Regarding the main issues of G20 conference, such as the exchange rates and the balance of the current accounts, there are big differences in the perspectives that led to a heated debate in the G20 Secretary of Finances Conference on the 9th.
The representative of the G20 Conference Preparation Committee, Kim Yoon-gyung, announced on the morning of the 10th that "there was an unexpected heated debate regarding the exchange rates and the current accounts in the Financial Secretary Conference on the 9th" and "additional discussion regarding these are needed."
"Each country argues for their theoretical positions ... argument ensues"
Representative Kim announced that "because the exchange rates and the current balance issues are directly related to the benefits of each country, the secretaries seem to have received direct missions from their countries" and "each country was just expressing their theoretical positions and it can be said that all of the countries intensely fought."
She also added that "the secretaries of finances conference that started at 10AM on the 9th ended at 12:50 AM the next morning" and "it was very heated enough to have to keep the door open. In the evening, arguments ensued."
Regarding the actualization project of the current balance surplus limitation guidelines that has become a debatable subject lately, representative said, "all of the topics, such as the current balance guideline and the quantity mitigation, etc were discussed" and "the final decision will be made in the summit conference. It is inappropriate to be too detailed at this point."
She also said that "one fortunate thing is that there was an agreement in Gyungjoo regarding the exchange rates and the current balance problems" and "although the debates are very heated, all of the countries agree that they need to follow the agreements in Gyungjoo and develop from there."
Earlier, the G20 countries added a phrase of "market determining exchange rate system execution" to the joint announcements that will seal the previous exchange rate debates in the G20 Secretaries of the Finances - Central Bank Presidential Conference in Gyungjoo, Gyungbook on the 22nd and 23rd of last month. Also, they agreed to make an exemplary guideline that will limit the surplus amounts of the current accounts.
However, the United States started an additional quantity mitigation and a few countries joined the foreign exchange market, the agreement occurred in Gyungjoo had lost its effects. Also, for the actualization of the exemplary guideline that will limit the current account surplus amounts, as the United States rescinded its strong support, Seoul Summit Conference may not lead to an actual negotiation.
In the Sherpa Conference, separate from the Secretary Conference, Representative Kim announced that they had dealt with topics, such as the anti-corruption, developments, climate changes, and business summits. Many parts reached a negotiation, but because of the differences in opinions regarding the sensitive topics, such as the climate changes or the free trades, each country could not agree on the expressions that will appear on the joint announcements.
On the other hand, the Secretaries conference and the Sherpa Conference that have been going on since 10AM on the 10th was hosted jointly to negotiate the sensitive topics. The contents that have been negotiated was scheduled to be reached at the final decision in the Ministers of Finances Conference today. The Summit Conference also starts today and last until tomorrow.
