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Wayne Swan G20 Intervention.doc

Wayne Swan G20 Intervention.doc

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Published by: peter_martin9335 on Feb 18, 2013
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05/14/2014

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W
AYNE
S
WAN
: I
NTERVENTION
 
ON
‘F
RAMEWORK 
 
FOR
 S
TRONG
, S
USTAINABLE
 
AND
B
ALANCED
G
ROWTH
I think the debate we’ve heard in the last few weeks about so-called‘currency wars’ is completely misguided and has unhelpfully reduced thefocus on the G20’s critical agenda to boost growth and create jobs.Global growth with a ‘3’ in front of it simply won’t cut the mustard if wewant to reduce the unacceptably high levels of unemployment in many of the major advanced economies.We need the world’s biggest developed economies to grow faster andstronger and start creating jobs for the 200 million people globally withouta pay cheque and millions more struggling to put food on the table.We all agree that countries shouldn’t be targeting exchange rates for competitive purposes, but what we should support is domestically-focussed policies in the major advanced economies which are aimed atboosting growth and jobs.There is a big difference between indirect effects on market-exchangerates from accommodative monetary policy and actually engaging incompetitive devaluation to get an artificial advantage for your exportsector.Quite frankly, I think we’re seeing central bankers in the world’s biggesteconomies take unconventional measures to support growth and jobsbecause interest rates are already near-zero and fiscal policy is notproviding enough support to growth.We need to see governments in many advanced economies get rid of thehandbrake on growth that’s coming from damaging fiscal austerity.

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