ROME (Reuters) - Italy’s outgoing Economy Minister Fabrizio Saccomanni on Wednesday said market turmoil in emerging markets is a threat to global growth and the world’s 20 major economies are ready do what is necessary to underpin output.
“The very recent financial turbulence in emerging markets, as a consequence of global factors and local conditions, shows that the world economic recovery is still vulnerable,” Saccomanni said at a conference in Rome.
“The G-20 ministers of finance are confronting this new challenge and are ready to take any action that may be needed to strengthen the foundations of the world economic recovery and growth.”
Saccomanni is likely to be Italy’s economy minister only for a few more days as center-left leader Matteo Renzi is currently putting together a new government to replace the one led by caretaker Prime Minister Enrico Letta, who resigned last week.
Reporting by Giuseppe Fonte; writing by Steve Scherer