Emerging economies happy with G20 talks

Thursday, 11 November 2010 22:27 - - {{hitsCtrl.values.hits}}

Seoul (Reuters): Emerging economies are “quite satisfied” with the draft of a communique that will be released at the end of a Group of 20 summit on Friday, an Indian official said on Thursday.

Retired soldiers who had been trained to infiltrate North Korea, hold flags of the participating countries in the G20 summit during a rally supporting the summit in Seoul

The official involved in drafting of the final statement also said adding its language on current account imbalances was “neither soft not tough”.

“We (emerging economies) are quite satisfied. The talks on all the issues such as current account issues and currency are going well. Our views have been taken into account.”

The official, who spoke on condition of anonymity, said the draft communique had no numerical targets, but added “that can change when leaders meet”.

Referring to the proposed line on current account imbalances, the official said:

“You can say in terms of the language it is the lowest common denominator.”

Germany and several other nations have hit out at a U.S. proposal to consider limits on current account surpluses and deficits, while some countries, notably China, have come in for criticism for intervening in currency markets to get a trade advantage.