TOKYO (Kyodo) -- Finance ministers and central bank governors from the Group of 20 leading economies will hold a meeting on Sept. 22 in Washington to discuss growing tensions over the sovereign debt market and the global economic outlook, conference sources said.
The meeting will be held on the sidelines of the annual general conferences of the International Monetary Fund and the World Bank. From Japan, Bank of Japan Governor Masaaki Shirakawa is likely to attend, along with a new finance minister who will succeed the previous holder of the post, incoming Prime Minister Yoshihiko Noda.
The G-20 groups Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the European Union.
France, this year's chair of the premier forum, has sent a notice for the gathering to each member, the sources said.
High on the agenda are the fiscal problems among major developed economies, well reflected in the recent fraught negotiations in the United States to raise the debt ceiling for its authorities, and the sovereign debt crises in some eurozone member nations.
The G-20 is also focused on the issue for which it had been originally designated to handle -- stimulating the balanced global economic growth.
The group is likely to accelerate the process of mutual assessment to promote external sustainability, which would require some members to take such corrective and preventive measures as cutting budget deficits and debt, encouraging private savings, and capping excessive surplus in current account balances.
The G-20 financial chiefs are also to meet in Paris in October to make final preparations for the summit by its leaders the following month in Cannes, France.
Japan could face pressure from other countries to improve its precarious fiscal health, the worst among major developed economies with the balance of long-term public-sector debt approaching 200 percent of gross domestic product.
Noda has spoken of the need for the government to maintain its efforts to restore public finances, which might entail tax hikes, despite the need to accelerate the country's economic recovery from the March 11 earthquake and tsunami.
Source: http://mdn.mainichi.jp
The meeting will be held on the sidelines of the annual general conferences of the International Monetary Fund and the World Bank. From Japan, Bank of Japan Governor Masaaki Shirakawa is likely to attend, along with a new finance minister who will succeed the previous holder of the post, incoming Prime Minister Yoshihiko Noda.
The G-20 groups Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the European Union.
France, this year's chair of the premier forum, has sent a notice for the gathering to each member, the sources said.
High on the agenda are the fiscal problems among major developed economies, well reflected in the recent fraught negotiations in the United States to raise the debt ceiling for its authorities, and the sovereign debt crises in some eurozone member nations.
The G-20 is also focused on the issue for which it had been originally designated to handle -- stimulating the balanced global economic growth.
The group is likely to accelerate the process of mutual assessment to promote external sustainability, which would require some members to take such corrective and preventive measures as cutting budget deficits and debt, encouraging private savings, and capping excessive surplus in current account balances.
The G-20 financial chiefs are also to meet in Paris in October to make final preparations for the summit by its leaders the following month in Cannes, France.
Japan could face pressure from other countries to improve its precarious fiscal health, the worst among major developed economies with the balance of long-term public-sector debt approaching 200 percent of gross domestic product.
Noda has spoken of the need for the government to maintain its efforts to restore public finances, which might entail tax hikes, despite the need to accelerate the country's economic recovery from the March 11 earthquake and tsunami.
Source: http://mdn.mainichi.jp
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