LONDON/HONG KONG Feb 20 Emerging nations would
be wrong to blame their problems on Western central banks, and
should focus on building up economic resilience through domestic
reforms, British finance minister George Osborne said on
Speaking in Hong Kong en route to a meeting in Australia of
the finance ministers of the G20 developed and developing
countries, he noted concerns about recent volatility in emerging
"I can see that it is tempting for some to blame Western
monetary policy for economic problems in some emerging markets,
but this is neither accurate nor useful," he said.
"Not accurate because, while tapering of U.S. monetary
policy in response to a strengthening domestic recovery may have
been the trigger for instability, it is not the real cause."
The U.S. Federal Reserve's move to curb some of its massive
monetary stimulus has unsettled emerging markets in recent
Worries about global economic imbalances and the end of
cheap central bank money have been exacerbated by political
crises in Turkey, Argentina and - most notably - Ukraine,
triggering a sell-off in emerging market assets.
But Osborne said emerging economies with stable domestic
politics and which had implemented economic reforms were being
spared the worst of the turmoil.
Argentina and Turkey are both members of the G20.