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G20 Finance leaders call for reform

06-06-2010 09:14 BJT

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G20 Finance Ministers and Central Bank Governors are calling for continued financial repair and reform efforts. They also agree, that the construction of global economic safety nets, is a major item for future agendas.

Economic sector leaders are stressing the importance of putting public finances in order. They agree that stronger capital and liquidity standards are the core of the reform agenda as well.

But participants also say recent market volatility in some European countries is a reminder that a significant number of challenges remain on the table.

Yoon Jeung-Hyun, South Korean Finance Minister, said, "The recent events in southern Europe highlight the importance of sustainable public finances, and the need for our nations to put in place credible and growth-friendly measures to deliver fiscal sustainability. Those countries with serious fiscal challenges need to accelerate the pace of consolidation."

Even though some nations are facing looming debt crises, Europe's role in the global economic recovery has been emphasized during the gathering.

US Treasury Secretary Timothy Geithner said, "Europe played out a very strong, very powerful, framework of reforms and financial support, and they are moving very quickly to put the full political force of their governments behind that framework."

One of Asia's leading markets, Japan, has been struggling with weak domestic demand. But its chief banker is confident about his country's economic outlook.

Masaaki Shirakawa, from Bank of Japan Governor, said, "I explained that Japan's economy is recovering gradually, with domestic demand showing signs of improvement."

To consolidate the consensus, a joint communique has been released. Saturday's statement is founded on the "Framework for Strong, Sustainable, and Balanced Growth," which is a key mechanism to meet the immediate challenges of supporting the global recovery, and mid-term shared objectives.

A range of policy options based on that blueprint were adopted as well. Those proposals will be discussed in detail at a summit in Toronto later this month.

Editor:Zheng Limin |Source:

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