HIGHLIGHTS-G20 finance ministers, central bankers meet in Mexico
The following are highlights of comments by leaders and officials at the Group of 20 finance ministers and central bankers meeting in Mexico City on Sunday. For a TAKE A LOOK of the G20 meeting:
JAPANESE FINANCE MINISTER KORIKI JOJIMA
ON THE YEN:
"I told (the G20) that the strong yen persists in spite of the fact that the Japanese economic fundamentals are not solid and that it poses a major downside risk to the Japanese economy as we tackle rebuilding from the damage caused by last year's earthquake."
"Financial markets have regained calm, but I strongly urged European countries to steadily carry out measures that have been agreed and announced so as not to disappoint markets. I told (the G20) that we are considering purchasing ESM bonds while closely watching Europe's own efforts."
ON FINANCIAL REGULATION:
"It is important to strengthen the financial sector by implementing appropriate regulation, but I told the G20 to be mindful of the risk of excessive regulations hurting the real economy and liquidity of government bond and currency markets."
AUSTRALIAN TREASURER WAYNE SWAN
ON THE GLOBAL ECONOMY:
"There are a number of challenges in the global economy. You've got recession in Europe and no prospect of any substantial growth and you do have the challenge of the U.S. fiscal cliff. I'm very hopeful, as many others are, that that is dealt with swiftly following the presidential election, but the fact that there is recession in Europe, and that growth is very tepid in the United States, what we are now seeing is a slowdown in global growth and, of course, global growth with a 3 in front of it just doesn't cut the mustard."
"The challenge is how to reinvigorate growth with structural reforms to lift productivity and I believe that's what we should focus on through the G20."
ON BALANCE BETWEEN AUSTERITY AND GROWTH:
"Whilst it's important that we focus on the immediate challenges in some countries, I think what we need is medium term fiscal priorities which recognise that we need growth in the short term, but fiscal consolidation in the medium and longer term."
ON CHINA'S ECONOMY:
"Much of the discussion about the growth rate in China doesn't appreciate the fact that the Chinese economy is now 40 percent larger than it was at the end of 2007."
"If it's 40 percent larger and the growth rate is 7 or 8 (percent) they are still making a very significant contribution to global growth."
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