G20: Global recovery continues but remains weaker than desirable - Rabobank

Michael Every, Head of Financial Markets Research at Rabobank, notes that the G20 finance ministers and central bank governors, shepherded by another French IMF chief under criminal investigation, have announced “the global recovery continues but remains weaker than desirable.”

Key Quotes

“As this is the same “recovery” driving anti-globalization populists heaven knows what a “slowdown” would bring…Of course, the G20 realise those risks. Indeed, their communiqué noted “the benefits of growth need to be shared more broadly within and among countries to promote inclusiveness”.

Yet that would require Germany and China to reduce their huge trade surpluses, on which there was no agreement, as well as higher taxes on wealth, capital gains, and top incomes, on which there was no agreement, and higher public spending, where there is at least grudging movement now.”