Finance leaders back EU, US to-do list to shield growth
Published on Oct 13, 2012 6:40 PM
TOKYO (REUTERS) - World finance leaders on Saturday endorsed a checklist of policy reforms aimed at pressuring Europe and the United States to tackle debt troubles that threaten to choke off global growth.
To hold each others' feet to the fire, the nations - meeting under the aegis of the International Monetary Fund (IMF) - agreed to review progress in six months.
Their 10-page agenda, however, largely summarised previously planned steps, such as deploying a new European Central Bank bond-buying programme and avoiding the US "fiscal cliff" of spending cuts and tax hikes set to take hold early next year.
The checklist and checkup were an acknowledgement of frustration within the IMF and among many emerging market economies over a sluggish and piecemeal policy response to the major risks facing the world economy.
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