G20 financial leaders meeting draws joint communique on financial reform (3)

16:19, June 06, 2010      

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The Busan joint communique enabled financial leaders of the G20 countries to further probe into cooperative measures to enhance fiscal and financial soundness at practical level.

Not only the sealing of the joint communique itself but also its content, however, saw a leap forward from the previous G20 meetings, according to South Korean Finance Minister Yoon.

Among many agreements that the leaders reached, South Korea's finance minister highlights the acknowledgement of the need to beef up global financial safety net (FSN), saying the Busan meeting brought about noticeable progress.

The meeting was divided over the issue as emerging economies and advanced countries had conflicting interests over the issue.

While emerging economies supported the proposal as they had to brace for excessive capital inflows and outflows in the face of crises, advanced countries took it as too much burden as developing nations could be too reliant on them.

The meeting came up with an alternative, however, such as enlarging multilateral swap lines, which the South Korean finance minister pointed out as considerable progress.

"We will likely be able to reach a tangible outcome at the Seoul Summit in November with regard to the issue," Yoon told the press.

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