G20: Not Partying Like It's 1985
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With global growth slowing, deflationary pressure rising and global equities down 8% since the start of 2016, markets will be listening closely to the message from the G20 finance ministers and central bank governor meetings in Shanghai on 26- 27 February, notes BNP Paribas.
"The G20 is unlikely to miss an opportunity to send a reassuring message to the markets, although most forecasters still don’t see a coordinated stimulus at the level of the pledge made in 2009.
On FX, the G20 is likely to stick with its two-pronged approach (standing against competitive devaluation and excessive FX volatility). There is probably scope for this message to be reinforced, but an agreement on FX like the 1985 Plaza Accord is very unlikely,"