Group of 20 nations are discussing a mix of measures to secure the global recovery that will include deficit reduction for some countries and pledges for additional stimulus by others with sounder finances, a Canadian official said.
G-20 officials at Los Cabos, Mexico, were still negotiating last night the language to be used in their communique to be issued at the summit’s conclusion. The talks included discussions over budget issues that are similar to those that took place at the summit in Cannes, France last year, the official told reporters on condition of anonymity.
At Cannes, G-20 countries made varying commitments to support the global economy, with some European countries pledging to reduce deficits while emerging markets and those with healthier finances saying they’d boost demand if needed. G-20 leaders will issue a statement at the end of their two-day summit in Los Cabos on June 19.
Italian Prime Minister Mario Monti, speaking to reporters upon his arrival to the beach resort, said growth will be an “important theme” at the summit.
“I think we are getting closer to a common position,” Monti said.
Canada was pushing for language in the communique that would call for European nations to take strong action, the official said.