G20Plenary Session I: The Global Economy and the Framework II
The G20 Opening Plenary Session, Global Economy & Framework II, was a continuation of the discussion begun at the working dinner the previous evening. President Lee used his opening remarks to further the discussion begun the night before and introduce other issues on the agenda. Specifically, President Lee broached the issue of how to resolve global imbalances.
After President Lee finished speaking, Angel Gúrria, Secretary-General of the OECD, reported on structural reform. The G20 Framework Working Group was expected to present their most recent conclusions.
President Lee at the plenary session stressed the significance of the agreements reached at the October Gyeongju G20 Finance Ministers & Central Bank Governors Meeting, which helped ease global tensions related to currency issues and continued global imbalances. And he discussed the importance of following through on the Mutual Assessment Process (MAP) to avoid future crises and promote strong sustainable growth.
G20 Plenary Session II: International Financial Institution (IFI) Reform / Global Financial Safety Nets (GFSNs)
In their second session, the G20 leaders focused on IMF reform and improving global financial safety nets.
Leaders commended the results reached at the Gyeongju Finance Ministers and Central Bank Governors Meeting regarding IMF quota and governance reform and to underscore the G20's willingness and ability to negotiate, compromise and reach agreements. Earlier this month, the IMF agreements were approved by the IMF Board of Governors.
President Lee also introduced Korea's efforts to improve Global Financial Safety Nets and emphasized their growing importance as world markets continue to become more integrated and individual markets more vulnerable to external factors.
G20 Plenary Session III: Development
Working toward a Seoul Consensus
The third G20 plenary session, on Development, began at 11:30 a.m., November 12 and lasted an hour. In the third session, the leaders focused on how to promote balanced growth globally while narrowing the development gap and reducing poverty.
By putting development on the agenda, Korea hoped to focus attention on the world's poorest populations, encourage growth that will add to sustainable global growth, share lessons learned from its own recent experiences with development and help broaden the G20 agenda beyond the recent financial crisis. By taking on the development issues of more than 170 non-G20 nations, the G20 also enhances its own credibility in the eyes of the rest of the world.
Within the context of the Framework on Growth, development can help lay the groundwork for the G20 to reach its higher goals. By encouraging investment in emerging economies, the G20 can facilitate resilient growth domestically and globally.
In addition to the leaders of the G20 and invited countries, the heads of the following international organizations participated in the discussion: Ban Ki-moon, Secretary-General of the United Nations; Robert Zoellick, President of the World Bank, and the co-chairs of the G20 Development Working Group.
