The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Hybe's new boy group Boynextdoor aims to be 'one and only' presence in K-pop

  • 3

    Brave Girls to restart activities under new name

  • 5

    Rapper Mino attends sister's wedding in U.S. amid military service

  • 7

    Running convenience stores becomes popular among people in 20s, 30s

  • 9

    Actors' off-screen chemistry enthralls fans

  • 11

    Sluggish exports behind weak Korean won

  • 13

    Naver suffers shrinking online search market share

  • 15

    Doctors, pharmacists to receive 30% bonus for offering telemedicine service

  • 17

    'Elemental' director on bringing his personal story of immigration to cinema

  • 19

    BTS' J-Hope to work as drill instructor at Army boot camp: sources

  • 2

    Seoul city erroneously sends emergency alert after NK launch

  • 4

    NK's attempt to launch 1st spy satellite fails after 'abnormal' flight: S. Korean military

  • 6

    Korea to ease immigration rules to attract more medical tourists

  • 8

    Big businesses face growing union pressure to extend retirement age

  • 10

    Seoul city takes flak for emergency text alert on NK's rocket launch

  • 12

    Anti-corruption watchdog set to investigate crypto assets of lawmakers

  • 14

    Seoul resident clashes with authorities for raising dogs to nab 'North Korean spies'

  • 16

    Pyongyang may have delayed spy satellite launch due to technical issues

  • 18

    NATIONALKorea likely to face pressure over imports of Fukushima seafood

  • 20

    Directors thrive on streaming platforms amid sluggish film industry

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Thu, June 1, 2023 | 11:58
G20 and global governance
Posted : 2013-09-29 16:28
Updated : 2013-09-29 16:28
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
By Mauro Guillen and Emilio Ontiveros

While the last summit meeting of the G20 in St. Petersburg was overshadowed by the conflict in Syria and how to react to it, governance of the global economy and financial system were at the top of the agenda. The G20 has not always made relevant decisions, but it has worked as the only coordinating forum dealing with the fallout from the crisis.


The G20 was born at the request of the G7 back in 1999, when the world was confronting the beginning of an episode of global financial turmoil in the emerging economies.

Its importance has grown since then, and it has served as a way for Brazil, Russia, India and China (BRICs) to become more actively involved in setting the global agenda and working out solutions to pressing problems.

One of the initiatives of BRICs has been to create a $100-billion fund to stabilize currency markets. This is a timely development in the wake of the likely tapering of the U.S. monetary stimulus, which has strengthened the dollar while putting downward pressure on other currencies, especially the Indian rupee.

Emerging economies are concerned about the potential departure of the massive funds that have reached their shores during the three rounds of quantitative easing implemented by the Federal Reserve.

The other relevant outcome from the G20 meeting had to do with international fiscal issues. Tax avoidance by multinational firms operating across borders, while legal in most cases, has introduced major distortions in international capital flow and deprived cash-strapped governments of much-needed revenue.

The public is increasingly sensitive to tax hikes. Reports about aggressive tax planning practices by household brand names have become a political issue.

G20 has essentially agreed to support the Action Plan formulated by the Organization of Economic Cooperation and Development, whose members include the world's most developed countries. The intention is to level the playing field by reducing tax avoidance and simultaneously lowering the corporate tax rate for all companies. New regulations will tax profits in the country in which the profit-generating activities take place. The case of taxing the mobile telecommunications sector has figured prominently on the agenda.

Other topics were also discussed, especially those concerning financial reforms aimed at reducing the too-big-to-fail problem, enhanced transparency, and shadow banking. The credibility of the G20 hinges on delivering results that go beyond a mere declaration of good intentions.

The global economy needs a legitimate body in which important topics beyond the control of single governments can be debated and solutions adopted. Now it is the turn of governments to facilitate the implementation of the agreements reached in St. Petersburg.

 
wooribank
Top 10 Stories
1Seoul City takes flak for bungled emergency text alert on NK's rocket launch Seoul City takes flak for bungled emergency text alert on NK's rocket launch
2Rude cabbies in Seoul face stricter penaltiesRude cabbies in Seoul face stricter penalties
3[INTERVIEW] Asia expected to be key driver of ESG growth: Deloitte ESG Partner INTERVIEWAsia expected to be key driver of ESG growth: Deloitte ESG Partner
4North Korea's spy satellite launch fails as rocket falls into sea North Korea's spy satellite launch fails as rocket falls into sea
5Retailers adopt generative AI to offer personalized products, services Retailers adopt generative AI to offer personalized products, services
6Committee calls for lowering requirements for foreigners to teach English online Committee calls for lowering requirements for foreigners to teach English online
7Chinese account for 54% of foreign-owned homes in Korea Chinese account for 54% of foreign-owned homes in Korea
8AMCHAM stresses S. Korea-US ties after NK fires 'space launch vehicle' AMCHAM stresses S. Korea-US ties after NK fires 'space launch vehicle'
9LS chairman appears in YouTube commercial LS chairman appears in YouTube commercial
10Mercedes-Benz Korea appoints new CEO Mercedes-Benz Korea appoints new CEO
Top 5 Entertainment News
1[INTERVIEW] Lee Jun-hyuk unrecognizable in 'The Roundup: No Way Out' INTERVIEWLee Jun-hyuk unrecognizable in 'The Roundup: No Way Out'
2'Elemental' director on bringing his personal story of immigration to cinema 'Elemental' director on bringing his personal story of immigration to cinema
3SHINee celebrates 15th anniversary of debut: 'It feels surreal' SHINee celebrates 15th anniversary of debut: 'It feels surreal'
4ENHYPEN reaches new career high with latest album 'Dark Blood' ENHYPEN reaches new career high with latest album 'Dark Blood'
5'Transformers: Rise of the Beasts' raises bar with epic battle scenes 'Transformers: Rise of the Beasts' raises bar with epic battle scenes
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group