Solidarity, confidence key to success of G20 Seoul summit

17:05, November 08, 2010      

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Strengthened cohesion and confidence are key to the success of the coming G-20 summit slated for Nov. 11-12 in Seoul, the capital of South Korea, analysts said.

The fifth G-20 Summit, an international forum on economic cooperation among the world's 20 major economies, comes when the world is on the brink of a nasty confrontation over exchange rates and anger is rumbling globally over aggressive U.S. monetary easing.

Analysts warned that countries across the world would be more inclined to flirt with protectionism under the tensions over exchange rates.

Indian Prime Minister Manmohan Singh has earlier voiced his concerns about the global situation and the fraying cohesion of the Group of 20.

Indian officials have also warned that the G-20 is split between debtor countries and creditor nations.

The prime minister's concern was echoed by Charles Dallara, managing director of the Institute of International Finance, who warned of an increasing trend toward "unilateralism" by countries on everything from capital standards, financial regulation to disputes over exchange rates.

Dallara said the world economy was moving toward a worrying period when there was insufficient political will in countries worldwide to shore up cooperation.

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