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Published: October 22 2010 23:02 | Last updated: October 22 2010 23:02
Last year, the Group of 20 managed to pull together. With the Seoul summit only three weeks away, its members are now determined to pull in opposite directions. US attacks on China's undervaluation are becoming shriller. Beijing berates the US for flooding the world with liquidity. Most others, caught in the crossfire, blame both "“ and Brazil's top representatives are not even attending this weekend's meeting of finance ministers. Little wonder the Korean hosts had hoped to keep the topic of global rebalancing off the table.
In an attempt to pour oil on this troubled water "“ though perhaps adding petrol to the fire instead "“ Tim Geithner, US Treasury secretary, has written to other G20 finance ministers proposing to broaden the focus from exchange rates. G20 countries, he says, should commit to keep their current accounts "“ whether deficits or surpluses "“ within a percentage limit of national output.
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