Harvard Professor Jeffrey Frankel advised South Korea to be fully prepared with strategic plan to successfully host the G-20 Summit in November 2010 which could offer huge opportunities as the 1988 Summer Olympics did.
Given heads of G-20 member countries will be joining the summit, South Korea will be able to expand its leadership in the international arena by producing significant agreements on impending challenges facing the global economy such as the imbalance between developed and developing countries and climate change.
Professor Frankel said South Korea must set financial regulatory reform as the first agenda and focus on producing an agreement.
Despite ongoing consultation on overhauling financial regulation, Frankel dismissed the possibility of Basel Committee reaching an agreement any time soon. To this end, G-20 Summit has to be used as a channel to lay the foundation for launching financial regulatory reform which has emerged as the greatest interest of countries worldwide in the post-crisis era.
He also pointed out the need to address imbalance between advanced and developing countries in G20. He believes all countries should feel a sense of reasonability in resolving chronic U.S. current account deficit and undervalued Chinese Yuan. According to Frankel, South Korea is capable of producing meaningful agreement by exercising its leadership to narrow huge differences in opinion between developed and developing countries.
Frankel went on to say that the G-20 will serve as a venue to encourage countries that have been hesitant from implementing exit strategy to focus the discussion on “how” not “when”.
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