South Korea and the European Union (EU) have agreed to cooperate to combat volatility in the markets and push the global financial recovery in the annual economic forum that it is celebrate in the city of Sejong, South Korea, according to the reported that the Ministry of Finance gave today in the Asian Country .
Finance representatives of both parties addressed the global macroeconomic developments as well as possible structural reforms, problems related to the G20 and investment promotion during the V edition of the Economic Dialogue South Korea-EU that it was celebrate on Monday.
The European Union stated that “each time increase the risk to reduce the global growth prospects” due among other factors to the apparent slowdown in China and some emerging countries, as well as uncertainties about Greece.
Furthermore, the Representatives of Brussels highlighted that there haven been register sharp fluctuations in the exchange rates and also that exist considerable uncertainties in the stock and bond markets all around the world, a volatility that is undermining the confidence of investors and consumers.
South Korea, in the meantime, “Stressed the importance of structural reforms and investment to provide the economic recovery”, according to the statement, which have been recorded the commitment of both parties to combat the global financial volatility within the framework of the G20.
The fourth biggest economy in Asia has been cut the growth forecast for this year twice from 3,4 percent in January to 2,8 percent in July, according to the latest revision of the Bank of Korea (BOK).
For its part, the EU representatives highlight the improvements in European labor and credit markets in general, although they expressed they concern because the inflation was higher than expected.
Both sides agreed to organize the VI edition of the Economic Dialogue South Korea-EU in Brussels next year.
