IMF's Lagarde, other G20 finance VIPs urge action on reforms

Governments have tried to squelch expectations the Group of 20 gathering of finance ministers and central bankers from the United States, China, Japan, Germany and other major rich and emerging economies will produce specific growth plans.

Referring to monetary and fiscal policy and structural reforms, Lagarde said, "There has to be action on all fronts."

Others at the meeting include U.S. Treasury Secretary Jacob Lew and Federal Reserve Chairwoman Janet Yellen; China's finance minister, Lou Jiwei, and central bank governor, Zhou Xiaochuan; Mario Draghi of the European Central Bank and their counterparts from Europe, South Korea, India and South Africa.

Germany's finance minister, Wolfgang Schauble, said fiscal stimulus has "reached its limit" and his government will not agree to more coordinated spending in the event of further deterioration in the global economy.

[...] Friday, China's central bank chief promised to avoid weakening its yuan to boost sagging exports as he tried to reassure nervous financial markets about his government's handling of its economy and currency.

[...] the communist government is scrambling to defend its reputation for economic competence following stock market and currency turmoil.