"It's no secret that the euro has until now borne a disproportionate share of the burden of adjustment," a senior German government official said.
The G20 was set up during Germany's presidency of the Group of Seven rich nations in 1999.
It brings together G7 states - the United States, Japan, Germany, France, Britain, Italy and Canada - with leading emerging market economies such as Brazil, China and India in a forum that claims to represent 90 percent of global output.
The official declined to comment further on exchange rates following the euro's surge to record highs against the dollar, but said 2004 would be an important year for the G20.
"We have an environment in which current account deficits and imbalances have reached a worrying level, as far as their medium-term sustainability is concerned, and we have again a relatively high level of debt in emerging market countries which could lead to problems if interest rates become less favourable," he said.
"We are seeing more and more that neither the old G3, nor the G7/G8 can provide the solutions, but that increasingly important developing countries, such as China, have to play a part," he added, noting this was where the G20 helped.
China, under pressure from the United States to re-value its currency, will assume the presidency of the G20 in 2005 under a decision taken at the forum's last summit meeting in Mexico in October.
Germany's G20 presidency will conclude with a summit of finance ministers and central bank governors in Berlin in November.
Before then, G20 deputies will meet twice, in Leipzig in March and Frankfurt in October.