Latest G20 News

  • G20 Warns of Other Options If US Fails to Enact IMF Reforms by Year-end
    G20 Warns of Other Options If US Fails to Enact IMF Reforms by Year-end Sat, Apr 12, 2014

    The group added that it will look for alternative measures if the US Congress fails to meet the demand. The US Congress has refused to ratify the reforms, as some members opposed them citing high costs at a time when the country is facing huge budget deficits. "We are deeply disappointed with the continued delay in progressing the IMF quota and governance reforms agreed to in 2010 and the 15th General Review of Quotas (GRQ) including a new quota formula," the G20 finance ministers and central bank chiefs said in a final communiqué. More »

  • G20 gives U.S. year-end deadline for IMF reforms
    G20 gives U.S. year-end deadline for IMF reforms Sat, Apr 12, 2014

    By Louise Egan and Anna Yukhananov WASHINGTON (Reuters) - Finance chiefs from around the globe on Friday gave the United States until year-end to ratify long-delayed reforms to the International Monetary Fund and threatened to move forward without it if it fails to do so. The inability to proceed with giving emerging markets a more powerful voice at the IMF and shoring up the lender's resources appeared the most contentious issue for officials from the Group of 20 leading economies and the representatives for all IMF member nations who met with them. In a final communiqué, G20 finance ministers and central bankers said they were "deeply disappointed" with the delay. "I take this opportunity to urge the United States to implement these reforms as a matter of urgency," Australian Treasurer Joe Hockey told reporters on the sidelines of the IMF-World Bank spring meetings. More »

  • G20 urges US to ratify IMF reforms by year-end
    G20 urges US to ratify IMF reforms by year-end Sat, Apr 12, 2014

    Blossoms are seen in front of the logo for the annual International Monetary Fund/World Bank Spring Meetings at the World Bank headquarters in Washington on April 5, 2014 More »

  • G20 eyeing fallout from Ukraine; pushes U.S. on IMF reforms Fri, Apr 11, 2014

    By Gernot Heller and Jason Lange WASHINGTON (Reuters) - The world's top economies are monitoring the economic situation in Ukraine for any fallout that may pose risks to economic and financial stability, the Group of 20 finance ministers and central bankers said on Friday in a final communique. G20 officials also kept up the pressure on the United States, which has held up IMF reforms agreed in 2010 that would double the Fund's resources and give more say to emerging markets. The G20 said it was "deeply disappointed" in the delays and will work with the IMF on options on how to advance the reforms if the United States did not move forward by year-end. While the final communique was less specific on some key points than the one the G20 issued in February, including on the spillover effects of monetary policies in advanced nations, a G20 source downplayed those changes as stylistic and not substantive. More »

  • G20 says monitoring economic situation in Ukraine: draft
    G20 says monitoring economic situation in Ukraine: draft Fri, Apr 11, 2014

    US Federal Reserve Chair Janet Yellen arrives for a G20 ministerial meeting at the International Monetary Fund Headquarters on April 10, 2014 in Washington More »

  • Japan urges G20 cooperation to ease geopolitical risks Fri, Apr 11, 2014

    By Leika Kihara WASHINGTON (Reuters) - Japan urged G20 countries to work closely together to alleviate geo-political uncertainties over Ukraine that may hurt global growth, Finance Minister Taro Aso said on Thursday. Speaking to reporters after a G20 dinner session, Aso said he told counterparts that Japan welcomed efforts by the International Monetary Fund to quickly offer aid to Ukraine. "I said we welcome and endorse IMF efforts to offer assistance to Ukraine swiftly, given geopolitical uncertainties may have a negative impact on the global economy," Aso said, adding that he felt other countries agreed to his view. "I said it's necessary for the G20 to work closely together to alleviate uncertainty," he said, adding that Japan was ready to offer 1.5 billion dollars in bilateral aid to Ukraine. More »

  • Mexico's Videgaray urges G20 to give U.S. time to OK IMF reforms
    Mexico's Videgaray urges G20 to give U.S. time to OK IMF reforms Fri, Apr 11, 2014

    By Krista Hughes WASHINGTON (Reuters) - Group of 20 countries should give the United States time to get planned reforms to the International Monetary Fund through Congress and not rush into short-term workarounds, Mexican Finance Minister Luis Videgaray said on Thursday. Australian Finance Minister Joe Hockey is urging G20 countries to find a way around an impasse in the U.S. Congress on reforms increasing funding and widening representation at the IMF, and options are due to be discussed on Friday morning. Videgaray said there would be a window for the U.S. Congress to pass reforms following U.S. mid-term elections in November and short-term fixes, such as ad hoc quota increases for other countries, were not the appropriate route - yet. "It would be a mistake not to give the United States the opportunity to get it done," he said in an interview on the sidelines of the Washington meetings. More »

  • Russia Will be Invited to G20 Summit Says Australian Treasurer Hockey
    Russia Will be Invited to G20 Summit Says Australian Treasurer Hockey Thu, Apr 10, 2014

    Russia will be invited to the G20 Leaders' Summit in Brisbane later this year, said Australian Treasurer Joe Hockey, dispelling speculation that Russia could be excluded in the wake of Moscow's annexation of the Crimean peninsula. "Of course Russia will be at the table," Hockey said on 9 April. "But it is an economic forum and whilst we obviously will discuss some of the geopolitical challenges in the Ukraine, we are not going to allow it to dominate our agenda, which is focused on how we can grow the global economy," Hockey told CNBC in Washington. Australia chairs the bloc of major economies this year, whose leaders are expected to discuss how they can boost global growth at this week's G20 meetings in Washington. More »

  • Russia will be at G20, Ukraine to be discussed - Australian treasurer Thu, Apr 10, 2014

    By Matt Siegel SYDNEY (Reuters) - Australian Treasurer Joe Hockey said on Thursday Russia would take part in the G20 Summit in Brisbane later this year, laying to rest questions Russia might be barred from attending over Moscow's annexation of the Ukrainian territory of Crimea. "Of course Russia will be at the table," Hockey told CNBC during an interview in Washington. More »

  • G20 should strengthen recovery to deal with disinflation -Canada Wed, Apr 9, 2014

    Canada believes that strengthening the global recovery is a key way to deal with risk of too low inflation in Europe and elsewhere, a senior government finance official said on Wednesday ahead of G20 meetings in Washington. Low inflation globally and particularly in Europe reflects the weak external economic environment facing Canada, and Canada will look for what the G20, the Group of 20 leading economies, will do to strengthening the global economy, the official told reporters on condition of anonymity. The International Monetary Fund repeated warnings on Tuesday about the very low level of inflation in the euro zone and called on the European Central Bank to ease monetary policy. Canada sees work on the recovery as going hand in hand with avoiding disinflation or inflation that is too low, the Canadian official said. More »

  • G20 Meeting in Washington: Focus on Ways to Expand Global Economy by $2tn
    G20 Meeting in Washington: Focus on Ways to Expand Global Economy by $2tn Wed, Apr 9, 2014

    Leaders from the world's prominent economies are expected to discuss how they can boost global growth at this week's G20 meetings in Washington. The Group of 20 major economies have promised to target a two percentage point increase in the global growth rate over five years and create tens of millions of jobs worldwide. While geopolitical risks emanating from the Ukraine crisis will be discussed, growth will top the agenda at the meetings, scheduled to begin on 11 April, said Australia's G20 Finance Deputy Barry Sterland. More »

  • G20 to focus on boosting global growth, not Crimea - official
    G20 to focus on boosting global growth, not Crimea - official Wed, Apr 9, 2014

    Global financial leaders will thrash out details of individual country pledges to boost growth and overhaul their economies at this week's meetings in Washington, a senior Australian official said on Tuesday. Group of 20 countries promised at their last meeting in Sydney in February to lift global output by an extra 2 percent over five years, with individual action plans due later this year. Although geopolitical risks stemming from the crisis in Ukraine were also on the table, growth would take centre stage, Australia's G20 Finance Deputy Barry Sterland said in a telephone interview. "A big focus of this meeting is going to be building on that growth ambition, discussing the sorts of measures that are needed to meet the Sydney growth goal." Australia chairs the bloc of advanced and developing economies this year and has asked for firm plans to address gaps in each country's policy settings in the second half of 2014. More »

  • G20 final document unlikely to address Ukraine crisis
    G20 final document unlikely to address Ukraine crisis Tue, Apr 8, 2014

    By Lidia Kelly and Jan Strupczewski MOSCOW/ BRUSSELS (Reuters) - The world's financial leaders are likely to discuss possible risks to Europe's economy from the crisis in Ukraine, but there are no plans to mention it in the final document from their Washington meeting, two G20 officials said. Finance ministers and central bankers from the Group of 20 developed and emerging economies will treat Ukraine at their two-day meeting later this week the same way as they have talked about past crises, a Russian G20 official said. "There is no mention of the situation in Ukraine (planned for the G20 communiqué)," the official said. "One way or another, the issue will be brought up during discussions but it will be approached from the point of view of risks the crisis in Ukraine can create for the region as a whole. More »

  • G20 to agree this week on more ambitious reforms to boost growth Mon, Apr 7, 2014

    By Jan Strupczewski BRUSSELS (Reuters) - The world's financial leaders will agree this week to be more ambitious with structural reforms to boost global growth after draft plans showed them falling short, an official involved in preparations for a G20 meeting said. Finance ministers and central bank governors from the world's 20 biggest economies (G20) will meet on Thursday in Washington to review progress on a deal to raise the world's economic growth through reforms of labour markets, trade, investment and making industry more competitive. All 20 countries have already submitted sketches of the reforms they want to introduce for the scrutiny of the International Monetary Fund (IMF) and the Organisation for Economic Cooperation and Development (OECD). "A first assessment ... showed that the level of ambition was insufficient and that final growth strategies should deliver significantly more in terms of structural reforms in order to live up to the commitments taken by the G20 in Sydney," European Union finance ministers said in a document prepared for the G20. More »

  • G20 summits have 'limited relevance' for markets - ECB research
    G20 summits have 'limited relevance' for markets - ECB research Fri, Apr 4, 2014

    By David Milliken FRANKFURT (Reuters) - Regular meetings of the world's leaders and central bankers have little short-term impact on financial markets, despite extensive media coverage, according to research published by the European Central Bank on Friday. ECB researchers looked at how the price of shares and bonds changed after meetings of the Group of 20 (G20) between November 2007 and September 2013 - a time when the body was at the heart of global efforts to lessen the impact of the financial crisis. Evidence that G20 meetings eased financial market jitters - for example, by causing share prices to rise and bond prices in advanced economies to fall - was weak. "(This) suggests that the information and decision content of G20 summits has been of limited immediate relevance for market participants, or already incorporated in prices." The result contrasted with other, similar research into European Union summits, U.S. Federal Reserve meetings and a predecessor of the G20, the G7 - all of which had a clear impact on markets. More »

  • European stocks mixed after G20, amid Ukraine tensions
    European stocks mixed after G20, amid Ukraine tensions Mon, Feb 24, 2014

    A trader at Frankfurt stock exchange. European stock markets diverged on Monday as investors reacted to a weekend meeting of the world's 20 major economies, eurozone data as well as the unrest in Ukraine... More »

  • Asian shares lower despite G20 growth pledge
    Asian shares lower despite G20 growth pledge Mon, Feb 24, 2014

    A woman passes a share prices board in Tokyo on February 21, 2014 More »

  • Sydney G20 Meeting Communiqué: Full Text
    Sydney G20 Meeting Communiqué: Full Text Mon, Feb 24, 2014

    1. We welcome recent signs of improvement in the global economy, in particular, growth 2. Despite these recent improvements, the global economy remains far from achieving strong, We agree the global economy still faces weaknesses in some financial sector stability, to significantly raise global growth. To achieve this we will take concrete actions across the G20, including to increase investment, lift employment and participation, enhance trade and promote competition, in addition to macroeconomic policies. More »

  • G20 Expects to Add $2tn and Millions of Jobs to Global Economy
    G20 Expects to Add $2tn and Millions of Jobs to Global Economy Mon, Feb 24, 2014

    The world's prominent economies are targeting an increase in the global growth rate by at least 2 percentage points over the next five years and create tens of millions of job across the globe. At a meeting in Sydney, the G20 finance ministers and central bank governors announced their target to add $2tn (£1.2tn, €1.5tn) to the global economy over the period in line with the recent recovery after the financial crisis. The G20 group represents about 85% of the global economy. Nevertheless, a strong, sustainable and balanced growth in the global economy is still far away, according to a communiqué. More »

  • G20 growth pledge easier in the making than the execution
    G20 growth pledge easier in the making than the execution Mon, Feb 24, 2014

    By Wayne Cole SYDNEY (Reuters) - The Group of 20's proposal to lift economic activity by 2 percent over the next five years has so many holes in it, there's no wonder it was the first official target that all members felt happy to agree on. The International Monetary Fund has said it will be watching for progress on the plans, but it has no power to compel or punish. How will we be able to judge if these targets are being met?" said Michael Blythe, chief economist at Commonwealth Bank of Australia. Indeed, the Germans were reluctant to sign up to any hard target at the G20, but accepted the growth goal because it was not binding. More »

  • Stocks sluggish, dollar firms as G20 reaction muted
    Stocks sluggish, dollar firms as G20 reaction muted Sun, Feb 23, 2014

    MSCI's broadest index of Asia-Pacific shares outside Japan was struggling to turn positive, while Australian shares shed about 0.1 percent. Economists surveyed remain sceptical that the central bank will achieve its 2 percent inflation target by early next year. More »

  • G20 vows to add $2 tn to world economy to lift growth
    G20 vows to add $2 tn to world economy to lift growth Sun, Feb 23, 2014

    Germany's Federal Minister for Finance Wolfgang Schauble (2nd L) speaks at a press conference during the G20 Finance Ministers and Central Bank Governors meeting in Sydney, on February 23, 2014 More »

  • G20 aspires to faster economic growth, roadmap sketchy
    G20 aspires to faster economic growth, roadmap sketchy Sun, Feb 23, 2014

    The final communiqué from the two-day meeting of Group 20 finance ministers and central bankers in Sydney said they would take concrete action to increase investment and employment, among other reforms. The group accounts for around 85 percent of the global economy. "We will develop ambitious but realistic policies with the aim to lift our collective GDP by more than 2 percent above the trajectory implied by current policies over the coming 5 years," the G20 statement said. Australian Treasurer Joe Hockey, who hosted the meeting, sold the plan as a new day for cooperation in the G20. More »

  • G20 vows to boost world economy by $2tn
    G20 vows to boost world economy by $2tn Sun, Feb 23, 2014

    World's largest economies sign an agreement that summit host Australia calls "unprecedented". More »

  • G20 vows to be 'mindful' of bank moves on economies
    G20 vows to be 'mindful' of bank moves on economies Sun, Feb 23, 2014

    Germany's Federal Minister for Finance Wolfgang Schauble (2nd L) speaks at a press conference during the G20 Finance Ministers and Central Bank Governors meeting in Sydney, on February 23, 2014 More »

  • G20 aims to lift growth, open up on monetary policy
    G20 aims to lift growth, open up on monetary policy Sun, Feb 23, 2014

    Germany's Federal Minister for Finance Wolfgang Schauble (2nd L) speaks at a press conference during the G20 Finance Ministers and Central Bank Governors meeting in Sydney, on February 23, 2014 More »

  • G20 works to nail down growth targets
    G20 works to nail down growth targets Sun, Feb 23, 2014

    The G20 Finance Ministers and Central Bank Governors pose for official group photo, in Sydney, on February 22, 2014 More »

  • G20 to agree to target extra 2 percent growth over 5 years - source Sun, Feb 23, 2014

    The world's financial leaders will agree on Sunday to implement reforms and policies that would aim to accelerate global economic growth by an extra 2 percentage points over five years, a G20 official said. "The G20 is likely to agree on aiming at reforms and polices that could increase GDP by 2 percent on top of the current trajectory in five years. More »

  • G20 players work to nail down growth targets
    G20 players work to nail down growth targets Sat, Feb 22, 2014

    International Monetary Fund (IMF) chief Christine Lagarde (L) chats with Britain's Chancellor of the Exchequer George Osbourne (R) as Australia's Treasurer Joe Hockey listens in Sydney on February 22, ... More »

  • G20 united on need to tackle tax reform - Australian Treasurer
    G20 united on need to tackle tax reform - Australian Treasurer Sat, Feb 22, 2014

    Finance officials of the world's 20 major economies discussed the impact of the Federal Reserve's withdrawal of stimulus on emerging markets and were united on the need to address problems of tax minimisation, Australian Treasurer Joe Hockey said on Sunday. "There was extensive discussion of the impact of tapering on emerging economies and it was an excellent discussion," Hockey told a media briefing ahead of the final day of a weekend meeting. More »

  • G20 Nations Could Adopt Ambitious Target for Global Growth
    G20 Nations Could Adopt Ambitious Target for Global Growth Sat, Feb 22, 2014

    G20 Finance Ministers and Central Bank Governors begin their annual meeting in Sydney, on 22 February, 2014. The world's leading economies could agree to set a bold target for global growth at an ongoing weekend meeting in Sydney, where major central banks are also being advised to coordinate policies to avoid "surprises" that could further rock emerging-market economies. Opening the two-day meeting of the Group of 20 finance ministers and central bankers, Australian Treasurer Joe Hockey said support was building for setting a definite goal for global growth. France's finance minister, Pierre Moscovici, welcomed a goal of raising world growth by a total of 2.5 percentage points over five years, calling it ambitious but "not unrealistic". More »

  • Japan says no G20 growth target yet, possible on Sunday Sat, Feb 22, 2014

    By Leika Kihara SYDNEY (Reuters) - Group of 20 finance leaders have yet to reach a conclusion on setting a numerical target for global growth, with a decision likely on the second day of talks on Sunday, a senior Japanese finance ministry official said. It hasn't been raised to (the ministerial level) yet," Japanese Finance Minister Taro Aso told reporters after the first day of talks on Saturday. A Japanese finance ministry official who accompanied Aso to Sydney said any numerical target will signal the group's "ambition" rather than act as a hard, binding goal. The plan pursued by Australia is to come up with the global growth target now, then have each country develop an action plan and a growth strategy for delivery at the November G20 summit, he said. More »

  • G20 support builds to adopt ambitious target for global growth
    G20 support builds to adopt ambitious target for global growth Sat, Feb 22, 2014

    By Gernot Heller and Cecile Lefort SYDNEY (Reuters) - The world's top economies may agree to set an ambitious target for faster global growth at a weekend meeting in Sydney, where major central banks are also being urged to coordinate policies to avoid "surprises" that could further roil emerging markets. Opening the two-day meeting of the Group of 20 finance ministers and central bankers on Saturday, Australian Treasurer Joe Hockey said support was building for setting a firm goal for growth. And while Canada's central bank chief Stephen Poloz called the goal "aspirational" and doubts remain about its implementation, it would give the group fresh focus and mark a sea change from recent meetings where the debate was all about growth versus budget austerity. France's finance minister, Pierre Moscovici, welcomed a goal of lifting world growth by a total of 2.5 percentage points over five years, calling it ambitious but "not unrealistic". More »

  • G20 host Australia urges central banks to avoid 'surprises'
    G20 host Australia urges central banks to avoid 'surprises' Sat, Feb 22, 2014

    IMF chief Christine Lagarde (L) chats with Britain's Chancellor of the Exchequer George Osbourne (R) and Australia's Treasurer Joe Hockey, before the G20 Finance Ministers and Central Bank Governors round ... More »

  • EU to back G20 growth target if accompanied by reforms Sat, Feb 22, 2014

    By Jan Strupczewski SYDNEY (Reuters) - Europe is in favour of setting an economic growth target for the world's 20 biggest developing and advanced economies (G20), but only if they agree on bold reforms, the European Union's Economic and Monetary Affairs Commissioner Olli Rehn said. G20 finance ministers and central bank governors are meeting in Australia on Saturday and Sunday to find ways to boost global economic growth by focusing on investment, competitiveness, trade and employment. "I see that economic growth is a consequence of right policies and global coordination. So yes, we need a bold growth target, but only on the condition that we can also agree on bold economic reforms and sound economic policies," Rehn said. More »