MEXICO CITY Nov 5 The world's leading economies
must commit to quick steps to boost growth at a meeting of Group
of 20 finance chiefs on Monday, Australian Treasurer Wayne Swan
Swan said there was a slightly more optimistic mood among
top policymakers about the global outlook given actions by
central banks in Europe, the United States and Japan to support
their economies, but governments had to do their part too.
"The optimism will only be justified if we leave here
committed to take the additional policy action required in the
remainder of this year," he said in remarks prepared for
delivery to G20 finance ministers and central bankers meeting in
"I know some question the spillover impacts from these
central bank actions, but there is nothing more important to the
global economy than to lift growth in the world's major advanced
Europe needs to finalize its plans for banking union and the
United States has to resolve the so-called fiscal cliff of
looming tax hikes and spending cuts "as a matter of utmost
urgency", he said.
Swan acknowledged concerns held by many countries about the
weak U.S. dollar pushing up currencies and making exports more
expensive but said nothing would help support the dollar more
than a return to solid growth in the United States.
He also urged China, where President Hu Jintao is to
transfer power as party leader to anointed successor Vice
President Xi Jinping at a party congress starting on Thursday,
to keep up the pace of economic reforms.
"It will be important that the new Chinese leadership
continue to deliver on the reforms needed to rebalance the
Chinese economy towards consumption-led growth," Swan said.