Regional ‘THINK 20’ Seminar 23 May 2013 Heenam Choi Director General International Financial Policy Bureau

1 Contents I.Preparation for the G20 Seoul Summit II.Outcomes of the G20 Seoul Summit III.Assessment on the G20 after Seoul IV.Expectation & hope for the Australian Presidency

2 Ⅰ. Preparation for the G20 Seoul Summit  The 1 st 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 private experts)  constant communication with member countries (60 face-to-face meetings, video conference, teleconference)  preparing for the events in previous (venue, transportation, security, media, delegation)  Private sector participation (Seoul Summit emblem competition, 7,500 voluteers, Youth G20)

3 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

4 Ⅱ. Outcomes of the G20 Seoul Summit  G20 Framework for SSB Growth  Indicative Guideline : enhanced mutual assessment 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

5 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 establishing the PCL  Development  Focus on the capacity building of DCs and LICs  Seoul Development Consensus for Shared Growth

6 Ⅲ. Assessment on the G20 after Seoul  Recent criticism over the G20  “Premier forum of the global economic cooperation” VS “Glorified talk shop”  What matters?  Initiatives of the Chair are overemphasized (France: IMS, Commodity Price / Mexico: DRM, Financial Inclusion)  Credibility is hampered by the delay of implementation (DDA, IMF quota reform, Quota formula review)

7 Ⅳ. Expectation & hope for Australia  Agreements at the previous Summits should be implemented  The best way to gain credibility  Views from AEs and EMEs should be reflected in a balanced way  Legitimacy and representativeness of the G20  Communiques should not be lengthy, unfocused and issued too often  Clear message to markets

Thank you!