Finance ministers and central bankers from the Group of 20 nations met last week to prepare for the coming G20 summit and agreed to "take whatever action is necessary until growth is restored." Although a division surfaced among the participating nations, the commitment to efforts to attain recovery of the global economy is significant.
The G20 nations, which include the G7 developed countries and emerging economies like Russia, Brazil, China and India, account for more than 80 percent of the world economy. It is hoped that they will strengthen their unity and work out clearly defined actions in the G20 summit to be held in London on April 2.
Economic stimulus measures were a major point of last week's meeting. The participants agreed on the importance of fiscal spending as a means of ensuring economic growth and creating jobs. They agreed that "acting together" in implementing such measures "strengthens the impact."