Korea is facing a daunting challenge of mediating global economic powers engaging in the so-called “currency war” in the lead up to the November Group of 20 Summit in Seoul.
After the annual meeting of the International Monetary Fund in Washington, D.C. over the weekend, the currency issue is emerging as a significant factor in determining the success of the G20 forum.
Finance ministers and central bank governors of the member countries are scheduled to meet in Gyeongju on Oct. 22-23 ahead of the summit in Seoul held on Nov. 11-12.
The stakes of the G20 have increased as the IMF members concluded talks without reaching any solution to rising tensions over foreign exchange rates.
If major countries were to hammer out an agreement at the Seoul summit, their finance ministers have to discuss substantial solutions in Gyeongju.
Ranking officials of the Presidential Committee for the G20 Summit recently said they would be able to make some progress through a series of meetings ahead of the event.
Committee chairman SaKong Il told The Korea Herald last week that he thinks the issue will be discussed for about a month on a step-by-step basis “among finance ministers before beginning of the November summit.”
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