February 16, 2013 / 8:20 AM / in 4 years

Policymakers' quotes at G20 summit in Moscow

3 Min Read

MOSCOW (Reuters) - Finance ministers and central bankers from the Group of 20 nations are meeting in Moscow under Russia's presidency.

Following are key quotes from the meeting on Saturday.

Canadian Finance Minister Jim Flaherty

The language has been strengthened since our discussions last night ... "It's stronger than it was, but it was quite clear last night that everyone around the table wants to avoid any sort of currency disputes."

On fiscal policy:

"First of all you need a medium-term plan to get to balanced budgets, and then at the same time you need some growth initiatives as we have in Canada with respect to trade and regulatory reform. Some of these initiatives don't cost money and do create jobs and growth, so the question was how do we strike the right balance, which is what I was encouraging my colleagues to do. Some countries put more emphasis on the previous commitments at Toronto than others do. I think we have to avoid backtracking. That would be a terrible error for the G20. As an organization we need to maintain our movement forward, to keep our commitments, to show that we can collaborate and work together, as we did successfully in 2008."

French Finance Minister Pierre Moscovici

"We all agreed on the fact that we refuse to enter any currency war."

"But we also want to have on an international level a cooperative approach ... excluding aggressive strategies for devaluation."

"This is why we all agreed that the levels of currencies have to be determined by the markets."

Russian Finance Minister Anton Siluanov

"We expect by April countries will have made progress on reaching a balanced approach to establishing new budget indicators on both, deficit and the level of government debt."

"Structural reforms in all countries, either with a positive or negative balance of payments, should play a bigger role."

Reserve Bank of India Governor Duvvuri Subbarao

"We agree with the statement made in the communique about exchange rates should be market determined."

"The position of advanced economies as a group has been that their monetary policies are more (aimed at) domestic situation and if there is a currency movement as a consequence of that, that's an incidental by-product."

"The main refrain of emerging economies has been that the spillover impacts of easy monetary policies, there are push factors and pull factors and capital flows are happening more because of push factors rather than pull factors ... and that the macroeconomic costs can be more than advanced economies believe."

British Finance Minister George Osborne

"The G7 made a very clear statement this week. I think you'll see the G20 echo what was said, and say that currencies should not be used as a tool of competitive devaluation."

"Countries shouldn't make the mistake of the past of using currencies as a tool of economic warfare."

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below