The G 20 Ministerial meeting concluded with agreement on currency row and giving more representation to emerging economies in IMF as part of its governance reform on Saturday in South Korea.
Realizing the rapid transfer in economic power from western industrial nations to emerging Asian nations the G20 finance ministers and central bankers in a joint statement said “Key elements includes shifts in quota shares to dynamic emerging markets and developing countries (EMDC) and to underrepresented countries of over 6 percent”.
Finance ministers of G20 countries agreed to refrain from competitive devaluation of their currency to avoid currency and trade war among the 20 major world economies.
Finance ministers meeting succeeded in developing consent to “move towards more market determined exchange rate systems”. The emphasis was added by replacing the earlier used term “market oriented” to “market determined” exchange rate systems.
South Korean Finance Minister Yoon Jeung-Hyun, the chairman of the two-day meeting, declared the meeting successful. He said the meetings have ended the currency row that had created suspicions and volatility in the global economy.
Despite currency disputes and IMF governance reform issue the ministerial meeting finally managed to reach accord as the world leaders worked diligently to settle the differences.
South Korea hosted the two-day meeting of finance ministers and bankers from 20 member countries, and chiefs of International Monetary Fund and World Bank, and the leaders of the five non-member countries.
The released joint statement of the G20 ministerial meeting will provide foundation for the forthcoming G20 summit negotiations on November 11-12 in Seoul.
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