S. Korea to host G20 finance minister and central bank governor meeting in Gyeongju

20:20, October 14, 2010      

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The G20 Finance Ministers and Central Bank Governors Meeting will be held in Gyeongju, Korea from Oct. 22 to 23, the organizing committee for the G20 Summit said Thursday.

The meeting, scheduled to be held right ahead of the November Seoul G20 Summit, will be co-chaired by Finance Minister Yoon Jeung-hyun and Bank of Korea Governor Kim Choong-soo, the presidential committee for the G20 Summit said.

At the meeting, the leaders will discuss over key agenda items to be tabled at the Seoul Summit, both existing and new issues.

The leaders will first review the current global economy and highlight the G20's firm commitment to policy coordination, the committee said.

Also, the Framework for Strong, Sustainable and Balanced Growth, which was adopted in the Pittsburgh Summit, will be covered in detail, with country-level policy options being evaluated and coordinated among the leaders.

The currency debate, which recently hit up the global economy, is expected to be tabled in the Framework session as it lies in the core of the global imbalance issue, an official at the committee told a press briefing.

Also, the leaders will share views on the IMF Reform and global financial safety net, together with the financial regulatory reform, hopefully leading to substantial agreements.

Other issues will include energy, with the issue to expand to commodity prices from oil price volatility.

Development, part of the Korea Initiatives, however, is not scheduled to be covered at the ministerial level, but will be discussed and polished at the Sherpa meeting before sent to the G20 Summit table.

The finance minister and central bank governor meeting is a major stepping stone to the Seoul Summit, at which most of the agenda items are to be coordinated and refined for the Summit.

At the conclusion of the meeting, a communiqu will be released at a closing press conference by the chairman of the meeting.

Meanwhile, the G20 Finance and Central Bank Deputies will begin their two-day meeting at the same venue one day earlier, on October 21.

As global attention to the Seoul G20 Summit escalated amid the recent currency tension, the ministerial level meeting also caught eyes of the global media and experts.

South Korean President Lee Myung-bak, in response to the global focus, said that he hoped to settle the global currency issue before the Seoul Summit, implying the Gyeongju meeting.

South Korea is the first Asian and non-G7 country to host the G20 Summit.

Source: Xinhua


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