ISTANBUL Tue Feb 10, 2015 11:41am EST

G20 finance officials painted a downbeat picture of the world economy on Tuesday and vowed to use monetary and fiscal policy to boost activity if needed.

A communique released at the end of a two-day meeting of finance ministers and central bankers in Istanbul, said: "We will continuously review our monetary and fiscal policy settings and act decisively, if needed."

The text of the statement was little different from a draft obtained by Reuters earlier.

The communique also called for coordinated action to clampdown on financing of terror groups, calling for "guidelines to enhance transparency of payment systems, in order to mitigate the risk of being abused for financing for terrorism and money laundering purposes".

The G20 meeting noted slow growth in the euro area and Japan and said some emerging market economies were slowing down.

It welcomed the European Central Bank's quantitative easing - despite German concern about the policy - and said the move would further support recovery in the euro area.

A sharp decline in oil prices would also give some boost to global growth, it said.