The First G20 Finance and Central Bank Deputies Meeting of 2026 was held in Washington, D.C., the United States, from December 15 to 16.

Deputy Minister for International Affairs at the Ministry of Economy and Finance (MOEF) Choi Ji-young attended the meeting and presented Korea’s views across a total of seven sessions, while also introducing relevant domestic policy measures.

At the first session (Priorities and Operational Direction), member countries exchanged views on the three key G20 agendas for this year proposed by the U.S. – economic growth, deregulation, and abundant energy – alongside finance-track priority issues, including global imbalances, sovereign debt, financial stability and regulatory modernization, digital assets, and financial literacy enhancement. MOEF noted that it is timely for the G20 to discuss structural factors and regulations that hinder productivity and investment. It also emphasized the importance of maintaining continuity and depth in these discussions while supporting the U.S. proposals for reform to facilitate efficient deliberations.

At the second session (Global Imbalances), member countries agreed that excessive imbalances pose risks to the global economy and reached a consensus that both current account surplus and deficit countries should make efforts to reduce such imbalances. MOEF pointed out that, at the macro level, financial channels and capital flows have emerged as key drivers of global imbalances, while at the micro level, the influence of structural and industrial factors has increased, highlighting the need for reliable analysis on these issues. In addition, at the request of the chair country, Korea will serve, jointly with Australia, as co-chair of the “Imbalances Study Group,” tasked with analyzing the causes and impacts of imbalances and discussing policy measures.

At the third session (Economic Growth), members noted that the global economy continues to experience a generally low-growth phase, highlighting the slowdown in productivity as a structural factor rather than a temporary cyclical issue as a key underlying cause. MOEF mentioned that, in response to the decline in potential growth, efforts are being made to promote private-sector-led innovation and growth supported by the public sector, and introduced initiatives to enhance productivity, including the pursuit of an “Ultra-Innovative Economy” centered on AI.

At the fifth session (Digital Assets), member countries acknowledged the potential of digital assets to deliver greater efficiency in terms of cost and speed in financial transactions, while also raising concerns that the spillover effects of cross-border transactions could pose risks to the financial sector. MOEF underlined the importance of regulatory clarity and global consistency for digital assets. In particular, it stressed that key requirements for stablecoins – including issuance, reserve management, and redemption – should maintain international consistency.

At the seventh session (Financial Literacy), MOEF underscored that financial literacy is essential in the digital innovation era to protect consumers and combat financial crimes. It introduced domestic financial education initiatives, such as the incorporation of financial curricula in schools, and called for stronger efforts to enhance financial literacy in developing countries using multilateral development banks (MDBs) and other channels.

At the eighth session (Debt Issues), MOEF expressed support for the G20’s efforts to bolster debt sustainability, emphasizing that transparent debt data can facilitate swift and effective debt restructuring and restore trust. It also recommended that the need for debt restructuring in middle-income countries be discussed in depth.

Please refer to the attached files.