FRENCH Economy Minister Christine Lagarde yesterday said the international monetary system was not working well and France's upcoming G20 presidency would seek to shake up international policy coordination.

Lagarde, speaking before leaving for this week's G20 summit in South Korea, said France's presidency, which begins after the summit, would strive to make the G20 more effective and representative, perhaps via a permanent secretariat for the organization.

Lagarde said she expected the Seoul summit to rubber stamp progress made in international financial regulation since the economic crisis, principally the Basel III capital requirements published in September.