February 16, 2013 / 6:37 AM / 5 years ago

Rebalancing growth needs more than FX adjustment - Russia

MOSCOW, Feb 16 (Reuters) - Russian Finance Minister Anton Siluanov said on Saturday a rebalancing of global growth requires more than an adjustment of exchange rates by Group of 20 nations.

“Structural reforms in all countries, either with a positive or negative balance of payments, should play a bigger role,” Siluanov told finance ministers and central bank governors from G20 developed and developing countries in Moscow.

Siluanov also said spillover effects of unconventional monetary policy, conducted by central banks in some countries, should be closely monitored.

“The impact of such measures remains unclear,” he said in the speech. “The central banks that are conducting a softening monetary policies should closely monitor the risks connected to such a policy, both inside their countries and outside.”

He added that the G20 had failed to reach an agreement on medium-term budget deficit levels.

“We expect by April countries will have made progress on reaching a balanced approach to establishing new budget indicators on both, deficit and the level of government debt,” he added.

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