The expansionary fiscal policy was no longer sustainable or effective in fostering recovery considering the investors' lack of confidence about some countries' public finances.

The Group of 20 finances ministers and central bank governors dropped support for fiscal stimulus, stating that it was no longer a good recipe for economic recovery amid the worsening European sovereign debt crisis.

France's Senate has approved and effectively finalized the country's contribution to a 750 -billion-euro rescue package to stabilize the euro.

The French Senate on Thursday approved a bill allowing France contribute 111 billion euros to a 750-billion-euro financial safety net package.

Senators voted 309 in favor and 24 against a budget amendment as both the ruling central-right and the opposition Socialists had backed the package.

Russia Prime Minister Putin said on Thursday the economy in his country sets to grow by 4 percent in 2011, beating former expectations of the government.

At a conservative estimate, Russia's gross domestic product will grow by 3.4 percent from this year, Mr. Putin told a conference on the country's three-year budget policy. But the country's lawmakers are exerting their upmost efforts to bring the figure above 4 percent, he said.

Central bank officials said their governments would not give up the unstable euro, given the worsening European debt crisis that ravaged the whole continent, Xinhua reported on Wednesday.

The structure of Foreign-exchange reserves should not be easily changed, considering their role in supporting the monetary policy and sustaining the stability of macroeconomy, said governors from central banks in Brazil, India and Russia, Japan and Korea during their interview with Reuters.

European central bank policy maker Christian Noyer slashed credit rating firms on Tuesday over their role in European debt crisis.

European central bank policy maker Christian Noyer slashed credit rating firms on Tuesday over their role in European debt crisis, saying central banks were too dependent on their judgments.

Agencies have always proved themselves wrong when making judgments on sovereign-credit risk, Noyer told a bank conference in Korea, who is also governor of the Bank of France.

The world's developed economies have seen their first quarterly rise in gross domestic product on a year-on-year base, in the wake of five consecutive quarters' decline.

Figures released Monday by the Organization for Economic Cooperation and Development (OECD) showed that economic output in its 31 members was 2.5 higher than in the first quarter of 2009, a further sign that the global economy is in recovery.

Russia's central bank yesterday cut its refinancing rate by 25 basis points to a new historic low of 7.75 percent, effective from Tuesday, taking the cumulative easing since April 2009 to 525 basis points.

The Bank of Russia said in s statement that the cut was needed to boost a still-shaky economic recovery in Russia and to stimulate lending against a background of moderate inflation.

Total deposits in Hong Kong hit a record high of 80.9 billion yuan in April, up 14.3 percent from 70.7 billion of the previous month, the Hong Kong Monetary Authority said Monday in a statement on its website.

Owing to rising demand, savings and time deposits, Hong Kong-dollar deposits expanded 3.7 percent during the month, partly reflecting buoyant activity in equity initial public offerings, said the statement.

India said on Monday the country's gross domestic product (GDP) grew by 7.4 percent in fiscal year 2009 that ended in March, beating the government's estimate of 7.2 percent.

A manufacturing rebound and recovery in agriculture sector boosted the growth, according to a statement released by the country's statistic bureau.

India's GDP climbed by 8.6 percent year on year in the first three months, or the last quarter of 2009-10 fiscal year.

Romania on Sunday approved an austerity plan to cut its budget deficit to meet the agreed-on terms with the International Monetary Fund for new loans, Xinhua reported.

The new bill will be sent to the parliament on Monday, which will vote over calendar of the government's steps to implement the austerity measures.

The measures include cuts in p public wages and pensions, as well as reduction or cancel of part of social aids.