G20 agreed to supervise and control the global economic imbalances

20 countries with traditional economic strength, or what we call the G20, managed to reach an agreement to measure and prevent imbalances that could cause a global economic downturn. The deal was announced after talks among finance officials of G20 member countries. The agreement was taken as an effort of G20 to be able to take corrective action if there is an imbalance. Indeed, since the emergence of a global crisis in 2008, G20 took over the task of the G7 in their policy for the sake of the global economy. The meeting was held in France.

French Finance Minister, Christine Lagarde expressed agreement represents something important to revive the global economy and take care of the crisis in the future. Christine Lagarde also said if the focus of monitoring is at the G7 countries, before then all members of the G20 which became the focus of monitoring. “The subprime crisis in the United States – that’s exactly the kind of accident We Want to Avoid in the future,” Canadian Finance Minister Jim Flaherty Reporters toll. “We Want To Avoid surprises and that’s Why We need a mutual assessment system,” he continued.

In addition to the agreement to monitor and balance the global economy, G20 also discusses other issues. One of them is talking about the Japanese economic recovery after the earthquake and tsunami. Earlier, a week after the earthquake, the G7 into action for prevent the value of yen against the dollar does not increase. Because if that happens, then that is fragile Japanese economy could get worse. G7 hit Japanese exports as prevention efforts. The Japanese government itself, through the Financial Secretary, Yoshihiko Noda, expressed his appreciation for the support of the G7 in addressing problems faced by Japan. Policy made by the G7 is the first currency intervention by the G7 since September 2000.

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