*** February 27-28-2010 ~ The First G20 Meeting Is Held on February 27-28 in Songdo
"Vice finance ministers and vice governors of central banks from member nations have a tight schedule for two days and one night. They will continue to be involved in a series of meetings for two days from February 27, the day they arrive in Songdo from Incheon International Airport. To save time, they will not have a separate time for lunch and dinner. Instead they will have meals during the meetings"
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Feb 15, 2010
G20 role crucial for global financial system: Wolin
JEDDAH: US Deputy Treasury Secretary Neal S. Wolin said the G20 had now become the premier forum for more diverse and balanced coordination of the global economy and had responded quickly to help restore the global financial system. There is growth now in many parts of the world but a number of challenges still exist - market turbulence is still there and as yet, there is no significant job growth.
Addressing the plenary session of global economic governance after the crisis at the 10th Jeddah Economic Forum here on Sunday, moderated by Sulaiman Abdul Rahman Alsheikh, the associate dean of development in the faculty of economics and administration at King Abdulaziz University, Wolin said that there was widespread debate on the global financial crisis and the global financial system was currently undergoing a significant transition, which involved widespread restructuring.
Wolin acknowledged that in the past, the United States had bought too much and saved too little; this was no longer an option. In addition, US public finance must be put on a sustainable track. "The US can no longer be the single driving engine of the world economy. The crisis has shown that the economies of all countries are intertwined and that all nations must do their part to build the new financial system, which must be stronger, safer and sustainable," he said.
In terms of the core reforms necessary to strengthen the global financial system, Wolin mentioned: Constrain risks; build strong supervision; reform compensation in the financial sector and put an end to the idea that any financial system was "too big to fail."
Wolin said, "While a strong regulatory framework is necessary, it should be clear that no nation can build this on its own and that all must contribute and work together for sustainable future development."
Wolin also said the US administration was working closely with Congress to enact regulatory reforms and he hoped it would secure passage this year.
The governance inherent in the IMF (International Monetary Fund) and the World Bank must evolve to reflect the new situation.
Transparency must be improved and more innovations introduced. Progress through partnership with a common purpose must be pursued. It is only by this means that one will be able to create a new and more stable world economy, he added.
The US economy is expected to continue growing this year, although global recovery remains fragile. "In many countries, including my own, GDP numbers have yet to translate into jobs growth," Wolin said.
Lee Richardson, member of Parliament for Calgary Centre in Canada, presented the Canadian perspective on the recovery of the global economy. Canada is the co-chair of the upcoming 4th G20 summit that will address recovery and new beginnings. "Enlightened self-interest" is perhaps the key to a successful and balanced solution but that solution will only be reached through shared responsibility.
The critical areas for the G20 are financial sector reform involving balanced and transparent regulation; continuation of globally coordinated stimulus measures; and enhancement of global trade and growth through resistance to protectionism and the lowering of trade barriers. Narrow sovereignty must be reconsidered, and recovery must lift all countries together. This is possible only through global cooperation, Richardson said.
2010 Arab News
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and ... snip ~ link ~ JEF publishes its findings (Gulf Research Center) Feb. 13-16-2010
Arab News - 27 February, 2010
"Vice finance ministers and vice governors of central banks from member nations have a tight schedule for two days and one night. They will continue to be involved in a series of meetings for two days from February 27, the day they arrive in Songdo from Incheon International Airport. To save time, they will not have a separate time for lunch and dinner. Instead they will have meals during the meetings"
___________________
Feb 15, 2010
G20 role crucial for global financial system: Wolin
JEDDAH: US Deputy Treasury Secretary Neal S. Wolin said the G20 had now become the premier forum for more diverse and balanced coordination of the global economy and had responded quickly to help restore the global financial system. There is growth now in many parts of the world but a number of challenges still exist - market turbulence is still there and as yet, there is no significant job growth.
Addressing the plenary session of global economic governance after the crisis at the 10th Jeddah Economic Forum here on Sunday, moderated by Sulaiman Abdul Rahman Alsheikh, the associate dean of development in the faculty of economics and administration at King Abdulaziz University, Wolin said that there was widespread debate on the global financial crisis and the global financial system was currently undergoing a significant transition, which involved widespread restructuring.
Wolin acknowledged that in the past, the United States had bought too much and saved too little; this was no longer an option. In addition, US public finance must be put on a sustainable track. "The US can no longer be the single driving engine of the world economy. The crisis has shown that the economies of all countries are intertwined and that all nations must do their part to build the new financial system, which must be stronger, safer and sustainable," he said.
In terms of the core reforms necessary to strengthen the global financial system, Wolin mentioned: Constrain risks; build strong supervision; reform compensation in the financial sector and put an end to the idea that any financial system was "too big to fail."
Wolin said, "While a strong regulatory framework is necessary, it should be clear that no nation can build this on its own and that all must contribute and work together for sustainable future development."
Wolin also said the US administration was working closely with Congress to enact regulatory reforms and he hoped it would secure passage this year.
The governance inherent in the IMF (International Monetary Fund) and the World Bank must evolve to reflect the new situation.
Transparency must be improved and more innovations introduced. Progress through partnership with a common purpose must be pursued. It is only by this means that one will be able to create a new and more stable world economy, he added.
The US economy is expected to continue growing this year, although global recovery remains fragile. "In many countries, including my own, GDP numbers have yet to translate into jobs growth," Wolin said.
Lee Richardson, member of Parliament for Calgary Centre in Canada, presented the Canadian perspective on the recovery of the global economy. Canada is the co-chair of the upcoming 4th G20 summit that will address recovery and new beginnings. "Enlightened self-interest" is perhaps the key to a successful and balanced solution but that solution will only be reached through shared responsibility.
The critical areas for the G20 are financial sector reform involving balanced and transparent regulation; continuation of globally coordinated stimulus measures; and enhancement of global trade and growth through resistance to protectionism and the lowering of trade barriers. Narrow sovereignty must be reconsidered, and recovery must lift all countries together. This is possible only through global cooperation, Richardson said.
2010 Arab News
______________________________________
and ... snip ~ link ~ JEF publishes its findings (Gulf Research Center) Feb. 13-16-2010
Arab News - 27 February, 2010
(JEDDAH): US Deputy Treasury Secretary Neal S. Wolin said the G20 had now become the premier forum for more diverse and balanced coordination of the global economy and had responded quickly to help restore the global financial system. There is growth now in many parts of the world but a number of challenges still exist - market turbulence is still there and as yet, there is no significant job growth)
The Jeddah Economic Forum (JEF) has published a report summarizing its recommendations on topics that it discussed at this year’s event held on Feb. 13-16.
The event brought together leading decision-makers, experts, businessmen and academics to discuss the outlook for the world economy in the next 10 years in nine topics:
Global Economic Governance after the Crisis;
The Way Forward for Reserve Currencies;
Banking and Finance:
Rebuilding Faith in Financial Institutions;
Energy and the Environment;
Tackling Protectionism in Trade and Investment;
Agriculture and Food Security; Health;
Science &Technology; Education.
With regards to the way forward for reserve currencies, it was recommended that the Kingdom promotes the creation of a regional Gulf common currency and maintains its peg to the US. The event also called for a multicurrency international system while maintaining the stability of the US dollar.
JEF publishes its findings (Gulf Research Center) Feb. 13-16-2010
The Jeddah Economic Forum (JEF) has published a report summarizing its recommendations on topics that it discussed at this year’s event held on Feb. 13-16.
The event brought together leading decision-makers, experts, businessmen and academics to discuss the outlook for the world economy in the next 10 years in nine topics:
Global Economic Governance after the Crisis;
The Way Forward for Reserve Currencies;
Banking and Finance:
Rebuilding Faith in Financial Institutions;
Energy and the Environment;
Tackling Protectionism in Trade and Investment;
Agriculture and Food Security; Health;
Science &Technology; Education.
With regards to the way forward for reserve currencies, it was recommended that the Kingdom promotes the creation of a regional Gulf common currency and maintains its peg to the US. The event also called for a multicurrency international system while maintaining the stability of the US dollar.
JEF publishes its findings (Gulf Research Center) Feb. 13-16-2010
