Factbox - Key points in G20 finance ministers' and central bankers' communique

ISTANBUL (Reuters) - Following are the key points of a communique released by G20 finance officials at the end of a two-day meeting in Istanbul. - Growth in the global economy remains uneven and although the recovery is in progress, it is slow, especially in some advanced economies, notably the euro area and Japan. Some emerging market economies are slowing down with significant variations across countries and regions, while the growth outlook for low-income developing countries continues to be strong, albeit with some moderation recently. - We note that the sharp decline in oil prices, reflecting both supply and demand factors, will provide some boost to global growth, but with varying implications across economies. In particular, the decline will increase the purchasing power of oil importing economies and will exert downward pressure on inflation, though temporarily. However, the outlook for oil prices remains uncertain. - Prolonged low inflation alongside sluggish growth and protracted demand weaknesses in some advanced economies may increase the risk of persistent stagnation. Accordingly, we will continuously review our monetary and fiscal policy settings and act decisively, if needed. - Some advanced economies with stronger growth prospects are moving closer to conditions that would allow for policy normalization. In an environment of diverging monetary policy settings and rising financial market volatility, policy settings should be carefully calibrated and clearly communicated to minimize negative spillovers. - We will deliver our leaders’ agreement to implement fiscal policies flexibly to take into account near-term economic conditions, so as to support economic growth and job creation, while putting debt as a share of GDP on a sustainable path. - We will stick to our previous exchange rate commitments and will resist protectionism. - While we remain committed to implement our entire growth strategies, we will consolidate our monitoring mechanism by mostly focussing on the key commitments that have the greatest impact on growth. We will present the first accountability report of the implementation of our growth strategies at the Antalya Summit. - We remain deeply disappointed with the continued delay in progressing the IMF quota and governance reforms agreed in 2010 ... Recognising the importance of these reforms for the credibility, legitimacy and effectiveness of the IMF, we reaffirm that their earliest implementation remains our highest priority for the Fund. We continue to urge the United States to ratify the 2010 reforms as soon as possible. - Critical steps remain to be taken especially in addressing the too-big-to-fail problem, notably finalising the proposed common international standard on total-loss-absorbing-capacity for global systemically important banks by the Antalya Summit ... We will finalise the methodology for identifying systemically important financial institutions beyond the banking and insurance sector by the end of 2015 and design policy measures to be applied thereafter. - Considering the impact terrorist acts can have on our societies and economies, we commit to deepen our cooperation and urge all countries to speed-up their compliance with the relevant international standards, in particular, concerning the exchange of information and the freezing of terrorist assets.