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G20 finance ministers affirms steps to keep economic recovery sturdy

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By NewsGram Staff-Writer

Finance ministers and central bank governor of G20 nations met for a two-day meeting at Ankara. They pledged take appropriate action to maintain and strengthen the economic recovery.

The communique said that G20 finance ministers and central bank governors will try to avoid persistent exchange rate misalignments and continue to monitor developments, assess spillovers and address emerging risks as needed to foster confidence and financial stability, Xinhua reported.

“Monetary policies will continue to support economic activity consistent with central banks’ mandates,” the communique said, adding “monetary policy tightening is more likely in some advanced economies”.

On the issue of currency wars, they said: “We reiterate our commitment to move toward more market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments. We will refrain from competitive devaluations, and resist all forms of protectionism.”

Facing the worldwide challenges, finance ministers and central bank governors said that they will carefully calibrate and clearly communicate their actions, especially against the backdrop of major monetary and other policy decisions, to minimize negative spillovers, mitigate uncertainty and promote transparency.

13083532363_f1b4bdd38b_bThe communique said: “We remain committed to timely and effective implementation of our growth strategies that include measures to support demand and lift potential growth.”

International Monetary Fund (IMF) managing director Christine Lagarde said: “Downside risks to the outlook have increased, particularly for emerging market economies. Against this backdrop, policy priorities have taken on even more urgency since we last met in April.”

The major challenge facing the global economy is that growth remains moderate and uneven, she said. For the advanced economies, activity is projected to pick up only modestly this year and next.

For the emerging market economies, prospects have weakened in 2015 relative to last year, though some rebound is projected next year. For both the advanced and emerging economies, productivity growth continues to be low,” she said.

The IMF chief called for a concerted policy effort from the members states to address these challenges, including continued accommodative monetary policy in advanced economies; growth-friendly fiscal policies; and structural reforms to boost potential output and productivity.

With inputs from IANS

 

 

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Government Of Germany Lays Out Plan To Phase Coal Out By 2038

Despite its reputation as a green country, Germany relies heavily on coal for its power needs

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Coal
Water vapor rises from the cooling towers of the Jaenschwalde lignite-fired power plant of Lausitz Energie Bergbau AG beside a wind turbine in Jaenschwalde, Germany, Jan. 24, 2019. VOA

A government-appointed commission laid out a plan Saturday for Germany to phase out coal use by 2038.

The commission — made up of politicians, climate experts, union representatives and industry figures from coal regions — developed the plan under mounting pressure on Europe’s top economy to step up efforts to combat climate change.

 

Coal, Germany
coal-fired Scherer Plant, one of the top carbon emitters in the U.S., is seen in Juliette, Georgia, June, 3, 2017. (VOA)

 

“This is a historic day,” the commission’s head, Ronald Pofalla, said after 20 hours of negotiations.

The recommendations, which involve at least $45.6 billion in aid to coal-mining states affected by the move, must be reviewed by the German government and 16 regional states.

Climate
A wind turbine overlooks the coal-fired power station in Gelsenkirchen, Germany. VOA

While some government officials lauded the report, energy provider RWE, which runs several coal-fired plants, said the 2038 cutoff date would be “way too early.”

Also Read: Australia Rejects U.N. Climate Report, Continues Using Coal

Despite its reputation as a green country, Germany relies heavily on coal for its power needs, partly because of Chancellor Angela Merkel’s decision to phase out nuclear power plants by 2022 in the wake of the 2011 Fukushima disaster in Japan.

Coal accounted for more than 30 percent of Germany’s energy mix in 2018 — significantly higher than the figures in most other European countries. (VOA)