Emerging market pain dominates G20 economy talks

Emerging and developed G20 powers struggled to find common ground on Thursday over the turmoil unleashed by the prospect of the United States reducing a flood of dollars to the world economy.

The Group of 20, which united in response to global crisis in 2009, now faces a U.S. economy picking up, Europe lagging and developing economies facing blowback from the looming 'taper' of the Federal Reserve's monetary stimulus.

"Our main task is returning the global economy towards steady and balanced growth. This task has unfortunately not been resolved," Russian President Vladimir Putin told leaders as they met at an annual summit in St. Petersburg.

Leaders signed off on a jobs and growth initiative, as well as steps to combat international tax evasion and tighten financial regulation. But concerns persisted that renewed market turbulence could hit developing economies hardest.

http://www.reuters.com/article/2013/09/05/us-g20-economy-idUSBRE98409M20130905