Government Holds the G20 Global Financial
Stability Conference 2019
The Ministry of Economy and Finance and Korea Development Institute (KDI) hosted the G20 Global Financial Stability Conference 2019 in Seoul on October 5, where about 200 participants including officials from G20 countries and international institutions examined the current situation and the risks of the global financial markets, and discussed the roles of G20 countries to secure global financial stability. The conference consisted of three sessions:
Session 1. Global Financial Environment and Challenges
Session 2. Trade Tensions and Global Financial Stability
Session 3. Role of G20 for Financial Stability
1st Vice Minister Kim Yongbeom talked about three risks in his opening remarks that could trigger a sharp tightening of the international financial markets:
1) Growing vulnerabilities of the global financial markets, fueled by prolonged low interest rates and accommodative monetary policies
2) Increasing uncertainties in the global financial markets, driven by geopolitical risks
3) Negative ramifications of prolonged trade conflicts and protectionism
At the conference, 1st Vice Minister Kim called for multilateral cooperation and policy coordination to address the challenges in the global financial markets, emphasizing the importance of G20 meetings as more countries today put their national interests first and trust for multilateralism is weakening.
The Korean government will continue to work hard to find ways to promote policy coordination among G20 countries to restore global financial stability and establish a resilient global financial system.