G20 Seoul Summit

The G20 Seoul Summit, which was held on Nov. 11-12 came to a close with leaders pledging continued support to achieve strong, sustainable and balanced growth. The leaders at the Summit agreed that relentless and cooperative efforts over the last two years have delivered strong results but more work is needed for a full economic recovery. Regarding the currency issue, which was one of the main agenda at the Summit, the leaders promised to move toward a market-determined exchange rate system and enhance exchange rate flexibility. The G20 decided to shift International Monetary Fund (IMF) quota shares for industrialized countries to dynamic emerging markets in order to better reflect the current economy. As part of Korea’s efforts to increase contribution to the international community, it promised to increase its ODA volume to match OECD average by 2020. President Lee Myung-bak assessed the G20 Summit as a success and thanked the G20 leaders for making it so. The 2011 G20 Summit will be held in France.