The frail state of emerging markets is expected to be high on the agenda when the world's 20 major economies meet in Australia this weekend.
Major developing countries such as Argentina, Brazil, Turkey and India have been hit by brutal selling -- first in May and June last year and again at the start of the year – amid jitters about the impact of an unwinding of the U.S. Federal Reserve's monetary stimulus program.
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And in particular, the U.S. is expected to come under pressure to be more mindful of emerging markets as it unwinds an ultra-easy monetary policy put in place in the wake of the global financial crisis.
"A key question to be addressed is how episodes of financial market volatility are affecting emerging market economies," Australian Treasurer Joe Hockey said in a speech to the Institute of International Finance (IIF) in Sydney, adding that he expected a number of countries to make their concerns clear to the U.S. at this weekend's G-20 meeting.
"There is no doubt that the Fed needs to be aware of the international implications of its actions and be mindful of them, but ultimately the Federal Reserve has to operate in a manner that is consistent with its domestic mandate. Within that mandate it will clearly take into account international feedback effects on the U.S. economy," he said.
The Fed scaled back its $85 billion-a-month stimulus program by $10 billion in December and by a further $10 billion in January.