Japan PM says opinion gaps may remain at G20 summit
WASHINGTON (Reuters) - Japanese Prime Minister Taro Aso on Friday cast doubt on a solid outcome from the G20 summit on the financial crisis, saying there may be opinion gaps between developed nations and emerging countries as well as U.S. and European nations.
Aso also added that if there is a need for another leaders' summit, Japan would be an appropriate place to host it as Asian economies are playing a bigger role in the world.
"I don't know if we can come up with conclusions in one meeting," Aso told reporters in Washington ahead of the summit of G20 developed and emerging countries on Friday and Saturday.
"It is possible that opinions end up being divided among developed and emerging nations as well as the United States and Europe, so I don't know how it will conclude."
Japan, the current G8 chair, was originally wary about holding the summit without having measures concrete enough to stem the crisis.
Aso said if the G20 leaders agree on many ideas this weekend, It may be more realistic to move the debate to a meeting of finance ministers and central bankers from heads of states.
But that may still be tough, he added.
"If we need to do it one more time, Japan would be an appropriate place to host it as Asia is growing, consisting of half of the world population."
Aso said it was necessary to ensure appropriate supervision and regulation on financial products and markets, saying the leaders should find a middle ground despite differences.
"The United States is against doing it too strictly as that will hurt capital markets, while Europeans want it to be tougher," Aso said.
"I think the answer lies between those views."
With host President George W. Bush in his final two months in office and President-elect Barack Obama not participating, hopes for a conclusive summit were low. But European leaders pressed for commitments to prop up sagging economies.
"Even though Obama is not here, we have an urgent issue that needs to be taken care of over the next two months or so.
"Thus, the United States could not miss this opportunity," Aso said, adding that Washington should stick with any agreement from the summit even after Obama takes office in January.
Bush on Thursday pitched for modest reforms to preserve free markets, rather than stiffer financial regulation that some European nations favorto curb the excesses of capitalism. Continued...
