G20 Memo Says “No Room for Complacency”

A leaked memo for the Group of 20 meeting in Toronto this weekend, says there is “no room for complacency” when it comes to dealing with the global economic crisis. Describing the recovery as “uneven and fragile”, the memo warns that “fiscal challenges in many states are creating market volatility, and could seriously threaten the recovery and weaken prospects for long-term growth.”

There is also much debate with respect to the continuation of stimulus spending. The US has come out strongly in favor of continued and coordinated spending until the recovery gains a stronger foothold. Germany on the other hand, recently brought in a budget with record spending cuts and is committed to drastically reduce government debt loads.

Source: Reuters

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