TEXT-Final draft of G20 finance ministers communique

Fri Jul 19, 2013 12:26pm EDT
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MOSCOW, July 19 (Reuters) - Following are key passages of the draft of a communique prepared for a meeting on Friday of finance ministers and central bankers from the Group of 20 economies in Moscow.

This text, seen by Reuters, updates an earlier item with passages where the agreed wording is final. The phrase in square brackets remains subject to review:

1. We the G20 Finance Ministers and Central Bank Governors, met to discuss the current global economic developments and prepare for our Leaders' summit in September.

2. Since we last met, the global outlook has somewhat weakened on account of slower growth in some large emerging market economies and the recession in the euro area. As previously, the global recovery remains fragile and uneven, with unemployment continuing to be high in many countries. A range of factors continue to weigh on global growth prospects, including post-financial crisis deleveraging in the private sector and impaired credit intermediation, fiscal drag and still incomplete rebalancing of global demand, as well as structural impediments to growth in some countries.

In addition, policy uncertainty has recently triggered an increase in financial markets volatility and financial conditions have tightened. This has mostly affected emerging market economies, and some of them experienced a large increase in local bond yields, depreciation of currencies and liquidity pressures against the backdrop of reversing capital flows.