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2008年10月12日 (日)

G7迅速な行動計画

(Oct. 12, 2008) The Yomiuri Shimbun

G-7 action plan must be carried out swiftly

G7 「行動計画」を迅速に実行せよ(1012日付・読売社説)

After their meeting held in Washington, Group of Seven finance ministers and central bank governors expressed determination to mobilize all possible policy measures to overcome the global financial crisis.

It is important for them to formulate concrete measures to tackle the crisis in the world's financial system that was triggered by the U.S. subprime problem and implement them as soon as possible.

 ワシントンで開かれた先進7か国財務相・中央銀行総裁会議(G7)は、米国発の金融危機を克服するため、政策を総動員する決意を示したといえよう。危機対策を具体化し、速やかに実行することが重要だ。

The G-7 financial chiefs decided on a five-point action plan, including boosting financial institutions' capital through injections of public funds.

 G7は、公的資金を投入して金融機関の資本を増強するなど、5項目の「行動計画」を決めた。

The action plan was a departure from conventional joint statements in that it focused on measures to combat the financial crisis that the G-7 will undertake as matters of urgency. It was unusual for the G-7 to take such a step.

 従来の共同声明の形ではなく、優先的に取り組む危機対策に絞ってまとめた異例のものだ。

The action plan indicates the rich nations' recognition of the severity of the present circumstances, pointing out that "the current situation calls for urgent and exceptional action."

 行動計画は、現状について、「緊急で例外的な行動を必要とする」との厳しい認識を示した。

The financial crisis spilled over from the United States into the rest of the world, pushing stock markets into free fall. Under the current situation, in which the world is on the brink of a depression, it was necessary for the G-7 to send to the world a strong message in an attempt to prevent the crisis from deteriorating.

 金融危機が拡大し、世界同時株安に歯止めがかからない。恐慌寸前ともいえる状況の下、G7が強いメッセージを発信し、危機の打開を狙ったのは当然だろう。

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Use of public funds crucial

Especially notable in the action plan is that it clearly stipulates that the G-7 will "ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources."

 行動計画で特に注目したいのは、「必要に応じ、公的資金と民間資金で金融機関の資本を増強する」と明記した点だ。

The use of public funds not only for purchasing bad assets of financial institutions, but also for recapitalizing them is considered crucial for overcoming the crisis.

 金融機関が抱える不良資産の買い取りだけでなく、資本増強に公的資金を使うことは、危機乗り切りのポイントとされる。

Immediately before the G-7 meeting, U.S. President George W. Bush announced that the U.S. government may inject public funds into financial institutions to recapitalize them based on the recently established Emergency Economic Stabilization Act.

 ブッシュ米大統領はG7直前、金融安定化法に基づき、金融機関の資本増強のために公的資金を投入できると表明した。世界が待ち望んだ決断といえよう。

The world had been waiting for this pledge.

In the wake of the U.S. decision, the G-7 confirmed its commitment to inject public funds into financial institutions.

 G7は、米国の方針を受けて、公的資金の速やかな投入を確認したといえる。

U.S. Treasury Secretary Henry Paulson said at a press conference after the G-7 meeting that the U.S. government will purchase nonvoting preferred stocks of financial institutions with public funds.

 ポールソン米財務長官はG7後の記者会見で、議決権のない金融機関の優先株を公的資金で購入する考えを示した。

However, there are still many unclear points in the Treasury Department plan, such as how much stock it will purchase and when it will do so, as well as which financial institutions it will target. The U.S. government should work on compiling necessary measures and carry them out as soon as possible.

 だが、買い取りの規模や時期、対象とする金融機関など不明な点は多い。米国政府は早急に具体案を詰め、実施を急ぐべきだ。

In Europe, meanwhile, it is reported that Germany will follow Britain's cue and inject public funds into its banks.

 危機が飛び火した欧州では、英国に続いて、ドイツでも銀行への公的資金投入論が浮上した。

Japan, too, should enable the government to inject public funds into regional financial institutions suffering a management crisis, by resurrecting the Financial Function Strengthening Law, which expired in March.

 日本も、期限切れした金融機能強化法を復活させ、地域金融機関が経営危機に陥った場合に、公的資金を投入できるようにしなければならない。

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Markets final arbiters of plan

The action plan says the G-7 will "take decisive action...to support systemically important financial institutions and prevent their failure." It also pledges support for financial institutions having difficulty in raising capital in the market in addition to utilization of fiscal and financial policies designed to tackle economic slowdowns.

 行動計画は「重要な金融機関の破綻(はたん)を回避する」と強調した。市場で資金調達が困難な金融機関の資金繰りを支援することや、景気減速に対応した財政・金融政策の活用も盛り込んだ。

But the situation remains on a knife edge as we do not know whether the action plan will work effectively to prevent a financial meltdown. This is partly because some view the action plan as lacking in concrete details.

 ただ、こうした行動計画によって、金融危機に歯止めがかかるかどうかは予断を許さない。行動計画は、具体的な内容に乏しいとの見方もくすぶっているからだ。

Markets around the world will pass judgment on the G-7 action plan when they open Monday.

 まず、週明けの市場が、「G7行動計画」への評価を示すことになるだろう。

(From The Yomiuri Shimbun, Oct. 12, 2008)

200810120148  読売新聞)

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