World leaders meeting in Seoul managed to put on a show of unity for the traditional family photo – but behind the smiles there have been fractious talks and a heated debate over currencies according to sources.
The G20 leaders are expected to announce nothing more than a vague set of “indicative guidelines” for measuring global imbalances, and will hammer out the details next year in what has been described as a “timeout” to let tempers cool.
According to one analyst, it is indicative of the huge differences between the various nations gathered in the South Korean capital.
“Well, they definitely had different views, different national interests,” said Alan Alexandroff from Munk School, University of Toronto.
“You’ve got surplus countries, you’ve got deficit countries, fast growing countries, particularly India, China, Brazil, slow-growing countries like Europe and the United States and it creates differences in how to deal with the going forward on growing their economies.”
What is clear is that while the global recession may have been synchronised, the speed at which countries are emerging from it is anything but.