Thanks for highlighting that. You are very well informed. There was a little more lightning in my trip than I would have wished.
Yes, this is a positive statement. Let me say a couple of things, if I may, and ask my colleague to expand.
This is a process. This process of rebalancing the global economy, having cooperative solutions to do so in a way that's going to sustain global growth and ultimately enhance global growth in a sustainable manner, is something that is going to unfold over the course of years, as opposed to one meeting with a magic solution.
Importantly, first with Pittsburgh and then fleshed out more in the Toronto summit, the four aspects of policy that have to change have been identified, and meat has been put on those bones. It's fiscal--the Toronto summit, a very important path for fiscal policy. It is structural, but we still have a lot more to do on the structural side. That will be part of the work going up to Seoul, but it will extend beyond. It's financial sector policy. Mr. Macklem, both in his previous job and in his current one, has been working hard on developing that. Hopefully, we'll have a chance to talk about that a bit today. Then also, it's exchange rate flexibility.
So your question, what's relevant here on exchange rate flexibility, it is for the first time a commitment in a G-20 communiqué to move towards more market-determined exchange rates. It is for the first time an explicit commitment to refrain from competitive devaluation of currencies. There is also a commitment to look at indicators of sustainable external balance--think current accounts--in conjunction with the IMF, and then to centre policies around that.
That last bit is part of this consistent approach, this cooperative approach that is getting more and more structured, more and more nuanced, more and more concrete. So I would say that yes, it was worth it to be in Korea, and progress has been made. But as the Minister of Finance has indicated and we've indicated, we all need to remain very focused on this issue, at subsequent meetings over the course of this year and well into next year, to ultimately regulate the situation or to address the situation.