Welcome from the Republic of Korea
The Republic of Korea is honored to chair the Group of Twenty in 2010.
The G-20 was established in 1999, in the wake of the 1997 Asian Financial Crisis, to bring together major advanced and emerging economies to stabilize the global financial market. Since its inception, the G-20 has held annual Finance Ministers and Central Bank Governors Meetings and discussed measures to promote the financial stability of the world and to achieve a sustainable economic growth and development.
To tackle the financial and economic crisis that spread across the globe in 2008, the G-20 members were called upon to further strengthen international cooperation. Accordingly, the G-20 Summits have been held in Washington in 2008, and in London and Pittsburgh in 2009.
The concerted and decisive actions of the G-20, with its balanced membership of developed and developing countries, helped the world deal effectively with the current financial and economic crisis. The G-20 has already delivered a number of significant and concrete outcomes. It committed to implement the unprecedented and most coordinated expansionary macroeconomic policies, including the fiscal expansion of US$5 trillion and the unconventional monetary policy instruments; significantly enhance the financial regulations, notably by the establishment of the Financial Stability Board(FSB); and substantially strengthen the International Financial Institutions(IFIs), including the expansion of resources and the improvement of precautionary lending facilities of the IFIs.
Reflecting on these achievements and recognizing that more needs to be done to ensure a strong, sustained and balanced global recovery, the G-20 Leaders at Pittsburgh Summit designated the G-20 as the premier forum for international economic cooperation. In 2010, the June Summit will be held in Canada, and the November Summit will be held in the Republic of Korea.
Building on past achievements and close cooperation among members, the G-20 will double its efforts in 2010 to help the world make a successful transition from global recovery to stronger, more sustainable and balanced growth.
We look forward to working closely with our Troika colleagues, the UK and France, and drawing on valuable experiences of other G-20 members. The Republic of Korea will spare no effort to ensure success in 2010.
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