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 In a joint communique issued at the end of the two-day conference
of G20 central bankers and finance ministers in Shanghai,
participants repeated previous pledges not to engage in competitive
currency devaluations and pledged to "consult closely" on exchange
markets.
The final communique appeared unchanged from a draft reported by
Reuters earlier on Saturday.
Policymakers from the Group of 20 big developed and emerging
economies said they would use "all policy tools - monetary, fiscal
and structural - individually and collectively" to strengthen growth
and financial stability.
The communique specifically said countries would make tax policy and
public spending "as growth-friendly as possible", while prioritizing
high-quality investments.
 But the communique also said: "Monetary policies will continue to
support economic activity and ensure price stability, consistent
with central banks' mandates, but monetary policy alone cannot lead
to balanced growth."
G20 countries would "use fiscal policy flexibly to strengthen
growth, job creation and confidence, while enhancing resilience and
ensuring debt as a share of GDP is on a sustainable path", it said.
The group said structural reforms would play an essential role in
boosting productivity and potential output.
"We are committed to further enhancing the structural reform
agenda," it said.
Geopolitics also figured in the communique.
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"Downside risks and vulnerabilities have risen," it said, citing a
backdrop of volatile capital flows, a drop in commodity prices, the
"shock" of a potential British exit from the European Union and
increasing refugee flows.
"While recognizing these challenges, we nevertheless judge that the
magnitude of recent market volatility has not reflected the
underlying fundamentals of the global economy," it said.
The communique said the G20 would better monitor capital flows and
identify associated risks.
(Reporting by Kevin yao, Jan Strupczewski, Adam Jourdan, Gernot
Heller and Brenda Goh; Writing by Pete Sweeney; Editing by Alex
Richardson)
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