India has had the privilege of cochairing, together with Canada, the G-20 collective effort towards drawing up a Framework for Strong, Sustainable and Balanced Growth. The success of this initiative is critical for a durable global economic recovery and for better global economic and financial governance.
Importantly, the success of this initiative is also critical for the credibility of the G-20 and its ability to forge a consensus in non-crisis situations. 2. At the Seoul Summit last November, the leaders of G-20 tasked us to formulate indicative guidelines for the identification of persistently large imbalances requiring corrective action, including their root causes and impediments to adjustment.