Rift emerges between developed, emerging nations ahead of G20

Finance ministers and central bank chiefs from the Group of 20 are meeting in Sydney this weekend, with differences already apparent between developed and emerging nations.

The latter want the advanced economies, and particularly the Fed, to calibrate their monetary policy to limit the effect on emerging countries, whose financial markets have taken some brutal punishment amid U.S. QE tapering.

However, the developed countries are pushing back. "Emerging markets need to take steps of their own to get their fiscal house in order and put structural reforms in place," said U.S. Treasury Secretary Jack Lew.

He also wants China, Japan and Europe to focus on increasing domestic demand in order to help re-balance the global economy,

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