: de.euronews.com
