The G20 Summit was always likely to be an exercise in damage limitation and in that respect it successfully papered over the many cracks between the positions of participants, at least for a few hours. The statement certainly addressed all the markets’ current concerns. There are also some advantages in a vague statement of principles that plays for time and allows countries to continue to move at their own pace. Nonetheless, even though the outcome could have been a lot worse, the new words on familiar issues have not added anything of substance.
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