G20 countries agree to take every measure to spur growth

SEOUL, March 15 (Yonhap) -- Finance ministers and central bank chiefs from the Group of 20 industrialized and emerging economies have agreed to take every possible measure to restore growth in the face of a protracted worldwide recession, Seoul officials said Sunday.

They also reached an agreement to step up efforts to fight "all forms of
protectionism" while bolstering free trade and international investment,
according to a statement provided by the Ministry of Strategy and Finance here.
Those pledges were included in an eight-point statement released by the G20
financial meeting's attendees, which included South Korean Finance Minister Yoong
Jeung-hyun and Bank of Korea Gov. Lee Seong-tae. The gathering in London over the
weekend paved the way for summit talks to be held in the British capital early
next month.
"We have taken decisive, coordinated and comprehensive action to boost demand and
jobs and are prepared to take whatever action is necessary until growth is
restored," the statement said. "We commit to fight all forms of protectionism and
maintain open trade and investment."
"Our top priority now is to restore lending by tackling, where needed, problems
in the financial system head on through continued liquidity, bank
recapitalization and dealing with impaired assets," the statement added.
In a bid to help resuscitate the global economy, G20 central bankers also agreed
to maintain "expansionary" polices for "as long as needed," vowing to use all
policy options -- including the "unconventional" -- while keeping an eye on price
stability.
The attendees also called for the provision of additional assistance to emerging
and developing countries, which are more vulnerable to the ongoing financial
turbulence than advanced nations.
The G20 nations shared the opinion that all important financial institutions are
subject to an "appropriate degree of regulation and oversight," and called for
stricter regulations on hedge funds and their business activities.
South Korea, which will chair to the next G20 meeting, echoed those sentiments,
saying that every effort must to be made to recover from the global financial
crisis "as soon as possible." It added that the G20 gathering provides the "best
opportunity" to draw up a globally coordinated front to address the current
hardships.
"International policy coordination is highly needed, since a delay in impaired
assets resolution could further deepen the severity of the crisis," Seoul's
Finance Ministry said in a separate press release. "Prompt and aggressive
impaired asset resolution is crucial for economic recovery."
Meanwhile, South Korean Finance Minister Yoon held a meeting with foreign
investors on Friday at a London hotel to explain the nation's current economic
conditions.
During the gathering, Yoon dismissed growing worries over the health of the
nation's economy and emphasized that now is a "great chance" to invest in Korean
stocks and bonds, according to the press release.
kokobj@yna.co.kr
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