Regional ‘THINK 20’ Seminar

23 May 2013

Heenam ChoiDirector General

International Financial Policy Bureau

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Contents

I. Preparation for the G20 Seoul Sum-

mit

II. Outcomes of the G20 Seoul Summit

III. Assessment on the G20 after Seoul

IV. Expectation & hope for the Aus-

tralian Presidency

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Ⅰ. Preparation for the G20 Seoul Summit

The 1st G20 Summit in a non-G7 and Asian

country

A year-long process carefully planned the Presidential Committee for the G20 Summit (composed of both government officials and pri-

vate experts) constant communication with member coun-

tries (60 face-to-face meetings, video conference, tele-

conference) preparing for the events in previous (venue, transportation, security, media, delega-

tion) Private sector participation (Seoul Summit emblem competition, 7,500 volu-

teers, Youth G20)

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Ⅱ. Outcomes of the G20 Seoul Summit

Bridge-Builder between AEs and EMEs

Legacy Agenda G20 Framework for Strong, Sustainable and

Balanced Growth

IMF Reform

Financial Regulation

Korea Initiatives Global Financial Safety Nets

Development

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Ⅱ. Outcomes of the G20 Seoul Summit

G20 Framework for SSB Growth Indicative Guideline : enhanced mutual assess-

ment process Seoul Action Plan : each country’s commitments

for SSB Growth

IMF Reform under-represented and emerging countries

quota increase shift of two chairs of advanced Europe to

emerging countries

Financial Regulation Basel Ⅲ, measures to better regulate SIFIs macro-prudential policy, EMDC issues, shadow

banking

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Ⅱ. Outcomes of the G20 Seoul Summit

Global Financial Safety Nets Key agenda as a non key currency country

Agreement on enhancing the FCL and establish-

ing the PCL

Development Focus on the capacity building of DCs and LICs

Seoul Development Consensus for Shared

Growth

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Ⅲ. Assessment on the G20 after Seoul

Recent criticism over the G20 “Premier forum of the global economic cooper-

ation”

VS

“Glorified talk shop”

What matters? Initiatives of the Chair are overemphasized

(France: IMS, Commodity Price / Mexico: DRM, Fi-

nancial Inclusion) Credibility is hampered by the delay of imple-

mentation

(DDA, IMF quota reform, Quota formula review)

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Ⅳ. Expectation & hope for Aus-tralia

Agreements at the previous Summits should be implemented

The best way to gain credibility

Views from AEs and EMEs should be re-flected in a balanced way

Legitimacy and representativeness of the G20

Communiques should not be lengthy, un-focused and issued too often

Clear message to markets

Thank you!