G20 financial leaders meet in S. Korea to discuss financial reform

21:57, June 04, 2010      

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The meeting of the G20 finance ministers and central bank governors kicked off Friday in South Korea's southeastern port city of Busan, slated to call for global cooperation to improve financial and fiscal soundness.

"Today, we're meeting at a critical time when our cooperation is more important than ever to address significant economic risks and firmly secure the global recovery," South Korean Finance Minister Yoon Jeung-hyun said at the working-dinner first session with the participant financial leaders, opening the two-day event.

"Without further and ongoing action from us, the economic recovery may not remain on track and we may not be able to achieve strong, sustainable, and balanced growth," Yoon told the leaders, emphasizing the need for ongoing concerted efforts.

Finance Minister Yoon, chairing the session on global economy, said he was confident that the discussions will produce significant and tangible outcomes.

"Our leaders can once again send a strong message to the market and the G20 is on the job as the premier forum for economic cooperation," Finance minister Yoon added.

"I have a very high expectation that we will come up with very fruitful discussions and useful outcomes at the meeting," Kim Choong-soo, governor of South Korea's central bank, also told the leaders at the first session.

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