21 de septiembre de 2014 / 2:39 / hace 3 años

HIGHLIGHTS-Quotes from G20 finance ministers and central bankers


CAIRNS, Australia, Sept 21 (Reuters) - Financial leaders of the group of 20 top economies have reaffirmed their commitment to chasing higher global growth, but there are divisions on the need for short-term stimulus to support faltering economies.

Here are some quotes from finance ministers, central bankers and other officials after the Sept 20-21 meeting in the Australian city of Cairns.

For the G20's communique, please see

Global Growth

Australian Treasurer Joe Hockey (Host of Meeting):

"G20 Finance Ministers and Central Bank Governors in Cairns today have delivered strategies that will achieve 1.8 per cent of additional growth across the global economy. Ministers further agreed that we can and will do more.

"This result means we are 90 per cent of the way to meeting the 2 per cent growth ambition we set at our Sydney meeting."

"While the world economy is recovering, growth is uneven and there are some obvious risks to the outlook."

"It is critical that we take concrete steps to boost growth and create jobs. We will use all levers available, including additional fiscal and monetary policy leverage where appropriate."

u.s. Treasury Secretary Jack Lew:

"The U.S. economy continues to be a source of strength in the global economy."

"Since we last gathered in Sydney, growth in the euro zone and Japan has been disappointing, and growth forecasts have been revised downward. The euro area continues to encounter persistent headwinds, with unemployment still near a record high and inflation at dangerously low levels."

"Among G20 members there is an intensified call for boosting domestic demand in Europe, as part of an appropriate policy mix - fiscal, monetary, and structural."

"The concern that I have is that if the efforts to boost demand are deferred for too long, there's a risk that the headwinds get stronger, and what Europe needs is some more tailwinds in the economy."


"Persistent weakness of demand has been a key issue in the discussions. But it was also very clearly recognise that supply-side reforms are necessary to strengthen growth."

"We're all aware that the room has become very limited to further stimulate demand through macroeconomic policies. Central banks in advanced economies, including the ECB, are already pursuing very accommodative monetary policies. As regards to fiscal policies, we must all aim at putting our public debt on a downward path, on a sustainable path."

"I also stressed the Governing Council is unanimous in its commitment to using additional unconventional instruments within its mandate if necessary to address the risks of a prolonged period of low inflation, but I also made it clear that monetary support will have very limited effect without progress in structural reforms."


(On efforts to raise global growth)

"It is a good start, but there again implementation is the most important thing. So there is a lot of work to be done in the European level in this issue. Europe will do its share in order to achieve this target."

Canadian Finance Minister Joe Oliver:

"The fact is, the global economy is fragile. Everyone around the G20 table agrees we must do more to tackle our common threats."

"Europe continues to struggle with insipid growth and very low inflation. Strong action and political leadership is needed to ensure growth in the region does not settle onto a persistently weak path."

"China is struggling to shore up weakening growth."

Bank of Canada Governor Stephen Poloz:

"As a general premise, everyone has been expecting the US dollar to begin to get some more strength as the U.S. economy gathers some more momentum, and that is exactly was has happened. It comes up as a volatility rise because nothing has moved for a while."

"The Canadian economy has a significant amount of room to grow. There is excess capacity both in output space and in the labour market and so much of the uptick in inflation that we've seen over the last 5-6 months has been in one-off categories."

Risk of Asset Bubbles

Imf Managing Director Christine Lagarde:

"We believe that central banks do have the tools, particularly the macroprudential tools, to react to potential excess valuation in various corners of the markets and they're all committed to potentially use them, if and when necessary. So we believe they're equipped to deal with some of those potential risks."

Bank of Canada Governor Stephen Poloz:

"We don't see the housing market as particularly hazardous and we certainly don't consider it to be in bubble or any of these things. However, there's no doubt that the housing sector has done the lion's share of the heavy lifting. The response to low interest rates has been primarily through that channel and that's a good thing, that's an intentional thing."

"I think the most important thing about it is that the underlying underwriting has been extremely high quality... much stronger underwriting than what we saw, for example, in other housing markets and in front of the housing crisis. That just gives us a lot more comfort that its a resilient situation."

Japan's Economy, Markets

Bank of Japan Governor Haruhiko Kuroda

"For now, we're not seeing any signs of excessive risk taking in Japan's asset markets and banking activity. There's no change to our stance of steadily implementing quantitative and qualitative easing to achieve our 2 percent price target.

"In Japan, consumer prices were falling by 0.4 percent to 0.5 percent when we launched QQE last April. Recently, they are rising above 1 percent. We're still half way in meeting our 2 percent price target. But Japan is emerging from a state of deflation, in the sense prices are no longer falling."

Japanese Finance Minister Taro Aso:

(When asked whether the yen is still in a correction phase from excessive rises after the Lehman crisis)

"As finance minister, I won't comment on exchange-rate levels. I would say, though, that the dollar was around 108 yen when the Lehman shock struck in 2008. It's about the same level now."

"Economic conditions vary from country to country ... We've agreed at the G20 on the need to achieve sustained growth. But what steps each country will take will vary."

Russia and Ukraine

u.s. Treasury Secretary Jack Lew:

"Our goal, and I think Europe's goal, is the same. For there to be a diplomatic resolution and for Russia to take a step back, to use a ceasefire now to work through the issues and to get to a place where instead of increasing the sanctions we're in a position to decrease the sanctions. If progress is not made in that area, we need to be able to continue to work together and move together."

International Tax Arrangements

Australian Treasurer Joe Hockey:

"We are unified in our mission to modernise global tax rules and close gaps that have emerged in recent years."

"We have endorsed far-reaching initiatives which will arm our tax authorities with the information that they need to identify tax evaders through the automatic exchange of information using a Common Reporting Standard (CRS)."

Reporting by Licoln Feast, Gernot Heller, Leika Kihara, Ian Chua, Cecile Lefort and Byron Kaye; Editing by John Mair

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