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"In an environment of diverging monetary policy
settings and rising financial market volatility, policy settings
should be carefully calibrated and clearly communicated to
minimize negative spillovers," G20 finance ministers and central
bankers said in a draft communique.
"We will continue to monitor financial market volatility and
take necessary actions," the draft communique said.
The language echoed other recent G20 statements, and was
evidence of continued concern over potential financial market
and economic disruptions as the U.S. Federal Reserve moves
toward an interest rate hike, even as the European Central Bank
and Bank of Japan keep the monetary spigots wide open.
In the draft communique, prepared for consideration at a
ministerial meeting on Friday, the group of advanced and
emerging nations welcomed the strengthening in some key
economies, but noted the uneven nature of global growth and said
risks remained.
"There are challenges, including volatility in exchange rates
and prolonged low inflation along with negative interest rates,
sustained imbalances and geopolitical tensions," the draft said.
The nations pledged to pursue fiscal policies "flexibly" to
support growth, and cited the need for continued easy monetary
policies in many advanced nations.
They also said they reaffirmed their previous exchange rate
commitments and would resist trade protectionism.
In the draft communique, the finance ministers and central
bankers said structural reforms were "essential" to ensure
strong growth, and said they remained committed to the growth
strategies they had previously outlined.
They also said they would develop "concrete country specific"
investment strategies with an eye toward presenting them at a
leaders' summit later this year.
(Reporting by Jan Strupczewski; Writing by Tim Ahmann; Editing
by Chizu Nomiyama)
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