Finance ministers and central bank chiefs from the Group of 20 (G20) economies wrapped up a two-day gathering in Melbourne, Australia, urging coordinated monetary, fiscal, and structural policy adjustments to sustain global growth while keeping inflation in check.
The group's closing communiqué also flagged demographic shifts as a pressing long-term challenge, noting that open financial markets could help countries manage the economic strains of aging and population change, wherever they stand in that transition.
G20 members backed an early restart of stalled World Trade Organization negotiations and discussed reforms to the International Monetary Fund. Australian Treasurer Peter Costello, who hosted the meeting, said there was broad agreement that the IMF must evolve to reflect a changing global economic balance.
Delegates had earlier agreed on the need for substantially greater investment in resource projects to satisfy rising demand from China and India. Costello added that Australia would remain a key supplier of raw materials to Asia while pursuing broader trade and investment opportunities.
Saturday's sessions were disrupted when roughly 2,500 protesters, including anarchists, anti-war activists, and left-wing groups, clashed with police outside the venue. Some demonstrators wore identical white suits and covered their faces to hinder identification in police footage. Conditions were calmer by Sunday.
Historical summary. TurkishPress restated this wire report, first published in November 2006, in its own words.