The G20 Summit in Cannes, France, will close Friday after participants produce a declaration detailing ways to resolve the euro zone debt crisis.

On the second day of the G20 Summit on Friday, President Lee Myung-bak will discuss with global leaders the strengthening of financial regulations, anticorruption measures and means to tackle fluctuations in the prices of agricultural products and energy.

At the first session that opened late Thursday, the South Korean president called on world leaders to devise plans to strengthen the financial soundness of their nations. He also called for promoting free trade, and providing greater aid to developing countries as solutions to overcome the current global economic crisis.

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

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.

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.

He also underlined the need to establish a crisis management system that can detect unusual signs in the economy and quickly fix problems, noting that the interval between economic crises is getting smaller.

The president’s official schedule in the French city ends with a G20 Summit luncheon. He will return home Saturday.