Press Release: Statement by IMF Managing Director Christine Lagarde on G-20 Ministerial Meeting in Moscow

IMF News, July 20, 2013

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Canonical URL: Press Release: Statement by IMF Managing Director Christine Lagarde on G-20 Ministerial Meeting in Moscow

Press Release No.13/269
Date: July 20, 2013
Issued by: IMF COMMUNICATIONS DEPARTMENT, Media Relations
Contact: E-mail: media@imf.org; Phone: 202-623-7100
Event: Group of 20 Finance Ministers and Central Bank Governors meeting in Moscow, with a joint Labor and Employment and Finance Ministers’ meeting also convened.

Global economic conditions:
- "The global economy remains too weak and unemployment is too high in many countries."
- "Although there are signs of strengthening activity in the U.S. and Japan, the recession in the euro area continues, and many emerging markets are growing at a slower pace."
- "There has also been an increase in financial market volatility and tightening of financial conditions."
Issues discussed at the meeting:
- Spillover effects of monetary policies.
- Implications of recent market volatility.
- Need for balanced and credible fiscal strategies.
- Importance of comprehensive structural reforms to raise productivity, reduce rigidities, and support growth.
- Financial regulation and international taxation issues, including international spillovers of national tax policies.
- Employment and job creation programs discussed by the joint Labor and Employment and Finance Ministers’ meeting.

Fiscal and monetary policy:
- Pursue balanced and credible fiscal strategies in light of tightening financial conditions and market volatility.
- Consider spillover effects when designing and implementing monetary policies.
Structural and labor policies:
- Implement comprehensive structural reforms to raise productivity and reduce rigidities.
- Combine employment and job creation programs with appropriate macroeconomic and labor policies to foster innovation, promote growth, and high quality jobs.
Financial regulation and taxation:
- Continue work on financial regulation reforms and address international spillovers of national tax policies; the IMF will continue to contribute given the significant implications for the global economy.
Governance and IMF reform:
- Complete the IMF’s 2010 quota reforms; countries are urged to quickly ratify the measures necessary to implement this important agreement and complete the governance reform agenda as soon as possible in line with IMF commitments.

The statement looks ahead to the G-20 Summit of Heads of State and Government in St. Petersburg in September, where key issues and challenges facing the global economy discussed in Moscow will be reviewed.

Source: Press Release No.13/269, July 20, 2013, IMF Communications Department.