Major countries' positions for G20 summit in Toronto (2)

17:22, June 24, 2010      

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United States: Consolidate global economic recovery

The U.S. government hopes the Toronto summit will reach agreement on the following issues: consolidating the global recovery; overhauling financial policies; strengthening financial regulation and supervision; and establishing a global framework for financial supervision.

The U.S. wants also to discuss the reform of international financial institutions at the summit, American officials say.

The U.S. is pleased that two issues with respect to the Toronto Summit that it was quite focused on have now seen action. One is that China has announced a new round of exchange rate reform, which is constructive to the upcoming G20 summit. The other is that Europe is going to disclose the result of stress tests of the financial sector, which will strengthen market confidence, a senior Treasury Department official said recently.

Brazil: Maintain growth stimuli

Brazil will propose at the G20 Summit that countries should maintain the growth stimuli while speeding up the establishment of mechanisms to regulate financial markets, sources from the Brazilian Foreign Ministry told Xinhua recently.

Brazil believes that the World Bank reform concluded in April was "satisfactory" and hopes that the institution should continue reforms in the coming years to provide emerging countries greater parity in voting power.

Brazil believes that the G20 gathering should play a more important role in global affairs and that topics should extend from finance and economy to development, energy, oil policies and others, the sources said.

Russia: Establish a G20 mechanism

Russia is expected to propose the establishment of the G20 mechanism, reform of the international audit system and the establishment of a world environment protection fund.

With regard to preventing future financial risks, Russia is expected to propose two plans at the summit: impose a bank tax and set up a special fund; banks receive government funding in time of difficulty but must pay back the funding as well as fines.

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