International Monetary Fund MD Christine Lagarde at the recent Group of 20 (G20) Finance Ministers and Central Bank Governors meeting in Sydney, Australia. She said global growth had strengthened in recent months, but cautioned that further action and cooperation were necessary to promote a more robust global recovery. It was particularly important that the G20 consistently communicated monetary policy actions with the aim of managing spillovers. The South African rand has been especially vulnerable to recent tapering actions taken by the US Federal Reserve.