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G-20 Panel Calls for Implementation of Accords
By Na Jeong-ju
Staff Reporter

The leaders of five members of the G-20 Steering Group urged G-20 member nations to carry out the agreements reached at the past meeting in Pittsburgh quickly to reform the global financial regulatory framework and create post-crisis measures.

In a letter, signed by South Korean President Lee Myung-bak, Canadian Prime Minister Stephen Harper, U.S. President Barack Obama, U.K. Prime Minister Gordon Brown and French President Nicolas Sarkozy, the steering group called for stronger policy coordination among G-20 countries to strengthen the status of the summit as the premier global economic forum.

The letter, made public simultaneously in the five nations, was sent to heads of the other G-20 members.

The action reflects common understanding among the five that a strong political commitment is necessary to put the accords made in Pittsburgh ? such as financial reform, free trade and job creation ? into action ahead of the planned meetings in Toronto in June and Seoul in November, said Sohn Jie-ae, spokeswoman of the Presidential Committee for the G-20 Summit.

``As the past, current and future chairs of the G-20 Summit, we are writing to you today to emphasize the need to implement our commitments to ensure strong macroeconomic policy cooperation and to continue our regulatory reform,'' said the letter.

The leaders said the nascent recovery of the world economy remains fragile.

``Current strains illustrate the continuing risks to global economic financial stability,'' the letter said. ``It is vital that we continue to work together to achieve our mutual objectives in addressing new and emerging risks, safeguarding stability and supporting a robust return to growth and job creation in all our economies.''

Last week, experts from South Korea, Canada, the U.S., the U.K. and France, met in Ottawa to review key elements of the G-20 agenda in 2010. According to the letter, progress was made at the meeting to set the stage for the Toronto summit and the later one in Seoul.

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