The G20 summit in Seoul, South Korea, is over, but what have the leaders of the world’s leading and emerging economies actually achieved?
Not much according to the critics, especially in regard to an agreement on trade imbalances.
But, with tensions high over the value of currencies, notably between the US and China and the value of the Yuan, US President Barack Obama insisted a deal to avoid so called ‘competitive devaluation’ marked real progress.
“Just as the major advanced economies need to keep working to preserve stability among reserve currencies, emerging economies need to allow for currencies that are market-driven. This is something I raised yesterday with President Hu of China and we will continue to closely watch the appreciation of China’s currency. All of us need to avoid actions that perpetuate imbalances and give countries an undue advantage over one another,” Obama said.
Campaigners had also been promising to call leaders to account on their promises to tackle poverty in the developing world.
Anselmo Lee, from Global Call to Action Against Poverty said:“We are happy about the outcome of this Seoul summit because they discussed seriously poverty and development. But we also have concerns about the direction they are taking because there are a lot of promises but no concrete plan and there is no way for civil society to have input.”
Our reporter in the Korean capital says: “The leaders have gone and all that remains are the last of the reporters attempting to make sense of the final communique. As is often the case after G20 summits, the leaders have put their own positive spin on things, action groups say promises are great but they must be kept and the host country says everything went according to plan. Of course the critics will beg to differ. At the G20 summit in Seoul, Seamus Kearney, euronews.”