US leads pushback against emerging market angst at G20
SYDNEY (REUTERS) - The world's rich nations pushed back on Friday against emerging market complaints about the spillover effects of their monetary polices, saying they had to get their own houses in order and get with the agenda of boosting global growth.
As finance ministers and central bank chiefs from the Group of 20 developed and emerging countries gather ahead of a weekend meeting in Sydney, many are already talking at cross purposes.
Emerging nations want the US Federal Reserve to calibrate its winding down of stimulus so as to mitigate the impact on their economies and financial markets. Developed members reply that the troubles in the emerging world are mostly home-grown and domestic interest rates have to be set with domestic recoveries in mind.
A draft of the communique, reported by Bloomberg News, highlighted how the push for growth had trumped concerns about volatility in emerging markets that had threatened to overshadow the meeting.