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
"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
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."