Mike had the communique and a very good summary here: G20 final communique: Looking for faster growth rate

My own summary is briefer (and a whole lot less useful): Blah, blah, blah.

To atone, I’ve got the Westpac summary:

  • There was however nothing that might count as inflammatory language in the communique, with direct references to exchange rates in the context of “flexibility” – a comment on regime choice – rather than levels. Excess volatility was alluded to, but the prescription was not “coordination”, as floated by some in the lead-up, but for individual nations to get their domestic houses in order.
  • The text of the communique indicates that the standard US line that what is good for the core of the world economy is good for all seems to have won out. Point 4 makes the case: “We recognise that monetary policy needs to remain accommodative in many advanced economies, and should normalise in due course, with the timing being conditional on the outlook for price stability and economic growth. This eventual development would be positive for the global economy and reduced reliance on easy monetary policy would be beneficial in the medium term for financial stability.” The clause which implies elements of EM criticisms went as follows “All our central banks maintain their commitment that monetary policy settings will continue to be carefully calibrated and clearly communicated, in the context of ongoing exchange of information and being mindful of impacts on the global economy.”
  • Point 5 develops these points: “ As markets react to various policy transitions and country circumstances, asset prices and exchange rates adjust. This might sometimes lead to excessive volatility that can be damaging to growth. While many economies are prepared for this, our primary response is to further strengthen and refine our domestic macroeconomic, structural and financial policy frameworks. Exchange rate flexibility can also facilitate the adjustment of our economies. Some economies may need to rebuild fiscal buffers where policy space has eroded. We will consistently communicate our actions to each other and to the public, and continue to cooperate on managing spillovers to other countries, and to ensure the continued effectiveness of global safety nets.”

With thanks to Huw McKay at Westpac