Pittsburgh summit annualizes G-20 as premier forum for global economic governance

By Hwang Doo-hyong
WASHINGTON, Sept. 25 (Yonhap) -- Members of the Group of 20 agreed Friday to make
their summit the premier forum for international economic cooperation,
annualizing it from 2011, the forum's communique said.

The statement, released after a two-day summit to reflect the power shift to
emerging economies after decades of dominance by the rich G-8 nations, also named
Canada and South Korea to host next year's summit in June and November,
respectively.
"We designated the G-20 to be the premier forum for our international economic
cooperation," according to the statement released by the White House. "We
established the Financial Stability Board (FSB) to include major emerging
economies and welcome its efforts to coordinate and monitor progress in
strengthening financial regulation."
"We agreed to meet in Canada in June 2010 and in Korea in November 2010. We
expect to meet annually thereafter and will meet in France in 2011," it said.
In a major concession to power to developing economies, the G-20 nations also
concurred that they will transfer at least 5 percent of the equities of the
International Monetary Fund "from over-represented countries to under-represented
countries using the current quota formula as the basis to work from."
China and other major emerging economies have called for an IMF quota increase of
up to 7 percent, complaining they have been underrepresented compared with their
economic growth.
The G-20 countries account for more than 85 percent of global output while that
of the G-8 advanced economies has declined to about 50 percent from 80 percent
several decades ago.
The IMF and World Bank as well as the G-8 countries have been under fire for
their failure to properly head off and address the global economic downturn
triggered by the fall of Lehman Brothers and the subprime mortgage crisis.
hdh@yna.co.kr
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