East Asia can drive the critical post-crisis structural reform of the global economy, business, government and civil society leaders participating in the 18th World Economic Forum on East Asia agreed at the closing session of the two-day meeting. Next year, the Republic of Korea will assume the chair of the G20, which has become the main forum for addressing global economic challenges.

“For the time being, the G20 is for reactive purposes, with the financial markets still in shambles,” said Ahn Ho-Young, G20 Sherpa and Deputy Minister for Trade of the Republic of Korea. But “moving on, there will be other post-crisis management issues on which G20 members will have to cooperate. If leaders agree and there is sufficient ambition, the G20 should move from being reactive to proactive. The question is if G20 leaders have the stomach and appetite to address these next-generation issues. Korea does.”

During the final session, three of the meeting Co-Chairs reviewed some of those priorities, including rebalancing the global economy; devising “exit strategies” from the huge public investments made in recent months to stimulate economies around the world; developing social safety nets to promote domestic consumption in high-saving economies such as China; examining the potential of shaping a coordinated approach to interest rate and currency management; and alleviating the poverty that affects half of the world’s population. Watch the sessions 'On-Demand' here: http://tr.im/ForumLive