The system, officially proposed by President Lee Myung-bak in November 2009, would pull global and regional funds together to safeguard those countries from risky outflows of capital.
This would make it less necessary for China, Korea and other emerging markets to accumulate huge foreign exchange reserves, which could be used more productively in their economies.
Though the 2008 financial crisis broke out in the U.S. with the collapse of Lehman Brothers, the financial distress that emerging economies underwent was just as severe, if not worse.
The push for a global financial safety net is a response to an emerging consensus that a mechanism stronger than the limited loan opportunities at the International Monetary Fund is needed.
It has won the endorsement of most emerging economies, and has been engraved on the G20 Seoul Summit agenda by the chair nation Korea, along with the issue of development.
At the 2010 World Economic Forum in Davos, Switzerland, Lee stressed the need for the global mechanism, saying the cost of building up a large amount of foreign currency reserves is growing too high.
The idea was included as an official item for the summit in April during a meetingof G20 finance ministers and central bank governors in Busan. In June, it was included in the communiqu for the G20 summit in Toronto.
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