G20 countries shy away from global bank levy

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clipped from www.dw-world.de The two-day G20 meeting of finance ministers and central bankers in Busan, South Korea concluded on Saturday, with no tangible initiatives to tackle the state of the global economy and banking regulation. The meeting, which was designed to work out an agenda for the G20 summit in Toronto, Canada, at the end of the month, produced a communique that endorses the need for budgetary discipline and regulation of financial markets, but shies away from a global bank levy proposed by the International Monetary Fund (IMF), European countries, including Germany, and the US. Canada and Australia are among those opposed to such a levy, as they believe they should not have to pay to clear up a mess they did not create. German Finance Minister Wolfgang Schaeuble, however, insisted that regulating the banking industry must remain a global priority.

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