South Korea will host a world financial meeting ahead of a G-20 summit later this year as part of its efforts to help promote global financial stability, the country's financial regulator has said.
South Korea received the nod to hold a Financial Stability Board (FSB) meeting before a G-20 summit to be held in its capital Seoul in November, the Financial Services Commission (FSC) said in a news release yesterday.
The approval came during an FSB meeting in Basel, Switzerland on Saturday, it said.
During the Basel meeting, FSC Governor Chin Dong-soo also proposed possible agenda items to be put on the negotiating table for the G-20 gathering, it said.
"The Financial Stability Board meeting in Seoul will help the country lead international efforts to reform financial regulations and set up common standards for financial reforms as a G-20 host nation," the news release said.
Launched after the summit of the group of 20 major industrialised and emerging economies in London in April last year, the FSB succeeded the Financial Stability Forum which were centered around the G-7 major industrialised countries.
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The new body expanded its membership to G-20 economies.
The G-20 consists of the G-7 (Britain, Canada, France, Germany, Italy, Japan and the United States) plus Argentina, Australia, Brazil, China, India, Indonesia, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey and the European Union.