G20 puts growth before austerity, seeks to calm markets

Draft G20 finance ministers communique

Markets closed G20 puts growth before austerity, seeks to calm markets Reuters 23 minutes ago View Photo (From R-L) Germany’s Finance Minister Wolfgang Schaeuble, Britain’s Chancellor of the Exchequer George Osborne, Russia’s Finance Minister Anton Siluanov, Angel Gurria, secretary-general of the Organisation for Economic Co-operation and Development (OECD), and France’s Finance Minister Pierre Moscovici attend a news conference, part of the G20 finance ministers and central bank governors’ meeting, in Moscow, July 19, 2013. REUTERS/Grigory Dukor By Lidia Kelly and Alessandra Prentice MOSCOW (Reuters) – The Group of 20 nations put growth ahead of austerity, seeking to rebalance a multi-speed global economy and pledging to shift policy carefully so recovery is not derailed by volatile financial markets. Finance ministers and central bank governors meeting in Moscow on Saturday put the finishing touches to a joint communique that delegates said was little changed after they met for dinner on Friday night. Indications that the U.S.

Since we last met, the global outlook has somewhat weakened on account of slower growth in some large emerging market economies and the recession in the euro area. As previously, the global recovery remains fragile and uneven, with unemployment continuing to be high in many countries. A range of factors continue to weigh on global growth prospects, including post-financial crisis deleveraging in the private sector and impaired credit intermediation, fiscal drag and still incomplete rebalancing of global demand, as well as structural impediments to growth in some countries. In addition, policy uncertainty has recently triggered an increase in financial markets volatility and financial conditions have tightened.

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