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G20: Ceasefire in the currency war

The meeting of leaders of the Group of 20 leading industrial and emerging countries (G20) is a compromise in Main issues come to an end. After heated discussions, the G-20 it agreed to develop by June 2011 guidelines for the correction of large trade imbalances. "For now, the so-called currency war ended with it," brought South Korean President Lee Myung-bak at the final press conference the importance of this decision to the point.

The growing controversy over the large imbalances in global trade and exchange rate vagaries as well as the weak dollar had overshadowed the summit. Barack Obama was due to the extremely loose Monetary policy of the U.S. central bank not only in conversation with German Chancellor under pressure.

The interview with China's President Hu Jintao turned primarily to monetary issues. Because the dollar glut calls elsewhere speculative bubbles and drives in Europe, Brazil and Japan national currencies against the dollar export harmful in the air. Discussions on important issues such as a globally coordinated economic policies of the Seoul Action Plan, were pushed into the background.

prevailed in the end, Has The bottom line shows that the community spirit wins "not to damage the common interest among the participants, the main coordinating body in the world economy. , Merkel said after the summit. "The spirit of cooperation was really felt."

Even Obama, whose demands for concrete ceilings on current account surpluses and deficits failed because of the widespread opposition within the G-20 was, was satisfied: " Sometimes there are revolutionary, sometimes evolutionary progress."

From Obama's perspective, the summit has at least recognized the need for corrective mechanisms. The G-20 your finance ministers, central bankers and the next G-20 president, French President Nicolas Sarkozy, in the final report provided a clear mission: to June 2011 on the Based on several indicators of policies are created that are related to large trade imbalances, in the opinion of the G-20 should be corrected to be identified.

Also, the real core piece of the Seoul Action Plan was coordinated economic development given the nod. Thereafter, the heavily indebted industrial countries begin finances in order.

also want to try the States, the Doha round of World Trade Organization to further liberalization of global trade to breathe new life. In 2011 there was an important, albeit narrow time window for action, the G-20.

Other measures include the expansion of a financial safety net, stricter guidelines for banks (Basel III) to avoid new financial crises were just waved through. Greater attention, however, the reform of the International Monetary Fund, through which China became the third most powerful member of the IMF. In total, the voting rights of developing countries at six percent.

The G-20 celebrated the change as "ambitious achievement". Development aid expert Citizens group Oxfam International Jasmine Burnley criticized, however, that the supposedly major reform was more like "Peter rob to pay Paul." The voting rights of developing countries had actually increased by only 2.8 percent, because not only the industrialized countries as Germany, but also Pakistan, Bolivia and Nigeria made it possible to gain the power losses of China and India.

A gift to the host is a development plan for the least developed countries in the world. The Seoul-development consensus for shared growth "spans several years Action Plan. As a measure promised the donor countries, development assistance hold after 2011 to at least pre-crisis levels.

the weekend, the heads of state and government meet in the Asia-Pacific region in Japan Summit of the Asia-Pacific Economic Forum (Apec) again. Then shall first discuss an Asian-Pacific growth strategy and the establishment of regional free trade. Obama and Hu have already landed.


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