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G-20 Pledges to Use All Tools to Fight Weak Global Recovery

  • Reiterates that monetary policy alone can’t do the job
  • Turkey left out of the communique after disagreement
Updated on

The Group of 20 economies reiterated a pledge to use all policy tools to help boost confidence and growth, while stepping up an emphasis on fiscal and structural measures rather than pumping additional monetary stimulus.

"The global economic recovery continues but remains weaker than desirable," finance ministers and central bank governors from the world’s top developed and emerging nations said in a joint communique at the close of a two-day gathering in Chengdu, China Sunday. "We will carefully calibrate and clearly communicate our macroeconomic and structural policy actions to reduce policy uncertainty, minimize negative spillovers and promote transparency."