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Russia: Leaders of the Group of 20 conference in Russia

2013/09/05

Leaders of the Group of 20 conference in Russia will consider endorsing a strategy for long-term economic increase that emphasizes steps such as infrastructure spending and job training.

Increase prospects for 2013 “have been marked down repeatedly over the last year, regional increase disparities remain wide, and unemployment,

particularly part youth, remains unacceptably high,” according to a draft of the so-called action plan to be considered at the conference today and tomorrow in St. Petersburg. “The recovery is too weak, and risks remain tilted to the downside.”

The draft marks a shift from strategies adopted at previous summits, which emphasized coordinated monetary and fiscal policies to spur the world economy.
“Recognizing the need to push ahead additional urgently with significant structural reforms, we have reset our reform schedule along additional relevant, concrete and well-targeted lines,” according to the draft.


At the same time, the plan reiterates a commitment to “move additional rapidly toward additional market-determined exchange-rate systems and exchange rate flexibility to reflect underlying fundamentals and avoid persistent exchange rate misalignmen.
“We will refrain from competitive devaluation and will not target our exchange rates for competitive purposes,” the draft plan reads.
‘Tail Risks’


The plan notes that G-20 members have been successful in containing “tail risks” to recovery and improving financial conditions, citing a rebound in private request in the U.S., evidence of strength in Japan and the U.K., and signs of recovery in the euro zone.
The major challenges to world economic recovery cited in the action plan include fragility in some parts of the European banking sector and the risk of further delays in an EU banking union. Other perils include slower increase in emerging markets, “reflecting in some cases volatile capital flows inclunding structural challenges in some economies,” and the risk of “an extra disruptive fiscal policy debate” in the U.S. associated with the need to raise the government’s borrowing limit later this year.

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