CHICAGO (Reuters) - There is a growing consensus among some G20 countries that the Federal Reserve’s program of pumping cash into the U.S. economy fuels the risk of bubbles abroad, Brazil Central Bank Governor Henrique Meirelles said on Friday.

A “common theme” is emerging that “excess liquidity in the U.S. is creating problems in other countries,” Brazil’s central bank chief told reporters in Chicago. “It is important this is addressed” in South Korea, location of the upcoming Group of 20 rich and emerging nations summit.

The Fed this week said it would pump another $600 billion into the U.S. economy in an effort to boost sluggish growth and help bring down a stubbornly high unemployment rate.

Emerging economies have become increasingly vocal about what they see as the deleterious effects of so-called quantitative easing on their countries, as ultra-low interest rates in the U.S. drive capital flows into their faster-growing, higher-yielding markets.

The inflows are sending local currencies to multi-year highs, hurting exports.

“I think it’s very important that we talk and try to progress toward global coordination of these macroeconomic policies,” Meirelles said. “Excessive liquidity creates risks for everyone of market distortions, bubble creation, and so on and so forth.”

Brazil is doing its part in the global rebalancing, he said, with domestic growth boosting demand, he said.

“It’s very important that we work toward a system in which everyone does his or her, or its part... and to have a kind of framework which one country trying to generate more growth for its economy doesn’t create other, further imbalances which could create more problems ahead,” he said.

The central bank chief spoke after meeting with CME Group Inc CEO Craig Donohue and touring the exchange operator’s electronic trading floor.