Finance ministers and central bank governors from G20 member nations met on October 22-23, 2010 in Gyeongju, South Korea to review and coordinate key agendas for the upcoming G20 Seoul Summit, scheduled to take place on November 11-12, 2010. Following the two-day meeting, the participants made an official announcement of the “Communiqué of the Meeting of Finance Ministers and Central Bank Governors."
Global currency issues were of great interest at the meeting. Ultimately, meeting attendees, noting that “uncoordinated responses will lead to worse outcomes for everyone,” committed to implement more market-determined exchange rate policies and refrain from competitive devaluation of currencies. The attendees also decided to reduce trade imbalances by imposing sustainable levels of trade surpluses and deficits and committing to "pursue the full range of policies conducive to reducing excessive imbalances and maintaining current account imbalances at sustainable levels."They also agree to enact reforms for the International Monetary Fund (IMF), and allow the IMF to play a more active role in the international monetary and financial system. Further proposals include shifts in IMF quota shares of industrialized countries to dynamic emerging markets, developing countries, and underrepresented countries and implementation of a new bank capital and liquidity framework, drawn up by the Basel Committee.