G20 Leaders Urge Europe to Come Up with Desparate Measures
This year's Group of 20 Summit came to an end Tuesday afternoon, in Mexico, with world leaders urging the eurozone to come up with its own fundamental plan to put an end to the debt crisis, and integrate its financial system to support its monetary union.
In particular, to resolve the economic imbalance within Europe, G20 nations called on trade deficit countries in the region to enhance their competitiveness and surplus countries, to expand their domestic demand.
While encouraging Greece to remain in the eurozone, G20 leaders made it clear that the next Greek government must stick to its obligations for reform.
And in a notable accomplishment during the two-day meeting, world leaders agreed to boost the International Monetary Fund's global firewall or lending capacity to 456 billion U.S. dollars in order to stabilize the global financial sector and enhance the agency's emergency management capability.
Especially, BRICS economies, Mexico and Turkey vowed to increase their contributions to the IMF by a total of 90 billion dollars.
The G20 also agreed to extend the standstill and rollback on trade protectionist measures from 2013 to 2014.
President Lee Myung-bak stressed during a working luncheon on Tuesday, that each country should promote international trade, at a time like this, to create more jobs, and added that the standstill which was agreed upon in 2008 actually helped the world economy recover from the financial crisis back then.
[Reporter : Eoh Jin-joo
firstname.lastname@example.org] "On Wednesday, President Lee is set to make keynote speeches at the UN Conference on Sustainable Development, and the Global Green Growth Summit, in Rio de Janeiro, Brazil, where he will put forth Korea's green growth strategy as one of the ways to achieve sustainable growth.
Eoh Jin-joo, Arirang News, Los Cabos."
Reporter : email@example.com