Finance ministers and central bank governors from the Group of 20 (G20) nations concluded a two-day meeting in Melbourne, Australia, calling for continued monetary and fiscal adjustments to sustain global growth and keep inflation in check. The officials also stressed the need for greater exchange rate flexibility and structural reform.
Demographic shifts were a central topic, with the group acknowledging that member countries face varying stages of population change, from ageing societies to rapid growth in developing nations, and urging early policy action to manage the economic consequences.
The G20 also addressed the need to reform the International Monetary Fund and World Bank so both institutions better reflect the current balance of global economic power. Australian Treasurer Peter Costello, who hosted the summit, said the leadership structures of both bodies still reflect post-war arrangements that no longer match today's realities.
Energy and mineral markets drew particular attention. Costello cautioned that poorly managed supply-and-demand dynamics in oil, gas, and other resources could generate future conflict. Members also agreed that significantly greater investment in resource projects is needed to meet growing demand from China and India.
Protests outside the venue on Saturday turned violent, with clashes between police and roughly 2,500 demonstrators. Some protesters wore identical white suits and covered their faces to avoid identification in police footage.
Historical summary. TurkishPress restated this wire report, first published in November 2006, in its own words.