G-20 leaders stress on well-planned monetary, fiscal policies to boost growth

G-20 leaders on Saturday adopted well-tested monetary, fiscal, fiscal and structural policies to promote growth, reduce inequalities and maintain macroeconomic and financial stability in the New Delhi Leaders Summit Declaration. Reiterated the need. According to the manifesto, the global leaders also stressed that central banks remain strongly committed to achieving price stability in line with their respective mandates. The declaration said that global economic growth is below its long-term average and remains uneven. In view of this, there remains more uncertainty regarding the environment.

The balance of risks is tilted to the downside, with a notable tightening in global financial conditions. This tightening could worsen credit vulnerabilities, persistent inflation and geo-economic tensions. “Therefore, we reiterate the need for well-tested monetary, fiscal, fiscal and structural policies to promote growth, reduce inequalities and maintain macroeconomic and financial stability,” the declaration said. Leaders also welcomed the initial steps taken by the Financial Stability Board (FSB), standard setting bodies (SSBs) and some jurisdictions.

These steps were taken to learn what lessons can be learned from this recent banking turmoil and to encourage them to take their ongoing work forward. G-20 leaders said they will use macro-prudential policies as needed to protect against downside risks. “Central banks remain firmly committed to achieving price stability in line with their respective mandates,” the declaration said. “They will ensure that inflation expectations remain well anchored.” The manifesto said that the independence of central banks is important to maintain policy credibility.

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