G20 nations stress economic recovery challenges

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G20 finance ministers have said the recovery from the global economic crisis has been faster than expected, but significant challenges remain.

Meeting in South Korea, the ministers and central bankers from the world’s leading economies said excessive budget deficits should be tackled immediately.

They did not come to any agreement on a global bank tax.

The meeting sets the agenda for a summit of G20 leaders in Toronto on 26-27 June.

“The recent volatility in financial markets reminds us that significant challenges remain and underscores the importance of international co-operation,” the final statement from finance ministers said.

Full story: BBC News – G20 nations stress economic recovery challenges