Tags: G-20 | action | world | recovery

G-20: More Government Action Needed for World Recovery

Monday, 24 Sep 2012 05:09 PM

Group of 20 officials meeting in Mexico City agreed that the latest monetary easing by developed nations will “buy time” for the global economic recovery and that governments must do more to boost growth, Mexican central bank Deputy Governor Manuel Ramos Francia said.

Ramos Francia spoke at news conference following the end of a two-day meeting of deputy finance ministers and central bank officials from G-20 nations in Mexico City. Mexico is presiding over the group this year.

“The risks are there,” Ramos Francia said. “They can be deferred and delayed for the future.” While central bank moves will “buy time” for European economies, “other types of policies need to be applied,” he said, without providing specific recommendations.

The meetings took place after European Central Bank President Mario Draghi said Sept. 6 that the bank was ready to buy unlimited quantities of short-dated government bonds of nations signed up for rescues.

The U.S. Federal Reserve on Sept. 13 said that it would make additional purchases of debt in a third round of so-called quantitative easing, while the Bank of Japan unexpectedly increased its asset-purchase fund to 55 trillion yen ($707 billion) at its meeting last week.

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Group of 20 officials meeting in Mexico City agreed that the latest monetary easing by developed nations will "buy time" for the global economic recovery and that governments must do more to boost growth, Mexican central bank Deputy Governor Manuel Ramos Francia said.
G-20,action,world,recovery
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2012-09-24
Monday, 24 Sep 2012 05:09 PM
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