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June 6, 2010    

G20 nations address global economic issues

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by Kay Murchie

G20 finance ministers and central bank governors from the world’s top 20 developed and emerging economies have met in South Korea this weekend and have said excessive budget deficits should be dealt with immediately.

The agenda was believed to be discussing the need for common standards across financial markets, including a global bank tax - however there was no mention of a proposal for a bank levy.

The controversial global bank tax is being backed by the US and Europe, but some developing nations, as well as Canada and Australia, are against it.

Meanwhile, the finance ministers did say the recovery from the global economic crisis has been faster than expected, albeit significant challenges remain.

A statement said: “The recent volatility in financial markets reminds us that significant challenges remain and underscores the importance of international co-operation.”

It added that the financial sector should make a “fair and substantial contribution” to future bailouts.

“It is critical that our banking regulators develop capital and liquidity rules of sufficient rigour to allow our financial firms to withstand future downturns in the global financial system,” they added.

The summit was the first G20 meeting for the UK’s new Chancellor, George Osborne and comes ahead of a summit of G20 leaders in Toronto later this month.

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