U.S. Treasury Secretary Jack Lew calls on G20 members to redouble efforts to boost demand instead of relying on the American consumer to drive growth. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) STORY: U.S. Treasury Secretary Jack Lew called on G20 members on Saturday (February 27) to redouble their efforts to boost global demand instead of relying on the American consumer to drive growth. Lew, speaking at a press conference at the end of the G20 finance ministers conference in Shanghai, also said the dollar's strength was a function of a strong economy, and that the meeting had underscored that U.S. growth remained a bright spot in the global economy. "That's why it's important that today G20 countries have agreed that we will use all policy tools, monetary, fiscal, and structural, individually and collectively, to preserve and strengthen the economic recovery. We need to redouble our efforts to boost global demand, rather than rely on the United States as the consumer of first and last resort. It's also important that all G20 honor their commitments to refrain from competition devaluation and to not target exchange rates for competitive purposes," he said. A communiqué from the Group of 20 (G20) finance ministers and central bankers has flagged a series of risks to world growth, including volatile capital flows, a sharp fall in commodity prices and the potential "shock" of a British exit from the EU.