The finance ministers and central bank governors of Brazil, Russia, India and China -- the so-called Bric countries -- gathered in London on Friday to discuss the current situation of the world economy, as well as their fiscal and monetary policy responses.
The Bric-country meeting was held on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting, to be held here this weekend.
During the meeting, the officials "noted the key role that the G20 has played as the focal point in the coordination of international responses to the global crisis and exchanged views on the reform of international financial institutions."
They agreed that emerging market economies have shown resilience and helped the world economy absorb the impact of the deterioration of trade, credit flows and demand. In many of them, growth is already back on track after a few quarters of recession or slowdown.
Despite these positive signs, it is too early to declare the end of the crisis. The global economy still faces great uncertainty, and significant risks remain to economic and financial stability, they observed.
The Bric countries called on the G20 countries to continue to implement countercyclical fiscal and monetary policies in a sustainable and internationally-coordinated manner, and take effective measures to guard against potential economic risks while respecting the particular conditions of each country.
(Xinhua News Agency September 5, 2009)
