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“Growth remains modest and uneven, and downside risks and uncertainties to the global outlook persist against the backdrop of continued financial volatility, challenges faced by commodity exporters and low inflation,” according to the group’s communique released Friday in Washington.
“Geopolitical conflicts, terrorism, refugee flows, and the shock of a potential U.K. exit from the European Union also complicate the global economic environment,” it said. [...]
Policy Tools
As in Shanghai, finance ministers and central bankers pledged to use all policy tools - monetary, fiscal and structural reforms - to stimulate growth. They reiterated that monetary policy alone can’t produce balanced growth.
G-20 members also reiterated that they would consult closely on exchange markets. “We reaffirm our previous exchange-rate commitments, including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes.”
The statement continued, saying the G-20 will resist “all forms of protectionism.”
The G-20 statement contains tougher language on tax transparency following the leak this month of offshore financial records, known as the Panama Papers, which set off a global furor by exposing billions of dollars in assets hidden in tax havens around the world. [...]
Improving transparency of tax systems is vital to the integrity of the international financial system, the statement said.