Finance ministers of G20 economies, including India, are likely to agree on a real and tangible framework for faster global growth, amid developing nations pressing central banks for avoiding monetary policy "surprises" that could create problems in financial markets.
"I have a great sense of hope that this G20 finance ministers and central bank governors meeting will be able to lay down a real and tangible framework for an increase in the growth of the global economy over the next five years," said Australian Treasurer Joe Hockey.
"There is a general mood of intention to deliver real outcomes," he added.
The finance ministers and the central bank governors of the world's top 20 countries, which represent 85 per cent of the global economy, have gathered to brainstorm global issues and find solutions.
The G20 Ministerial started today.
Finance Minister P Chidambaram, who arrived here for the weekend meeting, is also expected to press for a common vision for promoting sustainable global growth and expeditious reforms in International Monetary Fund (IMF).
Hockey endorsed India's demand for a forward guidance on tapering by the US Federal Reserve when he made a case for a "no surprises policy".
"About central bank coordination, there has to be a policy, if you like, of no surprises and I think if there is a no surprise policy in relation to monetary policy activity, and that central banks around the world have reasonable warning of what may be events that do create market volatility, then I think that's not unreasonable and I think that's what central bank governors are aiming for," he said.
The US Federal Reserve's first talked about tapering in May, 2013, sending markets the world over into turmoil. The Indian rupee plumbed new depths and touch 68.2 in August against the US dollar. Though rupee has recovered since then, fears remain.
Raising concerns of emerging economies over the impact of tapering, India yesterday said the US Fed should provide guidance and withdraw its stimulus in a calibrated manner.
