The G20 Seoul Summit, the biggest annual forum on economic cooperation in the world today, will reveal a new blueprint for the future of global finance this coming November in Seoul, Korea.
Specific details for implementation of sustainable and balanced growth
More specific details will be unveiled to realize a framework for sustainable and balanced growth at the upcoming meeting in Seoul. Officials have already agreed to work together on general policy related to budget, finance, currency and industry based on the results of the previous meeting held in Toronto, Canada.
The basic principle concluded in Toronto was a need for developing nations to reduce their budgets by half by 2013, while emerging nations need to strengthen their social safety nets and increase currency exchange flexibility. The meeting in Seoul will come up with more specific measures to address these and a range of other issues of importance.
In order to strengthen the soundness of bank regulations, a process already begun at the Basel Committee on Banking Supervision (BCBS), the G20 leaders agreed to set up a new global standard for capital and liquidity at the Seoul meeting. They will also discuss reform measures for international financial institutions, including the International Monetary Fund (IMF).
Other issues Korea is pursuing as part of the main agenda include the establishment of the Global Financial Safety Net (GFSN) and addressing development issues, known as the “Korea initiatives.”
A global approach to GFSN is a way to prevent future crisis from spreading from one nation to another. The development agenda has already discussed how multilateral development banks like the World Bank can contribute to food security, developing human resources, fostering private-oriented growth, aiding infrastructure, and developing an environmentally friendly “green” economy. The November meeting will add more specifics to these agendas.
Korea to bridge the gap between developed and developing nations
The G20 Seoul Summit is expected to be a historic moment for Korea to prove itself one of the major decision makers of the future global economy. The G20 stands as the world largest international gathering to discuss the global economy, and Korea’s contributions have helped it become a major policy maker for global regulations.
Korea’s biggest asset lies in its rapid economic growth and ability to recover quickly from financial crisis. Based on its experiences transforming from one of the world’s poorest nations to a developed nation, Korea wishes to use its unique background to help bridge the differences between developed and developing nations.
source:Korea.net
No comments:
Post a Comment