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G20 struggles to find common ground on disputesWicklow
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| Date posted: |
2010-11-11 11:23 | |
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Major nations struggled Thursday to break a deadlock on how to fix problems cramping the world economy as President Barack Obama insisted that a strong U.S. is crucial for a wider international recovery.
In a letter to the Group of 20 rich and major developing nations, Obama warned the U.S. cannot remain a profligate consumer using borrowed money, and needs other countries to pull their weight to fix the world economy.
He is in Seoul, the South Korean capital, to attend a two-day summit of the G-20 which encompasses developed nations such as Germany and the U.S. along with emerging giants like China, Brazil and India. The summit officially opens later Thursday, hoping to tackle deeply sensitive issues that include state manipulation of currencies, trade gaps, protectionism and strengthening regulation of banks.
"The most important thing that the United State can do for the world economy is to grow, because we continue to be the world's largest market and a huge engine for all other countries to grow," Obama said at a news conference.
The G-20, which was established in 1999 and raised to a summit level two years ago, has become the centerpiece of top-level efforts to revive a struggling global economy and to prevent a financial meltdown of the kind seen two years ago.
Yet compromise among G-20 countries has looked difficult in recent weeks. It is divided between those like the United States that see the top priority as getting China to let its currency rise and those irate over U.S. Federal Reserve plans to pump $600 billion of new money into the sluggish American economy, effectively devaluing the dollar.
"Reducing imbalances between developed countries and developing countries is an urgent matter we have to resolve for a balanced global economy," South Korean President and host Lee Myung-bak told a business leaders' conference ahead of the summit.
Over the past two days, government ministers and senior G-20 officials -- called 'Sherpas' in diplomatic-speak because they do much of the groundwork -- have labored to hammer out a substantive joint statement to be issued at the end of the summit Friday.
"Major countries have been deadlocked, so the agenda is likely to be handled when leaders gather at the formal reception and working dinner" that is scheduled for Thursday evening, said a summit spokesman, Kim Yoon-kyung.
A major issue confronting the G-20 is how to craft a new global economic order to replace one centered on the U.S. running huge trade deficits while countries such as China, Germany and Japan accumulate vast surpluses. The U.S. runs a trade deficit because it consumes more foreign products than it sells to others. |
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