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Eurozone problems top G20 agenda

Eurozone problems top G20 agenda
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Europe’s debt crisis will dominate a two-day gathering of finance ministers and central bankers from the G20 richest nations this weekend and it could be a difficult meeting.

Eurozone countries want their G20 partners to commit more money to the International Monetary Fund to help victims of the crisis.

But a number of the G20 governments feel Europe must increase funding for its own financial firewalls before they back any broader move to increase IMF resources.

Who might be the new head of the World Bank will also be on the agenda.

Mexico is hosting the meeting and the country’s central bank governor Agustin Carstens said: “The European theme will be very important and is going to remain on the table amongst other important ones.There is the theme of regulation, including financial regulation, there is the topic of commodities, food security and sustainable growth.”

This is the first G20 gathering since World Bank President Robert Zoellick said he will be standing down.

A new chief will be chosen in April; several countries, led by China, are calling for a more democratic process in selecting Zoellick’s successor.

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