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G-20 to boost spending to stimulate growth

The Group of 20 nations’ leaders reached agreement on the need for increased spending as well as to use other fiscal, monetary and structural tools to bolster the world’s faltering economy. The closing communique also underscored the significance of currency stability and cooperation between the developed and emerging economies.

“We are determined to use all policy tools – monetary, fiscal and structural – individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth,” heads of the world’s top economies declared in a joint communique on Monday following a summit in Hangzhou, China. G20 leaders also reiterated their support for “international tax cooperation, a transparent financial system, environmentally sustainable growth strategies, and opposition to protectionism on trade and investment in all its forms.”

The Wall Street Journal (tiered subscription model) (06 Sep.)