G20 Summit On The First Day Of The Debate Three Topic &Nbsp; &Nbsp; The United States Quantitative Proposal No Applause.

Lee Myung-bak, President of South Korea, delivered a speech at the G20 business summit in Seoul, Seoul.

11 nights local time.

At a series of "warming up" meetings held before the summit, senior officials from various countries of G20 discussed heated topics such as avoiding exchange rate wars.

It is revealed that there are still major differences between the parties on many key issues, which may affect the substantive outcome of the Seoul declaration issued on the 12 day.

Currency war

The Fed's policy harms others and harms others.

According to the official agenda, this one day and a half G20 summit will mainly discuss several topics: the current world economic situation, strong, sustainable, balanced growth framework, international financial institutions reform, international financial regulation, and the two topics of global financial security network and development put forward by host country Korea.

However, what the outside world is most concerned about is the plaguing countries.

Many countries have questioned the over easy monetary policy of the United States.

As the host of this meeting, the Korean side publicly criticized the Federal Reserve's policy for 11 days.

A report released by the Bank of Korea pointed out that the two quantitative easing measures of the Federal Reserve "harm ourselves and harm people" not only fail to stimulate the effect of the US economy, but also pose a great danger to the emerging market economies.

Similar measures may bring liquidity, while pushing up commodity prices and causing inflation risks.

Barroso, chairman of the European Commission, said in Seoul 11 days ago that it is necessary for G20 leaders to question Obama at the summit and why the Fed should launch the second round of quantitative easing measures.

He said that the measures taken by a country should avoid causing "negative spillover effects" on other countries and regions in the world. This is particularly important.

Barroso said he believed the US economic growth was important, but also understood other countries' concerns about the Fed's actions.

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Global imbalance

British Prime Minister Cameron pointed out at 11 in Seoul that the world is facing the risk of a "tragedy of the neighbouring region" in the 30s of last century. Protectionism and currency wars may erupt. Countries only focus on their own interests rather than others.

He said that G20 should be highly valued.

One of the triggers of a new wave of protectionism is the policy of the United States, especially the Federal Reserve, and even Greenspan, the former chairman of the agency, is "unable to see".

In a signed article published in the financial times 11, GE said that the United States is pursuing a policy of devaluation of the US dollar, which has pushed up the exchange rate of other currencies in the world, which may lead to the rise of protectionism.

In order to shift the focus of attention, the United States also proposed a "current account quantitative target" plan jointly with South Korea before the G20 summit. It recommended that the G20 economies agree to limit the current account surplus or deficit to 4% of the national GDP.

German Chancellor Merkel pointed out in his first public speech after arriving in Seoul on the 11 day that the United States proposed the establishment of a current account target, which is taking a wrong path.

She said that there is a difference in competitiveness among countries and can not be balanced by political restrictions.

Russia and China do not support the US proposal.

Financial reform

IMF share adjustment is only the first step.

Apart from exchange rate and trade issues, financial reform is also one of the important topics that G20 countries have been concerned about. This conference is no exception.

At the end of last month, the G20 finance ministers and central bank governors meeting reached agreement on IMF share reform, confirming that more than 6% of voting rights were pferred to emerging economies.

After the share reform is completed, China's share will rise to third place.

However, IMF share adjustment is only part of the reform.

Cui Tiankai, Vice Minister of foreign affairs, said last week that the recent share reform does not mean the end of the IMF reform.

Many countries have proposed that the formula of share calculation also needs to be changed. In addition, IMF governance needs to be changed to reflect the international economic pattern.

On the issue of financial regulatory reform, there are signs that some achievements may be achieved at the G20 summit, but there are also differences among major countries.

According to the plan, G20 leaders will attend a working dinner at the National Central Museum in Seoul on the evening of 11, focusing on exchange rate and trade issues.

On the 12 day, leaders of various countries will hold consultations on topics such as macroeconomy, exchange rate and financial reform at the COEX Convention and Exhibition Center in Seoul.

If all goes well, the organizers are expected to hold a press conference at 12 p.m. local time at 4 p.m. to release the Seoul declaration.