Australian Treasurer Wayne Swan said global policy makers have recently been debating developments in monetary policy, adding he backs measures aimed at bolstering economic growth.
“What there is is a debate going on about the deployment of monetary policy across a number of developed economies,” Swan told reporters today in Moscow where he will be attending a meeting of Group of 20 finance ministers and central bankers. “In so far as that monetary policy is directed towards getting stronger growth in the domestic economy, that’s a good thing for the global economy.”
While Swan declined to comment specifically about Japanese policy, he said steps by the European Central Bank and the Federal Reserve have “been fundamental to the emerging confidence, a greater degree of confidence, in the global economy in the last four or five months.”
Swan said developing countries concerned about spillover effects from loose monetary policy in the major industrialized countries can take steps to mitigate the impact.
Asked if G-20 officials will change language in their communique on currencies, he said the group has always advocated moving toward market-based exchange rates.