Communqué of the G-20 Meeting of Finance Ministers and Central Bank Governors.docVIP

Communiqué of the G-20 Meeting of Finance Ministers and Central Bank Governors Mexico City, 25-26 February 2012 1. We, the G20 Finance Ministers and Central Bank Governors, met to address ongoing economic and financial challenges and to agree on a way forward to fulfill the mandates given to us by our Leaders. 2. Substantial policy actions have taken place since our last meeting, and recent economic developments point to the continuation of a modest global recovery and an easing in global financial market stress. We welcome the important progress made by Europe in recent months to strengthen their fiscal positions, adopt measures to reduce financial stress, build stronger institutions, implement growth enhancing structural reforms and to put Greece on a sustainable path. We also welcome the market improvement associated with the actions undertaken by the ECB. Nevertheless, growth expectations for 2012 are moderate and downside risks continue to be high. The international economic environment has continued to be characterized by an uneven performance, with weak growth in advanced economies and a stronger, albeit slowing, expansion in emerging markets. Structural problems, insufficient global rebalancing, a persistent development gap and high levels of public and private indebtedness and uncertainty continue weighing on medium-term global growth prospects. While volatility in international financial markets has declined, it generally remains high and we are committed to further reduce downside risks. We are alert to the risks of higher oil prices and welcome the commitment by producing countries to continue to ensure adequate supply. With unemployment still too high in many countries, we are firmly committed to supporting growth and job creation. 3. The Cannes Action Plan for growth and jobs established significant commitments toward achieving our goal of strong, sustainable and balanced growth. We are making progress in implementing these commitments, which remain