Group of Twenty (G20) Finance Ministers and Central Bank Governors Meeting October 22 to 23 held in Gyeongju in South Korea. This is a timely meeting, the parties to avoid competitive devaluations, International Monetary Fund (IMF), the share of reforms, and issues such as struggling against protectionism and a consensus was reached. The meeting, but also for the upcoming G20 summit in Seoul to lay the foundation.

The conference, based on an important background, namely, “the continued development of the global economic recovery, but the road is still bumpy and uneven.” In order to avoid the global economic recovery is suppressed, to avoid the “downside risks” mainly between the economic power necessary to reconcile their differences, seek common interests in the premise to shake hands, make the necessary collaboration. Among these, to include reference to the recent growing “rate war” argument is given.

Look, G20 finance ministers and central bank governors, has been the principle of idealism and realism between the interests of a certain balance. Including the future of the new banking capital and liquidity of the full implementation of the framework, the reform of the IMF quota and management agree on a number of proposals, emphasizing the more market-determined exchange rates reflect economic fundamentals, policies, and speeding repair the financial system and regulatory reform, and so on, are that “cooperation and dialogue” in the spirit of this conference is indeed been implemented.

In a sense, G20 finance ministers and central bank governors, is a can not fail the session. Gyeongju meeting if substantial progress is not achieved, then held after the G20 summit in Seoul, will also be difficult harvest. No wonder the host South Korean President Lee Myung-bak hope that you have to meeting the future for the sake of the world economy, we must reach an agreement.

Of course, from the more fundamental point of view, G20 finance ministers and central bank governors to be out of some of the fruits, but also by the common interests of the various economies of the decision. In today’s globalized so deeply, especially in the face of the potential risk of future cases, if all countries pursue unilateral stance, ignoring the interests of others, the final outcome must be all lose.

Since the latest round of global financial crisis, the global in the follow the “cooperation and dialogue” in spirit, have accumulated a lot of experience. For the common interests of the different stages of development from the major economies came together to jointly combat the crisis plan. Whether the G20 summit in London in the past, or the Washington summit, both in the reconstruction of the international financial order, against all forms of protectionism and achieved results. There is no doubt that major economies, consistent coordination and action to make a contribution to withstand the financial crisis.

Gyeongju communique on the meeting point of view, around the IMF reform and financial regulatory reform and other issues, the meeting had achieved significant progress, but are also honored in Pittsburgh to achieve, and go further in many areas . For example, IMF will be active in the emerging market share and developing countries and more than 6% of under-represented countries to adjust, is an example of the IMF reform towards a more reasonable direction. This is the future of this international organization IMF to play a greater role to the necessary conditions.

Financial regulation and reform, Gyeongju meeting also committed to ensuring a fair competitive market and to avoid market fragmentation, protectionism and regulatory arbitrage. Improve regulatory efficiency and reduce the major financial institutions caused by the structural risk, not only the lessons of the global financial crisis, and also the future stability of financial markets, building a stronger global financial system is required.

Not surprisingly, Gyeongju meeting also highlighted the opposition to all forms of protectionism, especially in trade protectionism. This means that, despite the difficulties, but the belief in free trade is still on the table is generally respected. More worthy of attention is reached Gyeongju meeting to avoid competitive devaluations consensus. You know, the exchange rate of the dispute is in fact the parties to the meeting one of the most profound differences. Despite being a long-term interests of all parties to fully reflect the problem of meeting alone is hardly enough to eliminate the dispute, but if we can avoid the competitive devaluations of the measures taken, the current exchange rate issues on the global economy can greatly reduce the negative impact small.

Overall, G20 Finance Ministers and Central Bank Governors Meeting, reflecting the major economies, the attitude of cooperation and dialogue. In fact, cooperation and dialogue another layer of meaning, is the parties on issues related to the appropriate compromise. Compromise is the premise of the demands of different interests, to be a necessary condition to continue the dialogue. People are concerned about the next G20 summit in Seoul, on the basis that longer follow the current far. It is also concerned about meeting the commitments of Gyeongju, and whether can be honored.

Many of the facts occurred in the past have shown that some commitments, such as protection against trade, beliefs and actions is often difficult to reach an agreement. Some countries are doing, and its stance in the international conference does not correspond to the occasion. This also illustrates the deep complexity of many issues, but also shows the value of commitment is often required before it can truly reflect the cash.

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