ID :
212687
Fri, 10/14/2011 - 06:51
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Shortlink :
https://oananews.org//node/212687
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G-20 finance ministers to gather amid eurozone crisis, recession woes
SEOUL (Yonhap) - Finance ministers from the Group of 20 (G-20) countries will discuss ways to resolve the eurozone fiscal debt crisis and other pending issues confronting the global economy in Paris Friday, officials here said.
The meeting, the final gathering ahead of summit talks among the G20 leaders next month, comes as concerns mount that fiscal debt problems in Europe will not go away easily and major economies, including the United States, face heightened risks of losing steam amid tough market conditions at home and abroad.
During the two-day gathering, the G-20 officials will hold six sessions that include talks on reform of the international monetary system, financial regulations and how to achieve strong, sustainable and balanced growth.
South Korean officials said they could also discuss ways to strengthen the global financial safety net. In particular, the global stability mechanism (GSM) proposed by Seoul could be on the table for discussion.
The GSM is intended to allow the International Monetary Fund to provide credit lines to a country in trouble even without it asking for rescue, a move aimed at minimizing the stigma attached to seeking help from the lender.
The finance ministers will likely face tough challenges as they seek to balance their efforts in crafting mid- and long-term solutions to eurozone fiscal debt problems against what they should do to avert global recession as the world economy faces more downside risks, experts said.
Also, given that the meeting is the last before G-20 summit talks on Nov. 3-4 in Cannes, officials may avoid coming up with concrete solutions, leaving any final conclusions to their heads of state.
"Regarding detailed solutions to the most important fiscal debt crisis in Greece and other eurozone countries, there are other scheduled meetings such as European Union summit talks on Oct.24," said a South Korean official attending the G-20 meeting.
"(Against this backdrop), the mood here is that final decisions need to be left to the leaders gathering next month for G-20 summit talks," he added.
At the end of the meeting, those present will produce a statement summarizing what was discussed and agreed on, while also briefing on the agenda to be pushed by the next G-20 chair, Mexico.
South Korea's Finance Minister Bahk Jae-wan is attending the Paris meeting. On the sidelines of the gathering, he is to hold bilateral talks with his counterparts from other major economies, including Germany and Mexico, where they will discuss a wide range of issues.
The meeting, the final gathering ahead of summit talks among the G20 leaders next month, comes as concerns mount that fiscal debt problems in Europe will not go away easily and major economies, including the United States, face heightened risks of losing steam amid tough market conditions at home and abroad.
During the two-day gathering, the G-20 officials will hold six sessions that include talks on reform of the international monetary system, financial regulations and how to achieve strong, sustainable and balanced growth.
South Korean officials said they could also discuss ways to strengthen the global financial safety net. In particular, the global stability mechanism (GSM) proposed by Seoul could be on the table for discussion.
The GSM is intended to allow the International Monetary Fund to provide credit lines to a country in trouble even without it asking for rescue, a move aimed at minimizing the stigma attached to seeking help from the lender.
The finance ministers will likely face tough challenges as they seek to balance their efforts in crafting mid- and long-term solutions to eurozone fiscal debt problems against what they should do to avert global recession as the world economy faces more downside risks, experts said.
Also, given that the meeting is the last before G-20 summit talks on Nov. 3-4 in Cannes, officials may avoid coming up with concrete solutions, leaving any final conclusions to their heads of state.
"Regarding detailed solutions to the most important fiscal debt crisis in Greece and other eurozone countries, there are other scheduled meetings such as European Union summit talks on Oct.24," said a South Korean official attending the G-20 meeting.
"(Against this backdrop), the mood here is that final decisions need to be left to the leaders gathering next month for G-20 summit talks," he added.
At the end of the meeting, those present will produce a statement summarizing what was discussed and agreed on, while also briefing on the agenda to be pushed by the next G-20 chair, Mexico.
South Korea's Finance Minister Bahk Jae-wan is attending the Paris meeting. On the sidelines of the gathering, he is to hold bilateral talks with his counterparts from other major economies, including Germany and Mexico, where they will discuss a wide range of issues.
