国际英语新闻：G20 financial leaders meet in S. Korea to discuss financial reform

The meeting, for which Yoon Jeung-hyun of South Korea and James Flaherty of Canada will take turns to chair, will be focused on agenda items for the G-20 summit to be held in Canada later this year.

The first session was spent to discuss the global economy and to closely monitor recent development, including the global financial market, while the leaders sought to find ways to achieve fiscal sustainability without undermining ongoing economic recovery

The second session over the framework will take place in the morning of Saturday, during which leaders will probe into strong, sustainable, and balanced growth to develop a set of policy options and address current challenges and achieve shared objectives.

At the third session, financial regulation will be the main topic, where policies to contribute to building a strong and resilient financial system will be discussed in depth.

The fourth session will be dedicated to international financial reform and, global financial safety networks, helping address current challenge regarding capital volatility and crisis contagion, according to Minister Yoon.

Finally, the event will be wrapped up with the last session during which the leaders are to sign off a communiqu.

With regard to the thorny issue of a global bank levy, aimed at forcing banks to pay for future rescues, it is not likely to see a breakthrough here in Busan as member countries are still explicitly divided over the move.

"I don't think we're on the verge of a global consensus on bank levies yet," U.S. Treasury Secretary Timothy Geithner, before he left for Busan, told a news conference.