The world’s leading finance ministers and central bank governors pledged on Saturday “to take whatever action is necessary until growth is restored,” suggesting that further action on monetary policy, fiscal stimulus and regulatory reform would be introduced in the months to come.

Although the meeting ended without specific new commitments and no country or central bank would be forced to change any existing policy in light of the communiqué, the participants representing 85 per cent of the world’s economic output said they were pleased by the spirit of cooperation among the Group of 20 leading and emerging economies.