G-20 nations agree to monitor worldwide financial imbalances

The plan is designed not only to avert another global collapse but promote the worldwide economic recovery. 

Russian Finance Minister Alexei Kudrin told reporters that there is still talk as to whether to make the monitoring mandatory and apply sanctions for failing to deal with an economic that might arise. 

The International Monetary Fund will continue working on the procedure and present a final plan to the G-20 nations at their scheduled meeting this fall in Cannes, France.

After the financial crisis in the fall of 2008, the G-20 took over from the G-7 as the policy-setting group for the global economy. 

The three days of meetings will conclude on Saturday with meetings of the steering committees for the 187-nation International Monetary Fund and the World Bank.