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Korea in the G20: A new era of leadership

Korea in the G20: A new era of leadership



Twenty world leaders came together in Seoul in November 2010 to discuss the state of the global economy as it emerges from the financial crisis. Together, they took the necessary steps to reduce market volatility and move past the crisis, creating sustainable growth going forward.
 

The fall meeting was be the fifth leaders summit and the first in an emerging country, reflecting shifts in the global economic balance and a growing understanding of the interdependence of countries and regions in the international financial system.


In addition to heads of government from the twenty member countries, central bankers and finance ministers, the heads of key international institutions, including the United Nations, the International Monetary Fund, the World Bank and the Financial Stability Board, participated in the meetings, November 11-12. Member countries included the G8 developed economies along with emerging economies such as the Republic of Korea. Together, the members of the G20 represented over 85% of the world economy.


Summits held to date – in Washington D.C., Pittsburgh, and London - the G20 averted economic catastrophe. In Pittsburgh, the G20 leaders agreed that, going forward, the G20 would be the premier forum for international economic cooperation, ushering in a new system of global economic governance. In Seoul this November, the leaders took that mandate forward, paving the way for future sustainable and balanced growth.


Within the larger agenda, the leaders continued to work to build a lasting system of cooperation – a framework - and to reform international financial organizations and financial regulations. At the Seoul Summit, the G20 built on past agreements, while introducing new agenda items that support the same fundamental goals. Specifically, Korea supported discussion of a system of global financial safety nets and plans to reduce global poverty and the development gap.