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Janet Yellen, in her first global forum as Federal Reserve chair, won praise for helping smooth emerging market concerns as the Group of 20 nations pledged to be mindful of international repercussions of monetary policy.
In the lead up to the concluding communique released this weekend in Sydney, India and South Africa were among nations calling for the Fed to consider spillovers as it withdraws stimulus. Officials from Britain and Australia had backed the Fed’s right to set policy to its own needs and said some were using the impact of tapering as an excuse for domestic failings.
Announcing the G-20’s priorities, Australian host Treasurer Joe Hockey said Yellen was ‘‘hugely impressive’’ in dealing with the issue of taper fallout.