G20 vice finance ministers seek to fine-tune agenda item ahead of minister-level meeting

14:11, October 21, 2010      

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The G20 Vice finance ministers and deputy central bank chiefs meeting kicked off Thursday, seeking to review and coordinate issues to be tabled at the G20 ministerial level meeting and the G20 Seoul Summit.

Hosted by the G20 chair South Korea in the city of Gyeongju, the vice minister-level gathering will check all the agenda items to be discussed at the following meetings, local media reports said.

The officials are expected to add final touches on impending issues such as foreign exchange policies, the creation of financial safety nets and more regulatory oversight of financial institutions, before sent to the upper level meetings, South Korea 's Yonhap News Agency said.

On top of the list lies the foreign exchange issue, on which countries have been going through a sharp conflict.

At the vice minister meeting, officials are expected to put efforts to narrow differences on the matter, which will be continued to the Seoul Summit where the South Korean government vowed to settle the issue.

The meeting, in a broader sense, will continue discussing measures to implement the Framework for Strong, Sustainable, and Balanced Growth, which was endorsed in the previous G20 summit talks.

At the point, G20 member countries still seem to be in stark contrast in terms of balancing and coordinating country-level needs and economic conditions in developing detailed plans, making it unlikely to be fully resolved by the close of the meeting.

Meanwhile, the reform of the International Monetary Fund (IMF) governance will also be discussed, together with the global financial safety net issue.

The officials are known to move on with the proposal by the South Korean government to expand relief programs to cash-strapped countries that are fundamentally strong in their financial conditions.

The members will also probe into financial sector reform, especially on the issue of stronger regulation on systematically important financial institutions (SIFIs), checking up the report presented by the Basel Committee on Banking Supervision and the Financial Stability Board (FSB).

The two global financial committees on Tuesday and Wednesday held meetings in Seoul, announcing their recommendations to the G20 to level up banks' capital and liquidity standards and to tighten regulation on SIFIS.

Results and agreements produced at the vice minister meeting will be reported to the minister-level meeting to start Friday, which will last for two days.

The G20 ministerial meeting will end Saturday with a joint communiqu, on which global media is keeping a close eye on.

Source: Xinhua


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