The world's financial leaders pledged to take further action to promote a disappointing weak global economic recovery. They also reaffirmed their commitment to gain an unfair advantage in foreign trade as an economic weapon, in order to avoid the use of the national currency.
From leading rich and developing countries, the G20 finance ministers and central bank governors, wrapped up two days of talks Friday in a joint statement said, they have managed to avoid some of the biggest economic threat, but growth is still too weak in many countries and the unemployment rate is too high.
In a joint statement, did not find significant new policy measures, but also urged the United States and some other countries emphasize efforts to jump start growth, even if it means to cut the deficit in the short term not paid much attention.
"Further action is required, so that the economic growth is strong, sustainable and balanced" the G-20 joint statement said.
Jacob Lew Minister of Finance, USA, who participated in his first G-20 meeting since he took office in late February, the U.S. Federal Reserve Board Chairman Ben Bernanke said in the talks. Led by Russia's Finance Minister Anton Siluanov the country's leading G-20, this year's discussion.
G-20 Joint Declaration singled Japanese Prime Minister Shinzo Abe (Shinzo Abe) recent aggressive credit easing push, said they intend to stop a long period of deflation and support domestic demand.
These views are seen as a green light Japanese program, driven by the value of the yen declined by more than 20% against the dollar since October. This considerable decline has raised concerns manufacturing company in the United States, Japan's real goal is to fight deflation, the price decline in a period of instability, but weaken the yen as a way to get a trade advantage.
To solve these problems, the G-20 doing repetitive language it uses in February this year, all countries should not use the national currency as a trade weapon to prevent currency war may lead to policy.
Japanese officials told reporters that the discussion, they were glad of the G-20 gave their one-sided pursuit of economic growth policies, efforts to lift the world's third-largest economy, it's two years in the doldrums support.
Kuroda Haruhiko Kuroda, the person in charge of the Bank of Japan said that Japan will continue its loose monetary policy, he said, aimed at stimulating domestic economic growth and fight deflation, rather than an effort to gain trade advantages.
"Has always been the understanding and acceptance of the international community, so we can have further confidence, the appropriate monetary policy," he told reporters, a briefing held after the end of the G-20 meeting.
Siluanov told reporters at a news conference, the group did not spend a lot of time to discuss monetary issues, because they are in February.
The United States has tried to get strong support, economic growth needs to be emphasized, in view of the weakness of the global economy, rather than trying to achieve quick progress to reduce the deficit.
However, other countries, led by Germany, to resist a move away from the austerity program, saying that it was the key to get the government deficit under control and progressive.
German Finance Minister Wolfgang Schaeuble, a Washington audience apology late G-20 discussion after his speech, he said, "reduce debt ... we have a little bit of disagreement over the world, Quite frankly, that's why I'm a little bit late. "
Schaeuble said Germany's position still say: "If you promise to only provide immediate economic growth, you will create the next asset price bubble".
The G-20 talks came ahead of the 188 IMF and its sister organization, the World Bank and the Steering Committee meeting. These talks start on Friday, and plans to end on Saturday.
Lew said: "Strengthening global demand is necessary, and must be our top priority," the front panel of the remarks on Friday the International Monetary Fund (IMF). Strong demand in Europe, the key to global economic growth. "
G-20 issued a statement saying the 17 countries of the euro currency area towards the bank Union and reduce the financial fragmentation ", and now there is an urgent need.
Canadian Finance Minister Jim Flaherty said the G-20 countries are still committed to reducing the debt to a certain percentage of the economy, an idea first proposed in 2010 economic summit in Toronto to set hard targets. He said that the issue will explore the leaders of the G-20 countries summit in Russia in September.
However, Siluanov told reporters that he does not believe there is widespread support, set the hard deficit target.
G-20 leaders have agreed target of halving the annual budget deficit in 2010. Siluanov said on Friday that many countries support the adoption of a more flexible approach, especially if a country's economy has slowed. The slowdown in economic growth for a country can make it harder to cut the budget gap.
The communique said: "need to do more to solve the problem, in particular through the paradise of international tax avoidance and tax evasion." The resurrection of concern as a tax haven countries, the financial crisis of the Mediterranean island of Cyprus earlier this year.
In Cyprus, the banks hold more than $ 162 billion in assets, or about seven times the share of the national GDP. Most of the funds from wealthy Russian investors.
 
 



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