S. Korea to host world financial meeting ahead of G-20 summit

SEOUL, Jan. 10 (Yonhap) -- South Korea will host a world financial meeting ahead
of a G-20 summit later this year as part of its efforts to help promote global
financial stability, the country's financial regulator said Sunday.
South Korea received the nod to hold a Financial Stability Board (FSB) meeting
before a G-20 summit to be held in its capital Seoul in November, the Financial
Services Commission (FSC) said in a news release.
The approval came during an FSB meeting in Basel, Switzerland on Saturday, it said.
During the Basel meeting, FSC Governor Chin Dong-soo also proposed possible
agenda items to be put on the negotiating table for the G-20 gathering, it said.
"The Financial Stability Board meeting in Seoul will help the country lead
international efforts to reform financial regulations and set up common standards
for financial reforms as a G-20 host nation," the news release said.
Launched after the summit of the group of 20 major industrialized and emerging
economies in London in April last year, the FSB succeeded the Financial Stability
Forum which were centered around the Group of Seven major industrialized
countries. The new body expanded its membership to G-20 economies.
The G-20 consists of the G-7 -- Britain, Canada, France, Germany, Italy, Japan
and the United States -- plus Argentina, Australia, Brazil, China, India,
Indonesia, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey and
the European Union.
pbr@yna.co.kr
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