G20 Foundation Publications Australia 2014 - Page 56

56 DEVELOPMENT DEVELOPMENT National strategies to fulfill the global commitment: financial inclusion Declaration and national strategies. While the G20 Principles set out guidance, the Maya Declaration enables countries to make concrete commitments, and national strategies detail each country’s concrete goals and action plans. National strategies Dr. Alfred Hannig, Executive Director, Alliance for Financial Inclusion Global principles Sound financial inclusion policy and effective policy implementation require top-level global commitment and national-level initiatives and ownership. The G20 has promoted financial inclusion at the highest political level. In addition to including in the Leaders’ Statement their strong commitment to financial inclusion and recognizing the benefits of universal access to financial services, the G20 developed the Principles for Innovative Financial Inclusion (G20 Principles) and the Leaders endorsed the Financial Inclusion Action Plan – a set of six concrete and pragmatic action areas to advance financial inclusion – in 2010. They also launched the Global Partnership for Financial Inclusion (GPFI) as a platform for countries and relevant stakeholders to carry forward work on financial inclusion, including implementation of the Plan. While G20 efforts provide a global framework to achieve greater financial inclusion that is essential to economic development and inclusive growth, national leadership is critical to translate global aspirations into concrete targets and action plans. As such, in 2012, G20 Leaders and Finance Ministers welcomed the birth of the Maya Declaration, the first global and measurable set of commitments to financial inclusion by governments. The Maya Declaration: national commitments to global standards The Maya Declaration, created by the Alliance for Financial Inclusion (AFI) Network and launched at AFI’s Global Policy Forum in Mexico in 2011, has become the global standard of national financial inclusion commitments. The Maya Declaration supports the G20 Principles and outlines four broad policy areas for countries to develop targets, commitments, and national strategies. Countries refer to their commitments to the Maya Declaration when developing national strategies. Countries see national strategies as essential frameworks to achieve their commitments to the Maya Declaration. National strategies also help galvanize stakeholders under a common vision, achieve effective national coordination, and foster public-private partnerships. In other words, there’s a clear connection between the G20 Principles, the Maya As a network of 120 central banks, government ministries and other financial policymaking institutions from close to 100 emerging and developing countries, in 2011, the G20 selected the Alliance for Financial Inclusion (AFI) as an Implementing Partner to support national financial inclusion strategies. In doing so, AFI noticed an increasing number of countries formulating national strategies due to the following reasons: ■ The growing recognition among global economic and financial leaders as a new strategy to promote financial stability and help with employment and ɽѠ+ZQɕͥхЁѡ)Ёѥѥٕ̰)Ѽȁɕѕȁɑѥ)Ʌɕ䁅չх+ZQɔѡ)ݡɕեɕ́ѥѕѼ)չȁ٥ͥɅѥ)Ʌݽɬ+ZQхЁɽѡЁѕ)مѥ䰁ɕձѥ)Ѽᅵɔɕ́Ёѡ)ѥٕ+Z)Aȁɕɔɥ٥ѡ)ѥɅѕ̰ѥձɱ䁅)ѡɕ͕م䁽ф)ݕȁչɥ́Ѽɬ)Ёѡȸ)$)́ɕ͔Ѽѡɕͥ)ɽ$ݽɬ)ͥѕѡ1)́%ѥAѹȁȁѡ)%ͥAȁ1ɹ)AɽɅ$ɕѕݽɭɽ)=ѽȀȁѼչɥ)ٕЁѥ)Ʌѕ̸Q䰀䁙)ѥѥ́ɽȁչɥ́ɔ)ѡ́ɽ$ͼɽ٥́)Ѽչɥ́ѡɽ՝Ʌ̸Q͔)Ʌ́չɥ́ѼՍ)Ցɥ́፡ɽɅ́Ѽ)ɕєɕͥٔɅѥ)ѥɅѕ̸)1ͽ́ɹ)٥݅ɐ)QٔՍ͙հѥ)ͥɅѕ䰁ѡЁٕ)ѥѵЁ́и)]ٕѡѥɅѕ)ձхѥݥѠх̰)Ցѡɥمє͕ѽȰѼٕ)ȁ٥̰ͥхɝ́)͕ѥѼѡéՍ̸Mչ)фͼ́ѡՅ䁽Ʌѕ)ɵձѥхѥ%)͕ͥѥɥЁѥ)ɑѥՍɔ)ٔѡ̸1ѱ䰁ѥ)Ʌѕ́ѼɕЁѡɥ)qɽѥt她)хɑ͕́Ёѡ%ѕɹѥ)MхɐMѥ ̀MM ̤)ɑȁѼمєɕѡ)չձѥ)́䁍չɥ́ɔ܁٥Ѽ)ѡɅѕ䁥хѥ͔)ѡչݥ݅э)͕Ѽ͕ݡЁЁՍѥ)Ʌѕ́ɔѡɽչ)%ѡѥɔչɥ́ݥ)ٕѡȁݸɅѕ́Ѽɥѡ)չѼѡѕZ(