July 19, 2013 / 11:54 AM / 4 years ago

EU says global imbalances shrinking, more action needed

MOSCOW, July 19 (Reuters) - The European Union will tell the world’s financial leaders on Friday that global trade, savings and competitiveness imbalances have diminished, but that they must take decisive action to make sure they don’t increase again.

Finance ministers and central bankers from the world’s 20 biggest developing and developed economies (G20) meet in Moscow on Friday and Saturday, and boosting economic growth in a sustainable way is one of the main topics of talks.

“The meetings in Moscow today and tomorrow should reaffirm the commitment to sustainable growth, through sound fiscal strategies and a rebalancing of the global economy,” EU Economic and Monetary Affairs Commissioner Olli Rehn said in a statement.

“Global imbalances have narrowed with the crisis, but we need to continue with decisive policy action to make sure that they do not increase again when growth picks up,” he said.

The G20 will discuss medium- to long-term fiscal consolidation in the United States and Japan and loose monetary policy in these countries that is to help spur growth.

They will also discuss the effects of fiscal and monetary policies on exchange rates, access to financing for companies and ways to help create jobs.

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