Latest G20 News

  • Japan says didn't see strong G20 concern over weak yen Fri, Apr 17, 2015

    WASHINGTON (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Friday the dominant view among Group of 20 finance leaders was that recent exchange-rate moves largely reflected economic fundamentals, while Japanese Finance Minister Taro Aso said he had not faced criticism from his G20 counterparts over the weak yen. "I didn't get the impression there was strong concern (among the G20) about heightening market volatility," Kuroda told a joint news conference alongside Aso after the G20 meeting in Washington. ... More »

  • G20 to sidestep U.S. on IMF reforms - draft communique Fri, Apr 17, 2015

    By Anna Yukhananov WASHINGTON (Reuters) - The Group of 20 leading economies was set on Friday to agree to a proposal that would raise the voting rights of emerging countries at the IMF, an attempt to move past U.S. foot-dragging on reforms to the institution. The IMF's member countries agreed in 2010 to reform the institution to give more voting power to countries like China and India, double the Fund's resources, and reduce the dominance of Western Europe on its 24-member board. The United States can block the IMF reforms because it holds a controlling share of votes. To get around the United States, the IMF's board had proposed one "interim" plan to raise the voting rights of some emerging countries under an "ad hoc" increase without touching U.S. veto power. More »

  • G20 finance officials' April 2015 communique Fri, Apr 17, 2015

    Growth in some emerging market economies, such as in China and India, is strong, but remains uneven. Low-income developing countries continue to demonstrate strong performance. 2. We reaffirm the key role of the G20 in boosting confidence and reducing vulnerabilities through effective implementation of macroeconomic policies and structural reforms, which will help to boost demand and potential growth. 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. More »

  • Turkey's Babacan says G20 sees moderate but uneven recovery Fri, Apr 17, 2015

    WASHINGTON (Reuters) - Turkish Deputy Prime Minister Ali Babacan said on Friday that the Group of 20 leading economies saw a moderate, but uneven, global recovery, and said officials agreed to proceed cautiously in adjusting monetary policies. "Monetary policy settings should be carefully calibrated and carefully communicated to minimize spillovers," Babacan told reporters following a meeting of G20 finance ministers and central bankers. Turkey holds the G20 presidency this year. (Reporting by Anna Yukhananov and Jason Lange; Writing by Tim Ahmann; Editing by Paul Simao) More »

  • G20 powers fear volatile markets
    G20 powers fear volatile markets Fri, Apr 17, 2015

    Turkish Deputy Prime Minister Ali Babacan addresses a press conference as part of the G20 Finance Ministers and Central Bank Governors meeting on Feburary 10, 2015 in Istanbul More »

  • G20 to deal with weaknesses at clearing houses Fri, Apr 17, 2015

    The Group of 20 leading economies is set to back action by regulators to ensure that clearing houses for securities can withstand market shocks. Clearing houses, which stand between two sides of a transaction, are set to grow sharply as more derivatives are channelled through them to increase transparency. "We will identify and address gaps related to the resilience, recovery and resolution of central counterparties," G20 finance ministers and central bankers said in a draft communique prepared for a meeting under way in Washington. EU financial services chief Jonathan Hill told Reuters on Friday he will shortly set out how the 28-country bloc will legislate to handle failed clearing houses. More »

  • Osborne - IMF/G20 meetings more gloomy due to Greek situation Fri, Apr 17, 2015

    The Greek financial crisis has helped make the mood at international financial talks in Washington this week "notably more gloomy," British Chancellor George Osborne said on Friday. "It's clear now to me that a misstep or a miscalculation on either side could easily return European economies to the kind of perilous situation we saw three to four years ago," he told reporters on the sidelines of meetings of officials from the Group of 20 and the International Monetary Fund. More »

  • G20 says to prepare 'concrete' investment strategies - draft commun … Fri, Apr 17, 2015

    WASHINGTON (Reuters) - Finance officials from the Group of 20 nations said in a draft communique on Friday they would develop "concrete country specific" investment strategies with an eye toward presenting them at a leaders' summit later this year. "We will develop the investment strategies by our September meeting with a view to present them to the Antalya summit," the draft said. (Reporting by Jan Strupczewski; Writing by Tim Ahmann; Editing by Chizu Nomiyama) More »

  • Finance Minister Aso - will tell G20 Japan economy turning for the better
    Finance Minister Aso - will tell G20 Japan economy turning for the better Tue, Apr 14, 2015

    Finance Minister Taro Aso said on Tuesday he will tell G20 finance leaders that Japan's economy is turning for the better as the group is likely to discuss the uneven nature of global growth at this week's gathering on the sidelines of IMF meetings in Washington. Speaking to reporters after a cabinet meeting, Aso said there is a gap between solid growth seen in the U.S. and Britain, and a slowing China and struggling Europe. On the China-led Asian Infrastructure Investment Bank, Aso said he will repeat Japan's cautious stance against it if he is asked about the issue. More »

  • Japan finance minister says to repeat demand for AIIB transparency at G20
    Japan finance minister says to repeat demand for AIIB transparency at G20 Fri, Apr 10, 2015

    TOKYO (Reuters) - Finance Minister Taro Aso said on Friday that Japan would reiterate its call for transparency at the China-led Asian Infrastructure Investment Bank (AIIB) at next week's G20 finance leaders' meeting in Washington. "I don't think it will be a major topic of debate, but if it is discussed, Japan would make the same demand as before," Aso told reporters after a cabinet meeting. More than 40 countries have applied to join the AIIB, with the United States and Japan being notable absentees. (Reporting by Tetsushi Kajimoto; Editing by Chris Gallagher) More »

  • G20 watchdog to study bond market liquidity, asset managers
    G20 watchdog to study bond market liquidity, asset managers Thu, Mar 26, 2015

    By Paul Carrel and Frank Siebelt FRANKFURT (Reuters) - The global financial system is safer but there is no room for complacency because of concerns about the international bond market, Financial Stability Board Chairman Mark Carney said on Thursday. The FSB coordinates financial regulation for the Group of 20 leading economies (G20) and has been introducing tougher rules for banks and markets to plug gaps highlighted by the 2007-09 financial crisis. Carney, who is also governor of the Bank of England, said the financial system was now safer, simpler and fairer but there were concerns about liquidity, or the ability of investors to sell bonds smoothly. The FSB said members were concerned about the growth of assets at funds that offer on-demand redemptions while investing in less liquid assets. More »

  • Ukraine appeals to G20 for more financial aid
    Ukraine appeals to G20 for more financial aid Tue, Mar 24, 2015

    The Ukrainian economy, now in plunging recession, was weak even before the deadly rebellion erupted in its eastern industrial heartland almost a year ago More »

  • Ukraine urges G20 for more financial aid
    Ukraine urges G20 for more financial aid Tue, Mar 24, 2015

    The Ukrainian economy, now in plunging recession, was weak even before the deadly rebellion erupted in its eastern industrial heartland almost a year ago More »

  • G20 sets sights on sukuk for infrastructure financing Tue, Mar 17, 2015

    The G20 group of major nations has included discussion of Islamic bonds as an infrastructure financing tool in its annual agenda, a move that could potentially spur the use of project-based sukuk. Developing countries spend about $1 trillion (674 billion pounds) a year on infrastructure and an additional $1-1.5 trillion will be needed through 2020 in areas such as water, power and transportation projects, according to the World Bank. Turkey holds the group's presidency this year, Indonesia co-chairs the G20 investment and infrastructure working group, and Malaysia is a guest representing the ASEAN group of countries. "We also had an extensive discussion on equity-based financing, asset-based instruments like sukuk," he added. More »

  • Finance chiefs vow action to bolster growth at G20 meet, Greece weighs
    Finance chiefs vow action to bolster growth at G20 meet, Greece weighs Tue, Feb 10, 2015

    By David Dolan and Nick Tattersall ISTANBUL (Reuters) - Finance officials from the Group of 20 leading economies sketched an uncertain outlook for global growth on Tuesday and vowed to use monetary and fiscal policy if needed to stem any risk of stagnation. The United States urged nations at the G20 meeting not to resort to currency devaluations to boost exports, an indication Washington is starting to feel wary of its allies manipulating their exchange rates to support growth. U.S. Treasury Secretary Jack Lew signalled that Germany and others in Europe should engage in deficit spending, saying it would not be a "good ride" for the global economy if only the United States was strong. More »

  • ECB's Noyer sees no sign of currency war at G20 talks Tue, Feb 10, 2015

    European Central Bank Governing Council member Christian Noyer said on Tuesday he saw no sign of a currency war building and that a meeting of the G20 leading economies had shown a common understanding of the need for monetary policy easing. In the past there were suspicions of competitive devaluations but those suspicions were gone, Noyer, who is also governor of the Bank of France, told reporters. "There is clear agreement by all of the G20 countries that monetary policies are taken for domestic reasons to try to meet price targets that are set for the central bank," he said. It was clear monetary policy can affect the exchange rate, he said, pointing to the effects of quantitative easing by the U.S. Federal Reserve and then its announcement it would taper then end the programme. More »

  • G20 'determined' to lift growth but rifts remain
    G20 'determined' to lift 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 »

  • 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 »