G-20 financial leaders to meet in S. Korea to discuss financial reform

19:38, June 04, 2010      

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The meeting of the G20 finance ministers and central bank governors is set to start later Friday in South Korea's southeastern port city of Busan, during which the leaders are to discuss ways to enhance global cooperation to improve fiscal soundness.

The meeting, to be chaired by South Korean Finance Minister Yoon Jeung-hyun, will be focused on agenda items for the G-20 summit to be held in Canada later this year, among which fiscal soundness improvement takes the top rank amid the eurozone debt problem adding to global economic uncertainty.

At the meeting, other urgent issues, such as financial regulation, global financial safety net, and international financial institution (IFI) reforms, will also be dealt with in depth, according to the Presidential Committee for the G-20 Summit.

Bank reform, in particular, is one of the thorniest issues that garner global attention as member countries are explicitly divided over whether to introduce a global bank levy, aimed at forcing banks to pay for future rescues.

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