Finance leaders from the Group of 20 major economies will likely warn on Friday that rising inflation and geopolitical risks could threaten a fragile global recovery, as the crisis in Ukraine and the COVID-19 pandemic's fallout cloud the outlook.
Fears that Russia might invade Ukraine overshadowed a meeting of G20 finance ministers and central bank governors, which was expected to focus heavily on how to whittle down crisis-mode stimulus policies without disrupting a post-pandemic recovery.
"Central banks will act where necessary to ensure price stability in line with their respective mandates, while remaining committed to clear communication of their policy stances," the ministers and governors said. The word "current" in brackets indicates that it may be deleted in the final communique if Russia, a member of the G20, pushes back against the language.
The diverging pace of recovery from the pandemic is complicating the policy path for central banks. Expected steady interest rate hikes by the U.S. Federal Reserve have drawn attention to the potential fallout for emerging markets.
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