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finance officials from rich and developing countries on Saturday
pledged to maintain stimulus measures to boost the global economy,
warning that the fledging recovery that provided the backdrop to their
meeting is by no means assured.
Group of 20 finance ministers also promised a crackdown on bankers' pay
- while stopping short of a European push for a cap on bonuses - and
agreed to giving developing countries a greater say in international
financial institutions.
A joint communique said that fiscal and monetary policy will stay
"expansionary" for as long as needed to reduce the chances of a
double-dip recession after the worst financial crisis since World War
II.
"Financial markets are stabilizing and the global economy is improving,
but we do remain cautious about the outlook for growth and jobs,"
British Treasury chief Alistair Darling, the host of the London
meeting, said.
"We agreed that we would continue to implement our necessary support
measures - including monetary and fiscal policies - consistent with
price stability and long-term fiscal sustainability until recovery is
secured.".
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