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South Korea's Finance Minister Jeung-Hyun is hosting a meeting of G20 finance ministers in the port city of Busan. The meeting will lay the groundwork for another summit to be held in June in Toronto, Canada.

L-R: IMF Managing Director Dominique Strauss-Kahn chats with US Treasury Secretary Tim Geithner and France's Finance Minister Christine Lagarde following their meeting at IMF Headquarters in Washington, DC in April 2010. The Group of 20 has warned in a draft communique that the global recovery remains fragile but the document contains no agreement on whether to impose a global bank levy.

L-R: IMF Managing Director Dominique Strauss-Kahn chats with US Treasury Secretary Tim Geithner and France's Finance Minister Christine Lagarde following their meeting at IMF Headquarters in Washington, DC in April 2010. The Group of 20 has warned in a draft communique that the global recovery remains fragile but the document contains no agreement on whether to impose a global bank levy. [AFP/File/Mandel Ngan]

At the top of this agenda is Europe's debt crisis. The Ministers will also discuss medium-term growth framework and how to solve economic imbalances which caused the global financial crisis. Canada, the current G20 president, hopes to secure an agreement in Toronto on the broad suite of policies needed to reduce these imbalances. Individual countries would then commit themselves to specific policies at the next G20 summit in Seoul in November.

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