The government plans to stress the need for multilateral currency swaps at a G20 meeting scheduled for later this week as a way to alleviate problems in the existing global financial safety net.
 
The Ministry of Strategy and Finance said Wednesday that it will send Deputy Minister for International Economic Affairs Song In-chang to the G20 High Level Seminar on International Financial Architecture that will open in Paris on Thursday.
 
Song will bring up the expansion of the global financial safety net’s scope following the 2008 financial crisis but that the link between factors that make up the safety net, such as currency swaps, regional financial safety nets and the International Monetary Fund(IMF), is weak.
 
In order to address such problems, the deputy minister will propose that currency swap deals, which have been signed among key advanced countries, be expanded to emerging countries. 

He is expected to stress the need to discuss expanding new currency swaps, including multilateral currency swaps at the G20-level.