Finance ministers and central bankers from the Group of 20 ended their Mexico City meeting Nov. 5 with a communique stressing that "We will do everything necessary to strengthen the overall health and growth of the global economy."
The communique stated: "Global growth remains modest and downside risks are still elevated, including due to possible delays in the complex implementation of recent policy announcements in Europe, a potential sharp fiscal tightening in the United States, securing funding for this year's budget in Japan, weaker growth in some emerging markets and additional supply shocks in some commodity markets."
Since uncertainties surround the world economy, it is all the more important for both developed and emerging economies to share a sense of crisis and cooperate to eradicate downward risks and to prevent a financial crisis like the Lehman Brothers shock. But the G-20 meeting lacked an impact because finance ministers from the U.S., China and Brazil and the head of the European Central Bank were absent.