To strengthen growth, create jobs and achieve global rebalancing macroeconomic policy levers need to be appropriately calibrated. G-20 members are mindful of global impact of their macroeconomic policies and understand their potential positive and negative spill overs within and outside the G20. Therefore, G20 member countries will cooperate to manage spill overs.
- Monetary Policy: Central Banks of the G20 countries have committed that monetary policy settings will continue to be carefully calibrated and clearly communicated. G20 is mindful of potential impacts of normalisation, such as excessive volatility in exchange rates and asset prices that can be damaging to growth. G20 will strengthen and refine domestic macroeconomic, structural and financial policy frameworks, and other complementary measures, including macro-prudential measures.
- Fiscal Strategies: G20 will continue to implement fiscal strategies flexibly to take into account near-term economic conditions, so as to support economic growth and job creation, while putting debt as a share of GDP on a sustainable path. G20 will consider how changes in the composition and quality of government expenditure and revenue may enhance contribution of its fiscal strategies to growth.
Priorities for Turkish Presidency-2015
- To coordinate policies and understand the positive and negative spill overs.
- Try and achieve an appropriate fiscal and monetary policy mix in addition to implementation of the structural reform agenda.