Group of 20 officials meeting in Mexico City agreed
that the latest monetary easing by developed nations will buy time for the
global economic recovery and that governments must do more to boost growth,
Mexican central bank Deputy Governor Manuel Ramos Francia
said.
Ramos Francia spoke at a
news conference following the end of a two-day meeting of deputy finance
ministers and central bank officials from G-20 nations in Mexico City. Mexico
is presiding over the group this year.
The meetings took place after European Central Bank
President Mario Draghi said Sept. 6 that the bank was
ready to buy unlimited quantities of short-dated government bonds of nations
signed up for rescues.
The U.S. Federal Reserve on Sept. 13 said that it
would make additional purchases of debt in a third round of so-called quantitative
easing, while the Bank of Japan unexpectedly increased its asset-purchase fund
to 55 trillion yen ($707 billion) at its meeting last week.
The G-20 nations called for better transparency in commodities
markets and for measures to boost production, transportation and trade of raw
materials to reduce price volatilitiy, said Mexico’s
deputy finance minister, Gerardo Rodriguez, who co-chaired the Sept. 23 and 24
meetings.
Rodriguez said the deputies discussed boosting emerging
markets’ International Monetary Fund quotas, which determine access to
financing, financial obligation and voting rights. A concrete decision will
probably come by the end of the year or the start of 2013, he said.
The nations agreed that emerging markets should
“gradually” increase their presence in the IMF based on measurements including
economic output, Rodriguez said.