G20 Statement from Washington D.C.

April 12, 2014

G20 finance ministers and central bank governors meeting on the periphery of the World Bank/IMF semi-annual meetings released a statement that mostly lays out work to be done before the Brisbane Summit in September.  The statement says nothing about currency market policy coordination.  Strengthening growth is predicted, but vigilance must continue “in the face of important global risks and vulnerabilities.”  The communique pledges action “to lift our collective GDP by more than 2% above the trajectory implied by current policies over the coming five years.”  Structural reform and measures to enhance trade are a high priorities to “foster greater competition.”  Leaders seak both “country specific and collective actions” to promote business and public-sector investment.  Surveillance and better coordinated macroeconomic policymaking is desired.  The statement addresses Ukraine from the point of view of its economic situation and attaches central responsibility to the IMF for heading up that effort.  Disappointment is expressed with “continued delay in progressing the IMF quota and governance reforms aggred to in 2010.”  Finally, work is to continue toward ending the “too-big-to-fail problem.”

Copyright 2014, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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