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INTERVIEW-Bundesbank president sceptical on cbank coordination, G20 growth targets

Friday, 21 Feb 2014 | 9:21 PM ET

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SYDNEY, Feb 22 (Reuters) - Germany's central bank chief said he sees limits on the degree of coordination possible among the world's major central banks and expressed scepticism about the Group of 20 economies setting specific growth targets.

The world's top 20 economies may agree to set an ambitious target for faster global growth at a weekend meeting in Sydney, where major central banks are also being urged to coordinate policies to avoid "surprises" that could roil emerging markets.

"I am sceptical about coordination in monetary policy within the G20," Jens Weidman, President of the Deutsche Bundesbank, told Reuters on Saturday.

Such coordination was difficult because every central bank has to act according to their own mandate, though that did not mean that central banks were not watching the consequences of their actions on other countries.

The Bundesbank President welcomed initiatives by the G20 to improve global growth and employment prospects but said setting quantitative growth targets at the G20 level was "problematic in my view".

Such targets are often very ambitious, but for the countries not binding or workable, he said.

He also urged emerging nations to undertake structural reforms to counter recent market volatility.

(Reporting by Gernot Heller; Writing by Lincoln Feast; Editing by John Mair)