Wednesday, June 02, 2010
Proposed bank levy will top agenda at this week's meeting.
The proposed introduction of a bank levy and possible ways to control cross-border capital flows will top the agenda at this week's G20 finance ministers meetings, host South Korea said yesterday.
Finance Minister Yoon Jeung-hyun also told an unscheduled media briefing that the euro zone's debt crisis was becoming a factor that would delay policy "exit strategies" in some countries. "I expect the bank levy issue to be discussed as an important agenda," he said, referring to the proposed move aimed at making banks pay for the future bailouts of financial institutions.
Finance ministers and central bank heads from the Group of 20 leading economies meet in Busan, South Korea, on Friday and Saturday to fine-tune their views on key global issues before their leaders hold a summit later in the month in Canada.
There is broad support for the proposal but some countries, which experienced no heavy cost of bailing out financial institutions, are opposed to it.
Yoon said drawing up some form of regulations to cushion the capital flows across countries would also likely be discussed at the meetings.
"The IMF's position has also changed [toward introducing controls]," he said.
related articles ~
June 4-5 Next Meeting ~ Text Of G-20 Finance Ministers, Central Bankers’ Statement April 23, 2010 ...
June 4th - 5th ~ G20 ministers face more wrangling over bank tax, and ... July ~ Obama may be signing into law ...
LINKS TO ARTICLES - TOBIN TAX - FINANCE TAX
