Group of 20 nations vow to revive world's economy
The Group of 20 nations pledged on Saturday to put growth before austerity, seeking to revive a global economy that “remains too weak” and adjusting stimulus policies with care so that recovery is not derailed by volatile financial markets.
Finance ministers and central bankers signed off on a communiqué at the end of their meeting in Moscow that acknowledged the benefits of expansive policies in the United States and Japan but highlighted the recession in the eurozone and a slowdown in emerging markets.
“While our policy actions have contributed to contain downside risks, those still remain elevated,” the statement said. “There has been an increase in financial market volatility and a tightening of conditions.”
Indications that the Federal Reserve would scale back its monetary stimulus dominated the two-day talks in Moscow, with emerging markets most concerned by a resulting sell-off in stocks and bonds, and a flight to the dollar.
Russia said G20 policymakers had soft-pedaled on goals to cut government debt in favor of a focus on growth and how to exit central bank stimulus with a minimum of turmoil.
“(G20) colleagues have not made the decision to take responsibility to lower the deficits and debts by 2016,” Finance Minister Anton Siluanov told Reuters. “Some people thought that first you need to ensure economic growth.”
While the U.S. recovery is gaining traction, China's export motor is sputtering, Japan's bid to break out of deflation has not reached escape velocity, and demand in the eurozone is too weak to sustain a job-creating recovery.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- U.S. ambassador slashed in S. Korea
- Iraqis attempt to cut off ISIS forces
- Mexican cartel kingpin busted
- Russians pour into streets to mourn Putin’s foe Nemtsov
- China again boosts military spending by double digits
- Scientists concerned seas will rise, reshaping coastlines
- Tikrit battle poses test for Iraqi army
- Activists say Islamic State releases 19 Syrian Christians
- Iraq opens museum of antiquities in defiance of Islamic State terrorists
- Netanyahu arrives in U.S., signs of easing of tensions over Iran speech
- American politicians hail travel ban by Venezuela’s socialist President Maduro