SEOUL, June 5 (UPI) -- Excessive budget deficits should be tackled immediately to ensure continued recovery from the global economic crisis, G20 finance ministers in South Korea said.
Worldwide, the economy has recovered faster than expected from the crisis, but key challenges remain, said ministers and central bankers meeting in Seoul. The meeting Friday set the agenda for a summit of G20 leaders in Toronto June 26 and 27.
Countries need to rein in budget deficits and ensure sustainable public finances, the ministers said in a statement.
"The recent volatility in financial markets reminds us that significant challenges remain and underscores the importance of international co-operation," the ministers said.
The G20 ministers did not come to an agreement on a global bank tax or refer to such a tax in their statement. A global bank tax is supported by the United States and Europe, but opposed by some developing nations, as well as Canada and Australia, the BBC reported Saturday.
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