Global economic growth weak, unemployment too high - G20

G20 finance ministers and central bankers confirm the remaining global economic risks amid weak growth and high unemployment.

Important political steps taken in Europe, the United States and Japan and the Chinese sustainable economy lower key economic risks and improve financial markets, says the Moscow meeting communique.

Nevertheless, substantial risks remain, the economic growth is still too weak and unemployment is impermissibly high in many countries.

The G20 financiers agree that the feeble global economic activity is linked with economic policy uncertainties, a decrease in private lending and economic growth obstruction by high taxes and worsening lending mediation.

They also said the global supply-demand balance had not been restored fully.

The G20 ministers insist on strengthening the eurozone economic and currency union and eliminating fiscal uncertainties in the United States and Japan. They also suggest fostering internal demand in countries with a surplus of current transactions.

In addition, G20 finance ministers and central bankers have promised to end sparring over currencies.

The Moscow meeting communique said the sides would "refrain from competitive devaluation" and "resist all forms of protectionism and keep our markets open."

The ministers reaffirmed the goal of cooperation in the reduction of global imbalances and continuation of structural reforms important for internal savings and labor productivity.

The communique pledged "to move more rapidly toward more market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments."

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