G-20 agrees to establish broad guidelines for economic policy

11/12/2010 | Reuters · Bloomberg · MarketWatch · Washington Post, The · Wall Street Journal, The

Meeting in Seoul, South Korea, leaders from the Group of 20 nations agreed to create a series of broad guidelines for shaping economic policy, but the bulk of the work was delayed amid uncertainty about how it would work in practice. "We don't want to tie imbalances to one indicator; there are a lot of factors that need to be included," said German Chancellor Angela Merkel. "These factors need to be discussed, and finance ministers will do this exhaustively over the next year." The officials also backed gradual changes in currency values. South Korean President Lee Myung-bak said the G-20 has made "big progress" in discussions on trade imbalances and currency issues.

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