The global financial crisis has set in motion a series of events, which have underlined the need for reform of the international economic system. The G20 has emerged as the premier forum for international economic cooperation since the crisis. Although cooordination exists on various economic aspects, including sustainable, balanced growth, financial sector reforms, and reform of international financial institutions, significant differences exist in the priorities of developed and developing economies within the G20 group. Nevertheless, the Seoul summit in the Republic of Korea has brought about long-awaited IMF reform by increasing the quota share of the emerging economies through the platform of G-20.

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