G20 finance ministers meet in Mexico

A view of the meeting of Group of 20 leading economies' finance ministers and central bankers in Mexico City February 24, 2012. [Photo/Agencies]

MEXICO CITY - The Group of 20 finance ministers and central bank governors started their meeting on Friday in Mexico City, aiming to promote economic stability and development while seeking solutions to the eurozone debt crisis.

During the opening ceremony, Mexico's Central Bank Governor Agustin Carstens noted that the purpose of the G20 meeting is to strengthen multilateral cooperation to ensure global economic stability.

As debt crisis in the US and eurozone posed threats to the world economy in 2011, the international community should work together to "devote to finding solutions to the current crisis and preventing new crisis from taking place," said Carstens.

The weekend meeting will focus on whether to pump money into the International Monetary Fund (IMF) to address debt crisis in Europe. "We hope to be able to give signals of commitment to strengthen the support mechanism and on Sunday, when the communique is released, we hope it will be like that," said Gerardo Rodriguez, Mexico's Deputy Finance Minister.

However, according to analysts, an agreement is difficult to reach during the three-day meeting as differences among G20 member countries on the issue of pumping more money into the IMF cannot be resolved in the near future.

The finance ministers and central bank governors will discuss the global economic issues behind closed doors.