German officials warned yesterday of a “widening of differences” ahead of the G20 summit, as US proposals attracted criticism in Europe for concentrating too heavily on global imbalances instead of reforming financial regulation.
The meeting of world leaders in Pittsburgh, which kicks off tomorrow night, marks the third time the world's largest 20 economies have met to discuss the lessons of, and responses to, last year's global financial crisis.
The submitted draft states that G20 members with sizeable current account surpluses will “pledge to implement policies that will boost domestic demand-led growth”.
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