LONDON, Nov 10 (Reuters) - Leading economies meeting in South Korea this weekend must agree to let current account imbalances unwind, Bank of England Governor Mervyn King said on Wednesday.
"It is very important that the fundamental point that is recognised at the weekend -- not decisions on instruments or exchange rates or targets for current account balances in terms of a number -- but that there is a path along which the current account imbalances unwind," he said.
"I hope that at the G20 meeting this weekend that we will get a co-operative message rather than some of those that we have been getting in the last few days and weeks."
The Group of 20 advanced and emerging economies are engaged in a vigorous debate about the best way to promote stability in the global economy.
Some countries have criticised the United States for embarking on a second wave of quantitative easing, a move they say creates problems by weakening the dollar.
The United States, meanwhile, argues that China should let its currency appreciate faster.
King said there needed to be a genuine recognition that unwinding current account imbalances was in the collective interest.
"Unless we recognize that... then we will face a situation where more and more countries will resort to policy instruments that in the end will be damaging to everyone. It is that serious," he said.
(Reporting by Christina Fincher and Peter Griffiths; Editing by Ron Askew)