{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='EDIT SKor, US finance ministers Trichet comment after meeting' data-url='/boclips/videos/5c54c2b5d8eafeecae15bb96' data-video-url='/boclips/videos/5c54c2b5d8eafeecae15bb96' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nEDIT SKor, US finance ministers Trichet comment after meeting\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of news conference2. United States Treasury Secretary Timothy Geithner walking to podium3. SOUNDBITE (English) Timothy Geithner, US Treasury Secretary:\"If the world economy is going to be able to grow at a strong, sustainable...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of news conference\u003cbr/\u003e2. United States Treasury Secretary Timothy Geithner walking to podium\u003cbr/\u003e3. SOUNDBITE (English) Timothy Geithner, US Treasury Secretary:\u003cbr/\u003e\"If the world economy is going to be able to grow at a strong, sustainable pace in the future, if we are going to be successful in building a more stable global financial system, and if we are going to be able continue to expand opportunities for trade and preserve an open trading system, then we need to work to achieve more balance in the pattern of global growth as we recover from the crisis.\"  \u003cbr/\u003e4. Wide of news conference\u003cbr/\u003e5. SOUNDBITE (Korean) Yoon Jeung-hyun, South Korean Minister of Strategy and Finance:\u003cbr/\u003e\"In terms of exchange rates, we decided to move towards more market determined exchange rate systems that reflect underlying economic fundamentals and refrain from competitive devaluation of currencies.\"\u003cbr/\u003e6. Mid of reporters at laptops\u003cbr/\u003e7. Wide of news conference \u003cbr/\u003e8. Dominique Strauss-Kahn, managing director of the International Monetary Fund, walking up to podium \u003cbr/\u003e9. SOUNDBITE (English) Dominique Strauss-Kahn, managing director, International Monetary Fund:\u003cbr/\u003e\"Today it has been decided by the G-20 to propose to the IMF (International Monetary Fund) board a reform both of the quota and of the board, which is historical decision which recreates the total legitimacy of the institution (meaning the IMF).\"\u003cbr/\u003e10. Cutaway of news conference \u003cbr/\u003e11. Wide of conference hall\u003cbr/\u003e12. SOUNDBITE (English) Olli Rehn, EU Economic and Monetary Affairs Commissioner: \u003cbr/\u003e\"It is a milestone in reforming global governance. Today, we have been both rebalancing global growth and rebalancing political influence in global governance.\"\u003cbr/\u003e13. Cutaway of journalist asking question\u003cbr/\u003e14. Wide of news conference\u003cbr/\u003e15. SOUNDBITE (English) Jean-Claude Trichet, European Central Bank President: \u003cbr/\u003e\"We had indicated that a number of proposals that had been made and put in legal form by the commission were going in the right direction, but that overall we thought they were not ambitious enough for the euro area.\"\u003cbr/\u003e16. Wide of news conference\u003cbr/\u003eGlobal finance leaders, under pressure to show unselfishness in their economic policies, agreed on Saturday to boost cooperation on rebalancing the world economy to help defuse tensions that had sparked fears of damaging trade conflicts.\u003cbr/\u003eThe Group of 20 vowed to avoid potentially debilitating currency devaluations and reduce trade and current account imbalances, amid a growing\u003cbr/\u003erecognition that restructuring the world economy is necessary to accommodate the greater role played by fast-growing China and other developing economies.\u003cbr/\u003eG-20 finance ministers and central bank governors met for two days in the South Korean city of Gyeongju ahead of a summit of their leaders in Seoul next month. \u003cbr/\u003eJust two weeks ago, a G-20 meeting in Washington failed to resolve differences that had led to fears of a possible trade war that could trigger another economic downturn.\u003cbr/\u003eNations in Asia and other regions have been trying to stem strength in their currencies amid sustained weakness in the US dollar out of fear their\u003cbr/\u003eexports will become less competitive in world markets. \u003cbr/\u003eAt the same time, China's currency, the yuan, has been effectively pegged to the greenback, provoking criticism that it is being kept artificially low and giving China's exporters an unfair advantage.\u003cbr/\u003eAsia relying less on exports for growth is seen as one of the adjustments that nations should make to ensure more stability in the global economy and markets. \u003cbr/\u003eStronger currencies, meanwhile, would make imported goods cheaper and boost local spending as a contributor to economic growth.\u003cbr/\u003eThe G-20, which accounts for about 85 percent of the global economy, said in a statement that it will \"move towards more market determined exchange rate systems\" and \"refrain from competitive devaluation of currencies.\" \u003cbr/\u003eIt also vowed to cooperate on reducing \"excessive imbalances.\"\u003cbr/\u003eUS Treasury Secretary Timothy Geithner told reporters that if the world economy was going to grow rapidly then countries needed \"to work to achieve more balance in the pattern of global growth as we recover from the crisis.\"  \u003cbr/\u003eThe G-20 includes both rich countries such as the US, Japan and Germany as well as emerging ones like China, India and Brazil. \u003cbr/\u003eIt assumed the role of global economic leader following the 2008 financial crisis.\u003cbr/\u003eThe G-20 also released proposals to give developing nations more say at the International Monetary Fund, part of what it described as an ambitious\u003cbr/\u003eretooling of the lending institution to make it more representative of shifts in the global economy.\u003cbr/\u003eThe officials called for greater representation for emerging countries on the institution's executive board by reducing European seats by two and\u003cbr/\u003eshifting more voting power to developing economies and under represented countries.\u003cbr/\u003e\"It is a milestone in reforming global governance,\" said Olli Rehn, economic and monetary affairs commissioner of the European Union, which also\u003cbr/\u003ebelongs to the G-20. \u003cbr/\u003e\"Today we have been rebalancing global growth and rebalancing political influence in global governance.\"\u003cbr/\u003eSince the 2008 crisis, the G-20 has pursued major policy shifts, such as coordinating economic and interest rate policies to spur growth and forging\u003cbr/\u003estricter regulation of banks and other financial institutions seen as responsible for the meltdown.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead 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