A part from agreeing on a set of indicators to measure economic imbalances, the Group of 20 emerging and developed economies that met in Paris last week shared the observation that rising prices of primary industry commodities including food are becoming a risk factor for the global economy.
Finance ministers and central bankers from the G20 economies agreed to analyze the causes of excessive price fluctuations, such as the inflow of speculative funds, and collect statistical data on such matters as food stocks.
In discussing the set of indicators for gauging economic imbalances, China, which has huge trade and current accounts surpluses, and developed economies, such as the United States, Europe and Japan, aired opposing views. They agreed to use public debt, fiscal deficits, private savings rate and private debt as indicators. They also agreed to use an indicator close to trade balance, instead of current accounts balance, by accepting China's stance. They stopped short of concrete discussions to reform China's currency, the renminbi.