G20 Statement of Goal without Plan

This seems to be a critical part of the recent G20 Finance Ministers' statement: "We will continue to implement decisively our necessary financial support measures and expansionary monetary and fiscal policies, consistent with price stability and long-term fiscal sustainability, until recovery is secured," the statement said.

Federal reserve (and most central banks) is supposed to foster full employment and manage long-term inflation.

It would seem that monetary policy alone has been insufficient in doing this – and, in fact, has exacerbated bubbles.

The key to G20 success would seem to be the concrete steps to achieve PRODUCTIVITY growth that allows for expansion while minimizing inflation. In this, the finance ministers would have to enroll the central banks to support a broader fiscal/monetary policy.

But this would seem to question the past/future role and independence of central banks.