The G20, which emerged as a forum for cooperation to combat the 2008 global financial crisis, failed to reach a joint stance when finance ministers and central bankers met in February, to the dismay of hosts South Africa.

Finance chiefs from the Group of 20 countries stressed the importance of central bank independence while pledging to boost cooperation in a joint statement issued on Friday after a two-day meeting in South Africa.

Finance chiefs from the Group of 20 countries stressed the importance of central bank independence in a communique issued on Friday following a two-day meeting in South Africa's coastal city of Durban.