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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap G20 warns of major challenges to global recovery AFP - Sunday, June 6 Send IM Story Print BUSAN, South Korea (AFP) - – Market convulsions sparked by Europe's debt crisis show that major hurdles to global economic recovery remain, G20 nations said Saturday while vowing to fix their fiscal houses. After a two-day meeting, finance ministers and central bankers from the world's leading economies said recent events "highlight the importance of sustainable public finances" and the need for fiscal sustainability. The ministers, preparing for a Group of 20 summit in Canada this month, said the world economy was recovering faster than expected from the 2008-9 financial crisis. They agreed that further fiscal repairs, especially to banks, were needed to secure the recovery -- but made no specific mention of a proposed controversial global bank tax that could fund future bailouts. Rather, in a communique, the ministers said the financial sector should make a "fair and substantial contribution" to any future state rescue deals. And they expressed commitment to early agreement on stronger capital and liquidity standards for banks "as the core of our reform agenda". "It is critical that our banking regulators develop capital and liquidity rules of sufficient rigour to allow our financial firms to withstand future downturns in the global financial system," they said. Ministers urged the Basel Committee on Banking Supervision to put forward rules to boost bank capital and discourage excessive leverage and risk-taking by the time of the G20's second summit of the year, in Seoul in November. They said the aim was to implement the rules by the end of 2012. A global bank tax is supported by the International Monetary Fund, European powers and the United States. It is resisted by some developing nations plus Canada and Australia, who argue they should not have to pay to clear up a mess they did not create. Canadian Finance Minister Jim Flaherty told reporters the debate on the bank levy had been "a distraction from core issues" in Busan. Most G20 ministers "do not support the concept of a universal levy". In their communique, the ministers called for strong measures to improve the transparency, regulation and supervision of hedge funds, credit rating agencies, compensation practices and OTC (over the counter) derivatives. The meeting was originally expected to coordinate the timing of exit strategies from stimulus policies, as the world shakes off its worst downturn since the 1930s Great Depression. The eurozone crisis, which has rocked stock markets and sent the euro plunging, changed the focus. South Korean Finance Minister Yoon Jeung-Hyun and other delegates said the crisis was delaying some nations' moves to exit stimulus policies. Flaherty said there "has been substantial concern of what has been occurring in Europe and the risks associated with that. That was reflected not only in the communique but in discussions we had in the room together." Ministers did not single out specific currencies in their communique but US Treasury Secretary Timothy Geithner said they had discussed "a more flexible exchange rate policy" in China. At a press conference, Geithner repeated calls to Beijing to let the yuan appreciate as part of wider reforms to boost domestic demand. Britain's new finance minister, George Osborne, said ministers had not discussed the plunging euro. "The G20 was very supportive of the measures announced by the EU," he told reporters, referring to its 750-billion-euro (913 billion-dollar) rescue plan for shaky countries such as Greece. "We need to do more to promote European growth," Osborne said. "We cannot rely on the rest of the world." European Central Bank chief Jean-Claude Trichet said that coordinated action to reduce fiscal debt would restore confidence -- effectively opposing the view that tough austerity measures would hit growth and hinder recovery. "We have to understand that the job has to be done at a global level and impact on growth could not be considered negative because fiscal retrenchment would restore confidence" and "help consolidate the recovery," he said. 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