- US commits to timely near term measures to sustain economic recovery
- Brazil, China, Germany agree to let automatic fiscal stabilisers work and support domestic demand
- Emerging market economies in surplus pledge to move towards domestic-led growth
- G20 commits “To move more rapidly towards more market determined exchange rate systems”
- G20 welcomes “China’s determination to increase exchange rate flexibility”
- Disorderly movements in exchange rates could adversely impact economic financial stability
- IMF must have adequate resources to fulfill systemic responsibilities, no details in draft
- G20 action plan spells out country-specific deficit reduction and debt stabilisation commitments
- Countries with large c/a surpluses, weak private demand will play big role in global rebalancing
- Germany to promote private consumption and investment, strengthen domestic demand
- China will promote greater forex flaxibility
- China will rebalance demand towards domestic consumption, change economic growth pattern
- G20 draft reaffirms commitment to resist protectionism, no mention of completing Doha round of trade talks
As reported by Reuters.
