G-20 deputies meeting to take place in Incheon | Korea.net

The following is a press release dated Feb. 24.

G-20 Deputy Finance Ministers’ and Deputy Central Bank Governors’ Meeting
 Place: Sondo, Incheon
 Time: Feb. 27-28


Meeting Outline and Significance

The G-20 Deputy Finance Ministers’ and Deputy Central Bank Governors’ Meeting will be held for two days, from February 27 to 28, 2010 at the Convensia convention center in Songdo, Incheon. 
 
This meeting will not only mark the official opening of this year’s G-20 process, but also be the first meeting that the Republic of Korea chairs.
 
The 150 attendees will include delegations from the Republic of Korea and G-20 members and also, seven international organizations; the IMF, World Bank, OECD and the Financial Supervisory Board. The co-chairs will be Shin Jae-Yoon, the Deputy Minister for International Affairs from the Ministry of Strategy and Finance and Rhee Gwang-Ju, Deputy Governor of the Bank of Korea.
 
The focus of this first meeting will be to analyze the current state of the global economy and continue the follow-up of past G-20 agendas.
 
Subjects of discussion will include: coordination of exit strategies, plans to establish the Framework for Strong, Sustainable and Balanced Growth, reforms in quotas and management structure of International Financial Institutions such as the IMF and the World Bank, as well as plans to improve financial regulations.
 
In addition, the setting up of a global financial safety net will be discussed to mitigate unnecessary foreign exchange reserves accumulation in emerging economies.
 
Other agendas include Energy Subsidies, Financial Inclusion, Climate Change Financing.
 
This meeting of Deputy Finance Ministers and Deputy Central Bank Governors seeks to understand each country’s position, while setting the framework for further discussion, rather than building a consensus on a main agenda. Therefore, a separate Communique is not planned.
 
Following the meeting, a ‘Steering Group Meeting’ with deputy finance ministers will be held separately to discuss the direction of each agenda and the future schedule. The result of this meeting will be used as the foundation in April (Washington D.C.) and June (Busan) at the G-20 Finance Ministers’ and Central Bank Governors’ Meetings.

Scheduled Sessions

Date	Agenda
Feb. 27 (Saturday)	o Global Economy & G-20 Framework for Strong, Sustainable, and Balanced Growth   o Global Financial Safety Nets    o International Financial Institutions reform
Feb. 28 (Sunday)	o Financial Regulation reform   o Energy Subsidies, Financial Inclusion, Climate Change Financing   o Deputy Finance Ministers’ Steering Group Meeting

Contacts
o Policy Planning Division, Presidential Committee for the G-20 Summit (Tel. 398-9556)
o International Financial Policy Division, Ministry of Strategy and Finance (Tel. 2150-4851)
o G-20 Affairs Office, Bank of Korea (Tel. 759-5602)