G-20 starts three days of talks
By Kelly Olsen |
June 4, 2010, Friday
|
Print Edition
Print Edition
FINANCE officials from leading advanced and emerging countries began three days of talks yesterday on reshaping the global economic system to prevent debilitating crises like the one that took the world to the brink of a depression in 2008.
The European sovereign debt crisis, which has triggered slides in global financial markets and the euro, is overshadowing longer term efforts to reform banking regulation and set up financial safety nets for countries emerging from crisis.
Indian Finance Minister Pranab Mukherjee said that the continent's debt woes were worrisome and had implications beyond the region.
"If it affects the recovery of Europe as a whole, then it will affect the world recovery," Mukherjee told reporters. The issue was certain to be discussed at the meetings, he said.
Reinforcing fears that consumers are fretting about the debt crisis afflicting the region, retail sales in the 16 countries that use the single currency fell by 1.2 percent in April from March, the EU's statistics office said yesterday.
The Group of 20 was founded in 1999 and shot into the limelight in late 2008 as the key international forum for managing the global financial system as countries grappled with the crisis brought on by the collapse of United States investment bank Lehman Brothers.
The gathering brings together rich countries such as the US, Japan and Germany, emerging powers like China and developing economies Indonesia and South Africa, who have demanded and gained more say in the wake of the crisis.
G-20 deputy finance ministers and central bank governors started meeting yesterday to prepare a draft communique that their bosses will discuss today and tomorrow, said a spokesman for South Korea's Ministry of Strategy and Finance.
South Korea, which assumed the rotating G-20 chair this year, is hosting the meetings in the southern port city of Busan. Seoul will convene a G-20 summit in November.
Ministers will be looking to shore up confidence in the markets and in the US$1 trillion bailout plan for ailing European economies, hoping to stave off any wider damage to the world economic recovery.
The G-20, which met in Washington in April, is gathering again ahead of a summit in Canada later this month.
The European sovereign debt crisis, which has triggered slides in global financial markets and the euro, is overshadowing longer term efforts to reform banking regulation and set up financial safety nets for countries emerging from crisis.
Indian Finance Minister Pranab Mukherjee said that the continent's debt woes were worrisome and had implications beyond the region.
"If it affects the recovery of Europe as a whole, then it will affect the world recovery," Mukherjee told reporters. The issue was certain to be discussed at the meetings, he said.
Reinforcing fears that consumers are fretting about the debt crisis afflicting the region, retail sales in the 16 countries that use the single currency fell by 1.2 percent in April from March, the EU's statistics office said yesterday.
The Group of 20 was founded in 1999 and shot into the limelight in late 2008 as the key international forum for managing the global financial system as countries grappled with the crisis brought on by the collapse of United States investment bank Lehman Brothers.
The gathering brings together rich countries such as the US, Japan and Germany, emerging powers like China and developing economies Indonesia and South Africa, who have demanded and gained more say in the wake of the crisis.
G-20 deputy finance ministers and central bank governors started meeting yesterday to prepare a draft communique that their bosses will discuss today and tomorrow, said a spokesman for South Korea's Ministry of Strategy and Finance.
South Korea, which assumed the rotating G-20 chair this year, is hosting the meetings in the southern port city of Busan. Seoul will convene a G-20 summit in November.
Ministers will be looking to shore up confidence in the markets and in the US$1 trillion bailout plan for ailing European economies, hoping to stave off any wider damage to the world economic recovery.
The G-20, which met in Washington in April, is gathering again ahead of a summit in Canada later this month.
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