G-20 nearing growth goal, Europe major stumbling block

CAIRNS: The Group of 20 (G-20) leading nations says it is tantalisingly close to adding an extra US$2 trillion to the global economy and creating millions of new jobs, but Europe’s extended stagnation remains a major stumbling block.

The finance ministers and central bank chiefs gathered in the Australian city of Cairns claimed progress on fireproofing the world’s financial system and on closing tax loopholes exploited by giant multinationals.