Finance chiefs from the Group of 20 leading economies agree on the need to undertake structural reforms to boost productivity against a backdrop of loose monetary policy, Britain's finance minister George Osborne said on Saturday.

"I'm very clear, as indeed are many people sitting around the table, that countries need to live within their means," Osborne told Reuters in an interview, when asked whether there had been discussion of a need for more fiscal stimulus at a meeting of G20 finance ministers and central bankers in Ankara.

"What I think we're all agreeing on is that there does need to be, alongside the very accommodative monetary policy in many countries you see, real structural reforms."