Commissioner Moscovici participated in the first G20 Ministerial meeting of the German G20 Presidency on 17-18 March in Baden-Baden. This was one of the most keenly watched G20 meetings for some time, particularly because it was the first time that the new US Treasury Secretary, Steven Mnuchin, took part. At the meeting there was agreement that the global economy was showing more positive momentum both for advanced (including the EU) and emerging economies. However, it was felt that the balance of risks remains asymmetric and skewed to the downside. There were also discussions on trade, tax, financial regulation, climate finance, and the international financial architecture.