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Archive: 24 September 2011

Posts in 24 September 2011

Intervention of FM at the G20 Finance Ministers’ and Central Bank Governors’ Dinner Meeting

September 24, 2011 612 Views 0 comment Print

First, it is worth considering whether we are giving excessive weightage to the balance and sustainable elements of the Framework, and too little to strong growth. The question of growth is particularly relevant at this juncture, when the recent developments in the global economy are cause for serious concern. The Framework exercise was initiated on the assumption that the global economy was recovering reasonably well from the economic and financial crisis, and hence the G 20 needed to turn its attention to medium to long-term issues.

BRICS Finance Ministers’ Joint Communiqué Issued at the end of Meeting in Washington

September 24, 2011 564 Views 0 comment Print

While BRICS countries recovered quickly from the 2008-09 global financial crisis, some of us have been subject to inflationary pressures and growth prospects of all our countries have been dampened by global market instability. In advanced countries, the build up of sovereign debt and concerns regarding medium to long-term plans of fiscal adjustment are creating an uncertain environment for global growth. Also, excessive liquidity from aggressive policy actions taken by central banks to stabilize their domestic economies has been spilling over into emerging market economies, fostering excessive volatility in capital flows and commodity prices.

Text of the Address of Union Finance Minister's Address to BRICS

September 24, 2011 654 Views 0 comment Print

We are meeting here at the time when global economic growth seems to be losing its momentum after about a year and half of fragile and uneven recovery. There are signs of economic and financial weaknesses in Europe and the US that threaten the global economic outlook. The robust and quick recovery in EMEs also seems to be running out of steam. It is important that at this juncture the BRICS countries have come together to discuss the implications and the possible policy responses to the emerging situation in the US and Europe and in doing so make an assessment around the following agenda points:-

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