France hosts ministers, economists over G20 reforms

22:04, January 06, 2011      

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French Prime Minister Francois Fillon opened a high-profile economic forum Thursday, with the country taking over the presidency of the G8 and G20 economic groupings for 2011.

The two-day New World, New Capitalism forum was launched in January, 2009, in response to the global economic recession following Wall Street's meltdown in late 2008. Two symposiums have been held so far.

"It is my pleasure and honor to begin this new appointment ... to decipher the dysfunction of the global economy highlighted by the financial crisis," Fillon said.

France assumed the presidency of the G8 for 2011 on Jan. 1 and has chaired the G20 since last November.

Greek Prime Minister George Papandreou said in his keynote address that Europe was being challenged in three areas: stabilization, financial system regulation and growth, which, he said, could not be resolved without international cooperation.

Discussions at the conference "will echo the French presidency's priorities," and also "look ahead" into the future, French Minister of Industry, Energy and Digital Economy Eric Besson told reporters.

Besson also said the French presidency of the G8 and G20 "hopes to carry out in-depth reform of our economic and financial institutions, of decision and regulation mechanisms."

Discussions on Thursday focused on future economic policies for the world and the reform of the international monetary system, while Friday sessions will cover growth and stability in the Mediterranean region.

Finance ministers from France, Britain, Chile, Italy, and Poland also attended the symposium. Deputy Secretary General of the Organization for Economic Cooperation and Development Aart de Geus, with a number of other senior officials and economists, also joined the forum.

Source: Xinhua
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