G20: Cheap credit not enough to fuel growth

Financial leaders from the world’s 20 biggest economies have agreed to step up reform efforts to boost slow economic growth, saying reliance on ultra-low interest rates would not be enough to accelerate expansion.

But they also said they were confident growth would pick up and, as a result, interest rates in “some advanced economies”, code for the US, would have to rise.

“Monetary policies will continue to support economic activity consistent with central banks’ mandates, but monetary policy alone cannot lead to balanced growth,” the communique of the G20 finance ministers and central bankers said.