Other countries need to focus on grappling with their deficits, and all G20 nations should coordinate their fiscal policies, Meade told reporters.

"Each country has to find the best policy based on its own limitations, its own reality," Meade said. "But that public policy has to be coordinated so that those countries that have the space to continue to foster demand do so and those countries that have to make (fiscal) adjustments do so as well."