THE G20 SEOUL SUMMIT: “SUSTAINABLE DEVELOPMENT” TO PROMOTE GLOBAL GROWTH

Italian article written by Valentina Verdini – English Translation by Nicoletta Pedullà and Micaela Tamburrini – Revision by Micaela Tamburrini

The G20 Seoul Summit of the 11th and 12th of November has just closed. The Summit has assembled the members of the G7, such as U.S.A., Italy, Germany, France, United Kingdom, Canada, and the emerging economic countries such as Brazil, Russia, India, China, South Korea, Argentina, Australia, Indonesia, Mexico, Saudi Arabia, South Africa and Turkey. The aim of the meeting was to promote the debate about economic and financial politics between these important countries, taking attention to a stable and sustainable economic growth all over the world.

The Seoul Summit is coming after the first one in Washington, two years ago. After this, there were two meetings in London and Pittsburgh, in which the countries tried to face the economic and financial crisis that were already wasting the global resources. After all, the meetings are a way to face toward the crisis. This is possible if the countries try to improve the financial system, reinforcing the financial institution and the political cooperation. And this is just the link that connect the G20 Seoul Summit with the other summits.

The central themes of the global debate were:

* global economic recovery;

* sustainable and balanced growth;

* strengthening of the international system about financial rules;

* modernization of the international financial institution.

During the Summit, a crucial point was the financial sector. However, it has come to light the consciousness about the feed of a global restart but it is equally clear how delicate is this process, because of the risks of a reversal.

The G20 has, therefore, launched a plan of action Seoul, with the aim of “producing a plan with political commitment from each country, and reaching all the three goals of a strong, sustainable and balanced growth”. The 20 big countries from G-20 will monitor the “excess on current volatility” and will fight against “the competitive devaluation”.

The Seoul summit put at the centre of the final conclusion the creation of new job places: “We acknowledge the importance of facing up to the most vulnerable concern, and in order to realize so we are resolute to put the job places as the centre point of the recovery and to provide social protection and respectable job, in addition to ensure an accelerated growth in the countries with low income”.

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