WRAPUP 1-G20 says nearing growth goal, but more needed from Europe

Sun Sep 21, 2014 2:41am EDT
 
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* G20 says almost on track to add 2 pct to global growth

* Calls for Europe to do more to lift growth in near term

* Germany cautious on expansionary policy, warns of bubbles

* G20 leaders to meet in Brisbane in November

By Ian Chua and Cecile Lefort

CAIRNS, Australia, Sept 21 (Reuters) - The Group of 20 leading nations say they are tantalisingly close to adding an extra $2 trillion to the global economy and creating millions of new jobs, but Europe's extended stagnation remains a major stumbling block.

The finance ministers and central bank chiefs gathered in the Australian city of Cairns claimed progress on fireproofing the world's financial system and on closing tax loopholes exploited by giant multinationals.

They also dealt with the thorny problem of whether to invite Russian President Vladimir Putin to the G20 leaders' summit in November given events in Ukraine, with the consensus being to maintain diplomatic pressure but leave the door open for his attendance.

"We are determined to lift growth, and countries are willing to use all our macroeconomic levers - monetary, fiscal and structural policies - to meet this challenge," said Australian Treasurer Joe Hockey, who hosted the event.   Continued...