G-20 close in on imbalance indicators

French President Nicolas Sarkozy, right, meets with, from left, People's Bank of China Governor Zhou Xiaochuan, US Federal Reserve Chairman Ben Bernanke, European Central Bank President Jean-Claude Trichet and Bank of Japan Governor Masaaki Shirakawa during the opening of the G20 Finance summit at the Elysee Palace in Paris, Friday, Feb. 18, 2011. Finance chiefs of the world's dominant economies were close to agreeing on how to track dangerous imbalances in the global economy, part of the Group of 20 rich and developing nations' efforts to prevent another financial crisis. - Photo by AP.

PARIS: Finance chiefs of the world’s dominant economies are close to agreeing on how to track dangerous imbalances in the global economy, part of the Group of 20 rich and developing nations’ efforts to prevent another financial crisis.

European Union Monetary Affairs chief Olli Rehn said he was confident that there would be agreement ”to identify and address global imbalances,” but that discussions on the precise indicators were still continuing.

Davos highlights economic power shift to East, South

International Monetary Fund (IMF) Special Adviser Min Zhu (L to R) Wipro chairman Azim Premji, Professor of Economics Nouriel Roubini, Time International editor Michael J. Elliott, WPP CEO Sir Martin Sorrell and Ernst & Young CEO and chairman James S. Turley attend a session untitled “What Is the New Economic Reality?” on the opening day of the World Economic Forum annual meeting on January 26, 2011 in Davos. - Photo by AFP.

DAVOS, Switzerland: Power in the global economy is shifting from the advanced world to Asia as recovery takes hold, Davos analysts said Wednesday, as political and business elites began their annual meeting.

“What is really happening is a slowdown of the western world and the growth of the emerging markets. This is a complete shift in the balance of power,” Azim Premji, chairman of Indian software major Wipro, told the opening panel.