TEXT-Excerpts of G20 draft communique
PARIS Oct 15 (Reuters) - Following are key excerpts of a draft communique of a meeting of finance ministers and central bankers of the Group of 20 leading industrialized economies.
"We have progressed in delivering the commitments we made three weeks ago in Washington, D.C. In particular, we welcome the adoption of the ambitious reform of the European economic governance. We also welcome the completion by euro area countries of the actions necessary to implement the decisions taken by euro area leaders on 21 July 2011 to increase the capacity and flexibility of the EFSF. We look forward to further work to maximize the impact of the EFSF in order to avoid contagion and to the outcome of the European Council on October 23 to decisively address the current challenges through a comprehensive plan."
"We made progress on our action plan of coordinated policies for consideration by our leaders at the Cannes summit. This action plan will encompass a set of measures to address immediate vulnerabilities and strengthen the foundations for a strong, sustainable and balanced growth, whereby advanced economies, taking into account different national circumstances, will adopt policies to build confidence and support growth and implement clear, credible and specific measures to achieve fiscal consolidation. Those with large current account surpluses will also implement policies to shift to growth based more on domestic demand. Those with large current account deficits will implement policies to increase national savings. Emerging market economies will address macroeconomic policies where needed to maintain growth momentum in the face of downside risks, contain inflationary pressures and endeavour to enhance resilience in the face of volatile capital flows. Surplus emerging market economies will accelerate the implementation of structural reforms to rebalance demand toward more domestic consumption, supported by continued efforts to move toward more market-determined exchange rate systems and achieve greater exchange rate flexibility to reflect economic fundamentals."
"We remain committed to take all necessary actions to preserve the stability of banking systems and financial markets. We will ensure that banks are adequately capitalized and have sufficient access to funding to deal with current risks. Central banks have recently taken decisive actions to defend, and will continue to stand ready to provide liquidity to, banks as required. Monetary policies will maintain price stability and continue to support economic recovery."
"We committed that the IMF must have adequate resources to fulfill its systemic responsibilities, and look forward to a discussion of this in Cannes."
"We reaffirmed our shared interest in a strong and stable international financial system and our support for market-determined exchange rates. We reiterate that excess volatility and disorderly movements of exchange rates have adverse implications for economic and financial stability."
"We endorsed a comprehensive framework to reduce the risks posed by SIFIs (systemically important financial institutions), including strengthened supervision, key attributes of effective resolution regimes, a framework for cross-border cooperation and a recovery and resolution planning, as well as additional loss-absorbency requirements for those banks determined as G-SIFIs. Now that the framework applicable to G-SIFIs is agreed, we urge the FSB to define the modalities to extend expeditiously the framework to all SIFIs."
"We look forward to making progress by the Cannes summit on a criteria-based path to broaden the SDR basket as a contribution to the evolution of the IFS based on the existing criteria."
- Vice-principal of South Korea school in ferry disaster commits suicide |
- After Nevada ranch stand-off, emboldened militias ask: where next?
- New Russia sanctions threats as Ukraine stalemate goes on |
- Florida man charged with murdering son so he could play video games
- All 338 Korean students, teachers rescued from sinking ferry - school official