The group of 20 biggest global economies (G20) had its summit in Seoul, South Korea, from 11 to 12 November 2010. The theme of the summit was "Shared Growth Beyond Crisis". Among the key issues discussed was the role of policy coordination in driving the world toward sustainable and balanced growth.
Most European countries have moved from stimulus and bailout expenditures, adopted in the earlier days of the crisis, to contractionary policies. They are currently addressing the crisis through austerity economics. Austerity measures have included reducing and at times freezing public sector wages, increasing retirement age and reforming pensions as well as increasing tax rates. All these aim at reducing colossal fiscal deficits.
The G20 failed to reach an agreement on a piloted across-the-board adjustment of balance-of-payments but was successful on IMF reform. China will be elevated to the ranking of third largest IMF shareholder, surpassing Germany, as part of an overall six percent transfer of voting power to dynamic and under-represented economies.
A new development consensus for shared growth was also decided. SHOTLIST