The Presidential Committee for the G20 Seoul Summit
The G20 Finance and Central Bank Deputies Meeting
September 4-5, Gwang-ju, South Korea
The G20 Finance and Central Bank Deputies Meeting will be held on Saturday, September 4 and Sunday, September 5, 2010, at the Kim Dae-Jung Convention Center in Gwang-ju Metropolitan City.
The meeting will be the first deputy-level G20 meeting to be held in the second half of this year in preparation for the November Seoul Summit. The results of the meeting will serve as the basis for discussion of the G20 agenda at the ministerial meeting in Gyeong-ju, October 22-23, and at the Seoul Summit, November 11-12.
Representatives of the G20 nations and international organizations such as the IMF, World Bank, OECD, and FSB are expected to attend. Deputy Finance Minister Shin Je-Yoon and Bank of Korea Deputy Governor Kim Jae-Chun will be in charge of the meetings.
As in the past, no communiqué will be released at the conclusion of the deputies meeting (unlike Ministers meetings). The deputies meeting is part of the preparation process for accurately identifying the positions of member countries and determining how to support future discussions, rather than a process for producing agreements on agenda items.
A separate Deputies Steering Group, composed of representatives from Korea, the UK, France, the US, and Canada, will meet on Sunday, September 5, immediately following the G20 Deputies Meeting to fine tune the schedule leading up to the Seoul Summit.
Gwangju G20 Finance and Central Bank Deputies Meeting Schedule
Saturday September 4
10:00~12:00
(Session 1) Global Economy: Current Status and Outlook
12:30~14:30
(Session 2) Framework for Strong, Sustainable and Balanced Growth
(Working Lunch)
15:00~17:00
(Session 3) IFIs Reform and Global FSNs
Sunday September 5
08:00~10:00
(Session 4) Financial Regulatory Reform
10:00~11:00
(Session 5) Financial Inclusion, Energy Issues, Future Process
Global Economy: Current Status and Outlook
In light of continued uncertainty in the current global economy, the deputies will review the latest economic developments and downside risks, and discuss prospects for the second half of this year. Reports by the IMF and the World Bank on the current status and prospects for the global economy will be followed by a discussion of ways to direct G20-level policy coordination to maintain economic recovery, and carry out fiscal consolidation and global rebalancing.
Framework for Strong, Sustainable and Balanced Growth
Deputies will review the progress made so far on preparing a comprehensive action plan with country specific policy options. The comprehensive plan is expected to be announced at the Seoul Summit in November. The Framework Working Group will brief the deputies on how the submission process for the countries’ medium-term policy templates is progressing; the IMF and the WB will each brief the group on their assessments of the templates that have been submitted to date, and the OECD will give a presentation on the potential effects of structural reform and policy proposals.
Specific roles and work schedules for the G20 members, the Framework Working Group, and international organizations such as the IMF, World Bank, and the OECD in the months leading up to the Seoul Summit will also be discussed. The work schedule will involve submissions from member countries on their medium-term policy templates, followed by country-specific policy analyses by international organizations and evaluations by the Framework Working Group. Final policy options will be produced by member countries through the mutual assessment process and presented at the Seoul Summit.
IFIs Reform
Deputies will work to reach a consensus on the IMF quota reform and the scope of the IMF governance reform that G20 Leaders could agree on at the Seoul Summit. The reform will result in at least 5% quota shift from over-represented countries to under-represented emerging and developing countries, and protection for the voting share of the poorest countries. The scope of the reform will include changing the size and composition of the IMF Executive Board to better reflect emerging countries, expanding the involvement of the Fund Governors, changing the process for selecting the IMF Chairman, and enhancing staff diversity. The IMF and the IMF Reform Working Group will also give progress reports during the session.
※The IMF Reform Working Group meeting will be held on September 1-2 in Seoul with the Australian and South African deputies acting as co-chairs.
Global FSNs
Deputies will listen to the opinions of each member country in order to prepare concrete national, regional and international policy options for discussion at the Seoul Summit, and they will review the progress made on precautionary lending facilities being discussed within the IMF. The FSN Experts Group and the IMF will also give their progress reports.
Financial Regulatory Reform
Deputies will review the progress made on core financial reform issues for the Seoul Summit, such as bank capital, liquidity regulations, and systemically important financial institutions. There will be a discussion on macro-prudential issues from the perspective of emerging countries. The FSB will also give a progress report on various issues, including bank capital and liquidity regulation.
Financial Inclusion
Deputies will review progress made by the Financial Inclusion Experts Group, including access through innovation and SME finance.
Energy Issues
Deputies will confirm the discussion process for three energy issues: energy subsidies, energy price volatility, and protection of the marine environment. They will also discuss future directions.
Just before the G20 Deputies meeting in Gwangju, a joint Korea-FSB* Financial Reform Conference to discuss the emerging market perspective on financial reform will be held at the Grand Intercontinental Hotel in Seoul, September 2-3.
The purpose of this conference is to expand the participation of non-G20 countries in the G20 financial regulatory discussions and to promote the interests of emerging countries in the G20. Attendees will include many of the G20 countries as well as Sweden, Kenya, Vietnam, Hungary, Morocco, Hong Kong, and Singapore.
As the Korea-FSB conference will be followed the next day by the Gwangju G20 Deputies meeting, the conference will offer an opportunity for emerging countries to add their perspective on financial issues to the G20 agenda.
About 400 people from around 60 countries, including representatives from financial authorities, financial companies, international organizations, and members of the academic community, are planning to attend the conference.
G20 Summit Committee Chairman Sa-Kong Il will speak at the conference along with other opinion leaders of the international financial world, including FSB Chairman Mario Draghi and Financial Times columnist Martin Wolf.
* Financial Stability Board (FSB): composed of 24 major financial authorities and central banks, it is currently playing a pivotal role in overseeing and fine tuning financial regulatory reform for the G20 (Korea Financial Services Commission and the Bank of Korea are also participants).
The G20 Finance and Central Bank Deputies Meeting
September 4-5, Gwang-ju, South Korea
The G20 Finance and Central Bank Deputies Meeting will be held on Saturday, September 4 and Sunday, September 5, 2010, at the Kim Dae-Jung Convention Center in Gwang-ju Metropolitan City.
The meeting will be the first deputy-level G20 meeting to be held in the second half of this year in preparation for the November Seoul Summit. The results of the meeting will serve as the basis for discussion of the G20 agenda at the ministerial meeting in Gyeong-ju, October 22-23, and at the Seoul Summit, November 11-12.
Representatives of the G20 nations and international organizations such as the IMF, World Bank, OECD, and FSB are expected to attend. Deputy Finance Minister Shin Je-Yoon and Bank of Korea Deputy Governor Kim Jae-Chun will be in charge of the meetings.
As in the past, no communiqué will be released at the conclusion of the deputies meeting (unlike Ministers meetings). The deputies meeting is part of the preparation process for accurately identifying the positions of member countries and determining how to support future discussions, rather than a process for producing agreements on agenda items.
A separate Deputies Steering Group, composed of representatives from Korea, the UK, France, the US, and Canada, will meet on Sunday, September 5, immediately following the G20 Deputies Meeting to fine tune the schedule leading up to the Seoul Summit.
Gwangju G20 Finance and Central Bank Deputies Meeting Schedule
Saturday September 4
10:00~12:00
(Session 1) Global Economy: Current Status and Outlook
12:30~14:30
(Session 2) Framework for Strong, Sustainable and Balanced Growth
(Working Lunch)
15:00~17:00
(Session 3) IFIs Reform and Global FSNs
Sunday September 5
08:00~10:00
(Session 4) Financial Regulatory Reform
10:00~11:00
(Session 5) Financial Inclusion, Energy Issues, Future Process
Global Economy: Current Status and Outlook
In light of continued uncertainty in the current global economy, the deputies will review the latest economic developments and downside risks, and discuss prospects for the second half of this year. Reports by the IMF and the World Bank on the current status and prospects for the global economy will be followed by a discussion of ways to direct G20-level policy coordination to maintain economic recovery, and carry out fiscal consolidation and global rebalancing.
Framework for Strong, Sustainable and Balanced Growth
Deputies will review the progress made so far on preparing a comprehensive action plan with country specific policy options. The comprehensive plan is expected to be announced at the Seoul Summit in November. The Framework Working Group will brief the deputies on how the submission process for the countries’ medium-term policy templates is progressing; the IMF and the WB will each brief the group on their assessments of the templates that have been submitted to date, and the OECD will give a presentation on the potential effects of structural reform and policy proposals.
Specific roles and work schedules for the G20 members, the Framework Working Group, and international organizations such as the IMF, World Bank, and the OECD in the months leading up to the Seoul Summit will also be discussed. The work schedule will involve submissions from member countries on their medium-term policy templates, followed by country-specific policy analyses by international organizations and evaluations by the Framework Working Group. Final policy options will be produced by member countries through the mutual assessment process and presented at the Seoul Summit.
IFIs Reform
Deputies will work to reach a consensus on the IMF quota reform and the scope of the IMF governance reform that G20 Leaders could agree on at the Seoul Summit. The reform will result in at least 5% quota shift from over-represented countries to under-represented emerging and developing countries, and protection for the voting share of the poorest countries. The scope of the reform will include changing the size and composition of the IMF Executive Board to better reflect emerging countries, expanding the involvement of the Fund Governors, changing the process for selecting the IMF Chairman, and enhancing staff diversity. The IMF and the IMF Reform Working Group will also give progress reports during the session.
※The IMF Reform Working Group meeting will be held on September 1-2 in Seoul with the Australian and South African deputies acting as co-chairs.
Global FSNs
Deputies will listen to the opinions of each member country in order to prepare concrete national, regional and international policy options for discussion at the Seoul Summit, and they will review the progress made on precautionary lending facilities being discussed within the IMF. The FSN Experts Group and the IMF will also give their progress reports.
Financial Regulatory Reform
Deputies will review the progress made on core financial reform issues for the Seoul Summit, such as bank capital, liquidity regulations, and systemically important financial institutions. There will be a discussion on macro-prudential issues from the perspective of emerging countries. The FSB will also give a progress report on various issues, including bank capital and liquidity regulation.
Financial Inclusion
Deputies will review progress made by the Financial Inclusion Experts Group, including access through innovation and SME finance.
Energy Issues
Deputies will confirm the discussion process for three energy issues: energy subsidies, energy price volatility, and protection of the marine environment. They will also discuss future directions.
Just before the G20 Deputies meeting in Gwangju, a joint Korea-FSB* Financial Reform Conference to discuss the emerging market perspective on financial reform will be held at the Grand Intercontinental Hotel in Seoul, September 2-3.
The purpose of this conference is to expand the participation of non-G20 countries in the G20 financial regulatory discussions and to promote the interests of emerging countries in the G20. Attendees will include many of the G20 countries as well as Sweden, Kenya, Vietnam, Hungary, Morocco, Hong Kong, and Singapore.
As the Korea-FSB conference will be followed the next day by the Gwangju G20 Deputies meeting, the conference will offer an opportunity for emerging countries to add their perspective on financial issues to the G20 agenda.
About 400 people from around 60 countries, including representatives from financial authorities, financial companies, international organizations, and members of the academic community, are planning to attend the conference.
G20 Summit Committee Chairman Sa-Kong Il will speak at the conference along with other opinion leaders of the international financial world, including FSB Chairman Mario Draghi and Financial Times columnist Martin Wolf.
* Financial Stability Board (FSB): composed of 24 major financial authorities and central banks, it is currently playing a pivotal role in overseeing and fine tuning financial regulatory reform for the G20 (Korea Financial Services Commission and the Bank of Korea are also participants).
