Latest G20 News

  • Factbox - Key points in G20 finance ministers' and central bankers' … Tue, Feb 10, 2015

    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. More »

  • G20 says ready to use fiscal, monetary tools to boost growth
    G20 says ready to use fiscal, monetary tools to boost growth Tue, Feb 10, 2015

    G20 finance officials painted a downbeat picture of the world economy on Tuesday and vowed to use monetary and fiscal policy to boost activity if needed. A communique released at the end of a two-day meeting of finance ministers and central bankers in Istanbul, said: "We will continuously review our monetary and fiscal policy settings and act decisively, if needed." The text of the statement was little different from a draft obtained by Reuters earlier. More »

  • Risk of low growth means urgent to implement G20 growth commitments - IMF's …
    Risk of low growth means urgent to implement G20 growth commitments - IMF's … Tue, Feb 10, 2015

    Chief of the International Monetary Fund (IMF) Christine Lagarde said on Tuesday that the risk of persistent low growth and high unemployment mean that G20 policy commitments should be implemented quickly to raise global growth by at least 2 percent. In a statement released at the end of a meeting of G20 finance chiefs, Lagarde said she shared the G20's disappointment with the continued delay in IMF quota reform and that any interim option should constitute a meaningful step towards the full implementation of those reforms, and not a substitute. More »

  • G20 vow to promote growth but rifts remain
    G20 vow to promote growth but rifts remain Tue, Feb 10, 2015

    US Federal Reserve Chair Janet Yellen and German Finance Minister Wolfgang Schauble talk as they pose for a group photo during the G20 finance ministers and central bank chiefs meeting in Istanbul, on ... More »

  • Oil price fall allows states to 'reassess fiscal policies': G20
    Oil price fall allows states to 'reassess fiscal policies': G20 Tue, Feb 10, 2015

    The recent sharp decline in oil prices will provide "some boost" to global growth and should allow states to "reassess" fiscal policies to sustain economic activity, the G20 leading economies said in a draft communique Tuesday. More »

  • G20 pledges decisive monetary, fiscal action if needed - draft text
    G20 pledges decisive monetary, fiscal action if needed - draft text Tue, Feb 10, 2015

    By Nick Tattersall ISTANBUL (Reuters) - The Group of 20 (G20) leading economies will pledge to act decisively on monetary and fiscal policy if needed to combat the risk of persistent stagnation, according to a draft communique obtained by Reuters on Tuesday. "Accordingly, we will continuously review our monetary and fiscal policy settings and act decisively, if needed," the draft document said. The draft communique welcomed the European Central Bank's (ECB) quantitative easing - despite German concern about the policy - and said the move would further support recovery in the euro area. In a nod to expectations that the U.S. Federal Reserve will raise interest rates, the draft said some advanced economies with stronger growth prospects were moving closer to "policy normalisation". More »

  • G20 plan for investment targets runs into stiff opposition
    G20 plan for investment targets runs into stiff opposition Mon, Feb 9, 2015

    By Dasha Afanasieva and Orhan Coskun ISTANBUL (Reuters) - Group of 20 finance officials look likely to reject a proposal to set countries specific investment targets to spur a global economy which appears increasingly reliant on the United States for growth. The meeting of finance ministers and central bankers in Istanbul comes as Greece casts a new shadow over Europe, cheap oil plays havoc with inflation and growth forecasts and a strengthening dollar threatens emerging economies. Deputy Prime Minister Ali Babacan said Turkey - G20 chair for 2015 - preferred to set binding national investment targets and that the idea was under discussion. "It would be quite complicated and a bit theoretical," French Finance Minister Michel Sapin told reporters. More »

  • G20 - BOJ's Kuroda says weaker oil prices a plus for global economy Mon, Feb 9, 2015

    The recent slide in global oil prices is a benefit for the world economy and could lead to some upgrades of economic forecasts, Bank of Japan Governor Haruhiko Kuroda said on Monday. "For the world economy, without a doubt, weaker oil prices are a plus," Kuroda told reporters on the sidelines of the G20 meeting of finance ministers and central bankers in Istanbul. The recent rout in oil prices, and its implication for the global economy, is a major theme at the G20 meeting, as lower fuel prices are seen pushing some economies dangerously close to deflation. More »

  • Britain, US call for G20 countries to reform economies
    Britain, US call for G20 countries to reform economies Mon, Feb 9, 2015

    US Secretary of the Treasury Jacob, pictured, issued a joint warning with his British counterpart George Osborne on slowing economic growth More »

  • Turkey's Babacan says unclear if G20 will commit to specific investment … Mon, Feb 9, 2015

    Turkey prefers to set specific national investment targets as part of efforts to boost economic growth but it is not clear if all G20 member nations are willing to sign up to hard numbers, Deputy Prime Minister Ali Babacan said on Monday. "Would all international countries be committed (to specific investment targets) ... we don't know yet," Babacan said in a speech at a meeting of G20 finance ministers and central bankers in Istanbul, adding that the issue would likely continue to be under discussion until at least April. OECD Secretary General Angel Gurria, who was speaking at the same event, said it was good the discussion was taking place. More »

  • G20, EU leaders meet in a week to mend Greece
    G20, EU leaders meet in a week to mend Greece Sun, Feb 8, 2015

    By Mike Peacock LONDON (Reuters) - Meetings of G20 finance ministers and EU leaders top and tail this week with Greece's fate uppermost in policymakers' minds and global turbulence caused by diverging monetary policies and cheap oil coming a close second. The central bank world has been upended by a steep fall in oil prices, and the effect that may have on inflation and growth, and the prospect of the European Central Bank creating 1 trillion euros out of thin air. The Swiss National Bank caused currency turmoil by abruptly ending its Swiss franc cap. Impromptu interest rate cuts have followed from India to Australia and Canada to Denmark, while China has cut bank reserve requirements. More »

  • G20 finance chiefs to focus on fewer growth priorities Sun, Feb 8, 2015

    By Jan Strupczewski ISTANBUL (Reuters) - World financial leaders are likely to agree on Tuesday to cut the number of actions they will take this year to boost growth to only 5-10 priorities per country to make it easier to check if they are being done, European officials said. The world's 20 biggest developing and developed economies (G20) are meeting in Istanbul. They agreed last year to launch new measures to raise their collective gross domestic product growth by an additional 2 percentage points over the next five years above the level projected in 2013 and create millions of new jobs. Since checking the implementation of such a number of steps would be very difficult, G20 finance ministers and central bank governors will agree to narrow them down to a handful this year, so they can be verified. More »

  • IMF urges G20 to take action to unstick global growth
    IMF urges G20 to take action to unstick global growth Fri, Feb 6, 2015

    International Montary Fund Managing Director Christine Lagarde listens during a speech at the IMF headquarters on November 18, 2014 in Washington, DC More »

  • Japan to tell G20 its economy steadily improving - finance minister
    Japan to tell G20 its economy steadily improving - finance minister Fri, Feb 6, 2015

    Finance Minister Taro Aso said on Friday Japan will tell next week's gathering of G20 finance chiefs that the country's economy is steadily improving and that Tokyo will continue with efforts on fiscal consolidation. Speaking to reporters after a cabinet meeting, Aso reiterated that terrorist financing may be discussed at the G20 meeting in Istanbul, adding that Japan will pledge to continue humanitarian aid to countries coping with terrorism. Aso said the G20 will debate issues including the global economy, growth strategies, investments, IMF reform, financial regulation and taxation. More »

  • Ahead of G20 meeting, Canada raises concerns about global economy
    Ahead of G20 meeting, Canada raises concerns about global economy Thu, Feb 5, 2015

    By Randall Palmer and Leah Schnurr OTTAWA (Reuters) - As the Group of 20 leading economies head into ministerial talks in Turkey next week, Canada highlighted the uncertainty of the global economy and concerns over the ability of the United States to sustain global growth. A senior Canadian finance official, briefing reporters on Thursday ahead of the meeting Monday and Tuesday of finance ministers and central bank governors, cited lower growth expectations for most parts of the world except the United States. Although it was appropriate to expect the world's largest economy to shoulder a good deal of the burden of restoring broad-based growth, the question is whether the United States could carry it alone, the official said. The G20 came into its own during the 2007-09 financial crisis when it put together a global stimulus package, but it is facing a more delicate challenge now of arriving at joint action when economies are running at different speeds. More »

  • G20 meeting to focus on Europe economy: Canada finance minister
    G20 meeting to focus on Europe economy: Canada finance minister Wed, Feb 4, 2015

    Europe's economic troubles will be a key focus when Group of 20 (G20) finance ministers and central bankers meet in Istanbul next week, Canadian Finance Minister Joe Oliver said on Wednesday. "The focus has been, of course, on Europe where the growth is stagnant and where we're in a deflationary period. The (European) central bank has launched a massive quantitative easing program... and so we're hoping that will be part of the solution," Oliver told reporters. "We're going to be talking about monetary policy, fiscal policy and structural change to try to address that issue, and we'll be discussing some of the other geopolitical concerns that have financial and economic implications." A conundrum facing the G20 at the Feb. 9-10 meeting is figuring out what kind of joint action is appropriate given the current economic disparity: the United States growing relatively strongly and Europe flagging. More »

  • India to press G20 for deadline to cut money transfer costs
    India to press G20 for deadline to cut money transfer costs Thu, Dec 4, 2014

    India will reportedly press the G20 economies to set a two-year deadline to lower the cost of international money transfers, potentially saving over $20bn for developing nations. More »

  • India to press G20 for deadline to cut remittance costs - sources Thu, Dec 4, 2014

    By Manoj Kumar NEW DELHI (Reuters) - India will press the Group of 20 economies to set a two-year deadline to reduce the cost of international money transfers, two government sources said, potentially saving more than $20 billion for developing countries. The world's largest recipient of remittances - of about $70 billion (44.64 billion pounds) a year - won the backing of G20 leaders last month in Brisbane to take "strong practical measures" to cut the average cost of sending money home to 5 percent. ... More »

  • G20's new growth plans suspiciously long in the tooth
    G20's new growth plans suspiciously long in the tooth Tue, Nov 18, 2014

    By Wayne Cole SYDNEY (Reuters) - As leaders of the world's 20 most powerful nations congratulate themselves on plans to boost economic growth, a closer look at their 800-plus policy proposals reveals a catalogue of measures that are either old, vague or unlikely to be implemented. Australia, the hosts of the Group of 20 meeting, claimed credit for a year-long effort to get members to adopt "extra" reforms that would add $2 trillion (1.28 trillion pound) to the world economy and create millions of new jobs. Prime Minister Tony Abbott said the plans would make the whole planet "better off". ... More »

  • Isolated at G20, Putin shows he will do it his way in Ukraine
    Isolated at G20, Putin shows he will do it his way in Ukraine Mon, Nov 17, 2014

    By Timothy Heritage MOSCOW (Reuters) - It may have looked in the West like Russian President Vladimir Putin fled this weekend's G20 summit early with his tail between his legs after being berated over Ukraine. But it was a different story in Russia, where pliant media praised Putin for being courageous enough to "enter the lion's den", stand up to his critics and defend national interests, and accepted his excuse that he faced a long trip home. State television said the G20 had gone better for Putin than Western media had predicted and that U.S. ... More »

  • 'Very Clear Message' Sent To Russia At G20
    'Very Clear Message' Sent To Russia At G20 Mon, Nov 17, 2014

    David Cameron has said that a "very clear message" has been sent to Vladimir Putin, after the Russian president left the G20 summit in Australia early. More »

  • G20 commits to higher growth, fight climate change
    G20 commits to higher growth, fight climate change Mon, Nov 17, 2014

    By Lincoln Feast and Alexei Anishchuk BRISBANE Australia (Reuters) - Leaders from the G20 group of nations agreed on Sunday to boost flagging global growth, tackle climate change and crack down on tax avoidance but ties between the West and Russia plummeted to a new low over the crisis in Ukraine. Russian President Vladimir Putin left the G20 summit in Brisbane early as U.S. President Barack Obama accused Russia of invading Ukraine and Britain warned of a possible "frozen conflict" in Europe. ... More »

  • Putin resists Western offensive as testy G20 closes
    Putin resists Western offensive as testy G20 closes Sun, Nov 16, 2014

    Russia?s President Vladimir Putin waves goodbye as he leaves the G20 Summit, at the airport in Brisbane, November 16, 2014 More »

  • Russia-West tensions soar as Putin quits G20 summit
    Russia-West tensions soar as Putin quits G20 summit Sun, Nov 16, 2014

    Vladimir Putin's early exit from a G20 summit in Australia after an icy reception from world leaders may further stoke Russia-West tensions and lead to renewed fighting in Ukraine, analysts said. More »

  • G20 pledges lift Green Climate Fund towards $10 billion U.N. goal Sun, Nov 16, 2014

    By Alister Doyle OSLO (Reuters) - A promise by Japan on Sunday to give up to $1.5 billion (956.88 million pounds) to a U.N. fund to help poor nations cope with global warming puts the fund within sight of a $10 billion goal and brightens prospects for a U.N. climate pact next year. Japan's pledge, at the G20 meeting of world leaders in Australia, raises the total promised to the Green Climate Fund (GCF) to $7.5 billion, including up to $3 billion by U.S. President Barack Obama on Saturday. ... More »

  • G20 urges 'strong and effective action' on climate change
    G20 urges 'strong and effective action' on climate change Sun, Nov 16, 2014

    The world's most powerful economies urge "strong and effective action" on climate change, catapulting the issue up the G20 agenda in a new boost for campaigners after a surprising Sino-US breakthrough. More »

  • G20 leaders target trillions in new economic growth
    G20 leaders target trillions in new economic growth Sun, Nov 16, 2014

    (L-R) French President Francois Hollande, US President Barack Obama, British Prime Minister David Cameron and Germany's Chancellor Angela Merkel take part in a multi-lateral meeting on the sidelines of ... More »

  • Putin walks out of G20 summit 'to sleep'
    Putin walks out of G20 summit 'to sleep' Sun, Nov 16, 2014

    Brisbane meeting ends with Russian leader leaving hours before close in apparent snub at being criticised over Ukraine. More »

  • Argentina welcomes G20 call for work on debt restructurings Sun, Nov 16, 2014

    BUENOS AIRES (Reuters) - Argentina, which defaulted on its debt again in July amidst a decade-long legal battle with a group of U.S. investment funds, welcomed on Sunday the inclusion of a clause in a G20 summit communique aimed at helping sovereign debt restructurings. The South American country argues that the process of restructuring its debt following its record 2002 default has been upended by a small number of junk debt experts it says are willing to cripple an economy in their pursuit of huge profits. It defaulted this year after a U.S. court ruled in favour of two U.S. ... More »

  • Obama toughens line on Putin over Ukraine at G20 summit Sun, Nov 16, 2014

    By Matt Spetalnick and Matt Siegel BRISBANE Australia (Reuters) - U.S. President Barack Obama said on Sunday that Russia would remain isolated by the international community if President Vladimir Putin continued to violate international law in Ukraine, some of his toughest remarks yet on the crisis. Putin has come under intense pressure from other leaders at this weekend's G20 summit in Brisbane over his government's backing for pro-Russian rebels in Ukraine, where a conflict has killed more than 4,000 people this year. ... More »

  • G20 commits to higher growth, fight climate change; Russia isolated over Uk …
    G20 commits to higher growth, fight climate change; Russia isolated over Uk … Sun, Nov 16, 2014

    By Lincoln Feast and Alexei Anishchuk BRISBANE Australia (Reuters) - Leaders from the G20 group of nations agreed on Sunday to boost flagging global growth, tackle climate change and crack down on tax avoidance but ties between the West and Russia plummeted to a new low over the crisis in Ukraine. Russian President Vladimir Putin left the G20 summit in Brisbane early as U.S. President Barack Obama accused Russia of invading Ukraine and Britain warned of a possible "frozen conflict" in Europe. ... More »

  • West isolates Putin over Ukraine at G20
    West isolates Putin over Ukraine at G20 Sun, Nov 16, 2014

    Canadian and British leaders among those who confront Russian president over Moscow's alleged backing of rebels. More »

  • G20 leaders face pressure to deliver on growth
    G20 leaders face pressure to deliver on growth Sun, Nov 16, 2014

    US President Barack Obama (R) chats to Germany's Chancellor Angela Merkel at the G20 Summit in Brisbane, Australia, on November 15, 2014 More »

  • U.S., EU override Australia to put climate change on G20 agenda
    U.S., EU override Australia to put climate change on G20 agenda Sun, Nov 16, 2014

    By Lincoln Feast and Jane Wardell BRISBANE Australia (Reuters) - The G20 communique will include a significant passage on climate change, EU officials said on Sunday, as the United States and other heavyweight nations override host Australia's attempts to keep the issue off the formal agenda. Much of the meeting of world leaders in Australia has been overshadowed by the crisis in Ukraine, with Western leaders warning Russian President Vladimir Putin that he risked more economic sanctions if he failed to end Russian backing for separatist rebels. ... More »

  • G20 communique to include climate change, anti-corruption plan - EU sources Sat, Nov 15, 2014

    BRISBANE Australia (Reuters) - The G20 communique will include a significant passage on climate change and an endorsement of an anti-corruption plan, European Union officials said on Sunday. "The most difficult discussion was on climate change," an EU official said on condition of anonymity. "This was really trench warfare, this was really step by step by step. In the end we have references to most of the things we wanted. ... More »