President Lee Myung-bak has called on world leaders to devise plans to strengthen the financial soundness of their nations.

Lee made the proposal when he talked about an action plan for growth and employment during the first session of the G20 Summit that opened late Thursday in Cannes, France. He underlined that financial soundness is a fundamental step for overcoming financial crises.

The president proposed that the G20 countries present financial soundness plans during the next G20 Summit that will open in Mexico.

Lee said that in the event the International Monetary Fund (IMF) expands its funds, such funds should be used in a fair manner and not focus on a particular country. He said that ahead of expanding its funds, the IMF should swiftly carry out its quota reform which was agreed during the G20 Summit in Seoul last year.

On the euro zone’s financial crisis, Lee said that South Korea overcame the 1997 Asian financial crisis by carrying out painful restructuring efforts. He stressed that the affected countries need to conduct strong restructuring and self-rescue efforts.