G20 pledges decisive monetary, fiscal action if needed: Draft text

PUBLISHED ON FEB 10, 2015 11:58 AM

 

ISTANBUL (Reuters) - The Group of 20 (G20) leading economies will pledge to act decisively on monetary and fiscal policy if needed to combat the risk of persistent stagnation, according to a draft communique obtained by Reuters on Tuesday.

The communique, intended for adoption by G20 ministers later on Tuesday at a meeting in Istanbul, pointed to the risk of prolonged low inflation, sluggish growth and demand weakness in some advanced economies.

"Accordingly, we will continuously review our monetary and fiscal policy settings and act decisively, if needed," the draft document said.

The draft welcomed the favourable outlook in some key economies but gave a gloomy assessment of the global economy as a whole, saying growth was uneven and trade growth slow.