MOSCOW Feb 15 Finance ministers and central
bankers from the Group of 20 nations are meeting in Moscow under
Following are key quotes from the meeting.
To read main stories from the summit, click:
ECB PRESIDENT MARIO DRAGHI
"All this chatter that has been undertaken in the past few
weeks is either inappropriate or fruitless - in all cases it's
"The exchange rate is not a policy target, but the exchange
rate is important for growth and price stability."
"We don't believe that inflating budget deficits to create
demand is sustainable."
FEDERAL RESERVE CHAIRMAN BEN BERNANKE
"Consistent with the G7 policy statement, the United States
is using domestic policy tools to advance domestic objectives."
JAPANESE FINANCE MINISTER TARO ASO
"We explained our stance and other countries voiced no such
opinions as approval or objection."
"We stick to our policy, and consequently it (the yen
weakening) happened. But that was not our target. Our target is
getting out of recession and deflation. That is the main
"Some emerging economies said that we should pay heed to
spillover effects from monetary easing by advanced economies."
BOJ GOVERNOR MASAAKI SHIRAKAWA
"We are conducting monetary policy focusing on the stability
of our domestic economy by escaping deflation and achieving
sustainable growth under price stability."
"The biggest factor behind the yen's weakening lies in
receding risk aversion among investors ... Demand for the
safe-haven yen has declined and that has caused the yen to
U.S. TREASURY OFFICIAL LAEL BRAINARD
"G20 members will have to bring their exchange rate
frameworks into alignment so that we grow together and avoid a
downward spiral or beggar-thy-neighbor policies."
"It is important that all G7 members honor these commitments
and avoid loose talk about currencies.
"G7 members pledged that their fiscal and monetary policies
should be pointed toward domestic objectives....G7 should use
domestic instruments and not exhange rates."
"It's very important to calibrate the pace of fiscal
consolidation ... important to see demand in the euro area and
some of that must take place through internal rebalancing."
CANADIAN FINANCE MINISTER JIM FLAHERTY
"While sound, medium-term plans to balance our budgets must
be in place, this does not preclude us from also taking actions
to promote jobs and growth, and position our countries for
"I am concerned with the escalation of 'currency war'
rhetoric, which ... is contributing to the uncertainty that is
holding back stronger growth."
"We must send a signal by being unequivocal and united in
our support for market-determined exchange rates and our
opposition to protectionism."
RUSSIAN DEPUTY FINANCE MINISTER AND G20 SHERPA SERGEI
"There will be no specific mention of Japan (in the G20
communique) - we are all in the same boat."
"There are lots of questions. Drafting is always difficult."
AUSTRALIAN TREASURER WAYNE SWAN
"Insofar as they are deploying fiscal and monetary policy to
try to drive stronger economic growth, everybody's got a stake
"The G20's always been a strong advocate of market-based
exchange rates. The Chinese have been moving in that direction
and ... they've also been engaged in a redirection of their
economy towards greater domestic consumption."
EU ECONOMIC AND MONETARY AFFAIRS COMMISSIONER OLLI REHN
"The G20 should focus more on reforms than on short-term
fiscal and monetary stimulus."
SOUTH AFRICAN DEPUTY CENTRAL BANK GOVERNOR DANIEL MMINELE
"The issue may be overdone and overblown a little bit. None
of us goes out there and declares war on each other and says we
are going to take this deliberate action to inflict damage on
"At the end of the day we have to assume that these
countries, which happen to play a very important role in the
global context, (take) action to try to lift the growth
potential in their economies, to give the recovery some legs or
reflate their economies, and if that were to lead to overall
better growth prospects in their economy then we all benefit."
INDONESIAN DEPUTY CENTRAL BANK GOVERNOR HARTADI SARWONO
"If the Japanese increase their domestic demand it will help
Indonesia, especially from the export side."