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Updated: June 5, 2010 15:49 IST

G20 finance ministers discuss growth framework

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Finance Minister Pranab Mukherjee, and Britain's Bank Governor Mervyn King arrive for a group photo of the G20 Finance Ministers and Central Bank Governers Meeting in Pusan, South Korea.
AP
Finance Minister Pranab Mukherjee, and Britain's Bank Governor Mervyn King arrive for a group photo of the G20 Finance Ministers and Central Bank Governers Meeting in Pusan, South Korea.

The Group of 20’s finance ministers and central bank chiefs on Saturday entered a second day of talks in South Korea, with discussions on fiscal soundness topping the agenda as concerns over European debt woes deepened.

The officials from the G20, which unites important developed and developing nations, are to also fine-tune the agenda for a summit in Canada in late June.

Discussions are to focus on the regulation of financial markets, reform of international financial institutions and creating global safety nets to prevent another financial meltdown.

The group is split on introducing a bank levy which would have lenders pay into a fund for their own bail-outs, with the U.S. and E.U. countries favouring the idea while countries such as Australia and Canada have voiced opposition.

South Korean officials said regulations on hedge funds and over-the-counter derivatives are also on the agenda, the Yonhap news agency said.

The participants kicked off their two-day meeting in the port city of Pusan on Friday with a discussion about exit strategies for economic stimulus programmes as the world economic crisis winds down.

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