27View
1m 14sLenght
0Rating

1. Wide pan of G-20 meeting 2. Various of Russian Finance Minister Anton Siluanov speaking 3. Wide of meeting 5. Mid of Christine Lagarde, Managing Director of the International Monetary Fund 6. Various of Siluanov speaking 7. Mid of Japanese Finance Minister Taro Aso (right) 8. Close of official taking notes 9. Various of Canadian delegates 10. Wide of meeting 11. Mid of Lagarde 12. Mid of delegates STORYLINE: Financial ministers and the heads of central banks from the world's 20 major economies gathered on Saturday morning in Moscow for a key G-20 meeting. Governments across Europe have introduced harsh austerity measures in an attempt to control their debts. This has often has negative side effect on the country's economy, leading to mass unemployment and broad public resistance. The much-anticipated G-20 meeting is expected to discuss the implications of countries using their currencies as an economic weapon. Markets have been concerned recently by developments affecting the Japanese yen, which now trades near a three-year low. Japan is facing allegations that it is trying first and foremost to lower the value of the yen to stimulate its economy and get the edge over other countries. The country's new government has recently set in motion several economic measures it hopes will kick-start its economy, including pushing the Bank of Japan to accept a higher inflation target. This has triggered speculation the bank will create more money, thereby lowering its exchange rate. If too many countries try to weaken their currencies for economic gain - sparking a so-called currency war - then the fragile global economic recovery could be derailed. Russian Finance Minister Anton Siluanov has expressed hope that the communique would contain a commitment to refrain from competitive devaluation. Russia used the start of the G-20 meeting to renew its push for a review of the make-up of the International Monetary Fund (IMF) and the relative voting strength of its members to reflect growing changes in world economy. Although the IMF has committed itself to the review, Siluanov said on Friday that he sees certain difficulties finding common ground on the issue. He expressed hope, however, that the financial chiefs will be able to come to a decision at one of the upcoming gatherings of financial ministers before a G-20 summit in September. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/05a4b0835be04b824340886ce800c125 Find out more about AP Archive: http://www.aparchive.com/HowWeWork