Busan

BUSAN - Union Finance Minister Pranab Mukherjee has said that the finance ministers of G-20 countries in their joint communiqui have agreed to the need for 'some sort of financial regulations' to control the global economy.

BUSAN - Reiterating the need for building a consensus on the Framework of the G-20 and for refining the Mutual Assessment Process in the second stage, India's Finance Minister Pranab Mukherjee said: "Since policy actions have to be taken at the country level, we have to see how this important dimension can be rolled into the Framework." Suggesting that the second stage of the deliberations would best considered after the Toronto Summit, where leaders are expected to agree on the policy parameters of the first stage, Mukherjee, who is in Busan attending the G-20 Finance Ministers meeting, said: "Only once these parameters are clearly known, can we outline the scope of the second stage." "The entire exercise must be non intrusive, mutually consultative, constructive and cooperative, so that the singular unity of purpose that the G 20 has shown so far is not compromised.