G-20 agrees to avoid competitive currency devaluations but no specific targets on cutting trade imbalances; “Historic” reforms of IMF approved
Oct 25th, 2010 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
G-20 finance ministers and central bank governors, meeting at the weekend in the South Korean city of Gyeongju, agreed to avoid competitive currency devaluations and curb excessive trade imbalances but a proposal to set specific targets ran into opposition. The Group of Twenty industrialized and emerging market economies also agreed on a proposed raft of "historic" reforms of the IMF that will shift country representation at the Fund toward large, dynamic emerging market and developing countries.