The world’s leading finance ministers and central bankers overcame Chinese objections at the weekend to strike a compromise deal meant as a first step towards tackling global economic imbalances.
France secured agreement at a Paris summit of the G20 group of countries on indicators that would be monitored to avert future economic crises. But China successfully blocked greater scrutiny of its massive foreign exchange reserves and the use of exchange rates as an indicator.
Christine Lagarde, French finance minister, said the negotiations had been “frank, at times tense” but nevertheless amounted to a step forward towards greater global co-ordination of economic and fiscal policies.
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