The following is the gist of the joint statement made by finance ministers and central bank governors from the Group of 20 advanced and emerging countries at the Gyeongju meeting that took place from Friday to Saturday.
● Pursue market-determined exchange rate systems in order to let economic fundamentals determine currency values and refrain from competitive devaluation of currencies.
● Reduce their excessive current account surpluses or deficits as a means to relieve global trade imbalances. They will maintain their surpluses or deficits at sustainable levels and ask the International Monetary Fund (IMF) to define those sustainable levels given regional circumstances.
● More strictly regulate the global financial system by requiring banks to raise capital and liquidity conditions to better fight a worldwide economic crisis like the one sparked in 2008. They pledged to impose tougher requirements for globally influential financial companies called significantly important financial institutions whose failure could endanger the whole global financial system.
● Shift by 2012 an over-6 percent share of the voting rights at the 24-member executive board of the IMF to underrepresented emerging countries to reflect their growing economic clout thereby improving the governance and credibility of the international lending institution.
● Endorse a set of emergency credit lines recently set up by the IMF and push to create more of such aid in order to secure global safety nets, named by the South Korean government “Korean Initiative”, to shield against an eruption of global financial crises.
● Work together to promote global sustainable growth, resilience in developing counties and improve access to financial services for the poor as well as small and mediumsized companies.
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