Finance leaders of the G20 economies gathered on Friday to debate how best to rein in debt levels and the potential dangers from the latest round of aggressive easing of monetary policy from the worlds biggest central banks.
They were also poised to demand swifter resolution to setting guidelines for financial benchmarks like the Libor interest rate in the wake of a global rate-rigging scandal.
But a rethinking of the austerity push among the worlds biggest economies loomed as the biggest talking point.
EU Economic and Monetary Affairs Commissioner Olli Rehn told Reuters that a period of reduced spending and borrowing was necessary to calm markets concerned about out-of-control debt levels,particularly in peripheral Europe.
Among the topics being debated was on numerical tarfor debt reduction. The US and Japan have opposed committing to any targeted level of public debt,but Russia this years G20 chair has hoped to secure an agreement on targets before the meet in St Petersburg in September.