By Eloise Nosworthy
The world’s political leaders were in Seoul on the 11th and 12th November, for the 5th G20 Summit. The group, since the 2008 global financial crisis, has sought to act to coordinate solutions at the international level. Global trade has remained at relatively high levels and protectionist policies have been so far quite successfully kept at bay.
The summit in Seoul achieved a certain amount in terms of decisions and regulations. The Financial Times summarised them as follows:
“New rules for bank capital and liquidity have been agreed. International recommendations now exist on how to intensify the supervision of banks. There is finally agreement on the outline of reforms to the International Monetary Fund, giving greater voice to emerging countries. New IMF lending facilities have been established to provide better financial safety nets for countries facing temporary financing crises. And countries have agreed to maintain current account imbalances at sustainable levels.”