米金融安定法成立

(Oct. 5, 2008) The Yomiuri Shimbun

Bailout on its own is no magic bullet

金融安定法成立　早くも求められる次の一手（10月5日付・読売社説）

After twists and turns, a financial bailout bill has at last been signed into law in the United States.

　米国の緊急経済安定化法（金融安定化法）が、迷走の末、ようやく成立した。

The legislation has been touted as a "trump card" to save struggling U.S. financial institutions. But some of those institutions have themselves pointed out that the package is not user-friendly. Additional measures will be needed to prevent the financial crisis from worsening.

　苦境にあえぐ米国の金融機関を救う“切り札”と期待されているが、肝心の金融機関からは「使い勝手が悪い」との指摘も出ている。金融危機を抑え込むには、なお追加対策が必要となろう。

One of the pillars of the bill is to allow the U.S. administration to spend up to 700 billion dollars to buy up soured mortgage-related securities and other devalued assets held by ailing financial institutions. The U.S. House of Representatives passed the bill by a majority vote Friday.

　この法案は、金融機関の不良資産を最大７０００億ドル（約７４兆円）の公的資金で買い取ることなどを柱としている。米議会下院が３日、賛成多数で可決した。

When the House rejected the bailout bill Monday, the Dow Jones Industrial Average plunged 777 points, its biggest-ever single-day fall, roiling markets across the world.

　下院が９月２９日に否決した時は、ニューヨーク株式市場の株価が過去最大の暴落を記録し、世界の市場を大混乱させた。

If the House had rejected the bill again, the markets would have been further destabilized, and the global financial crisis would have intensified. It is good news that the House passed the bill by a large majority.

　下院がまた否決すれば、市場は再び動揺し、世界的な危機が深刻化しただろう。大差で可決したことはとりあえず朗報だ。

As the Senate had already passed the bill Wednesday, U.S. President George W. Bush signed it into law immediately. The bill's passage into law marks progress in avoiding a financial meltdown.

　上院は１日に可決済みで、ブッシュ大統領がすぐに署名し、法律として成立した。危機の回避に向け、一歩前進といえよう。

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Revisions to bill questionable

The bill's passage at the House on a second vote became possible because it was altered by adding provisions to enhance the protection of depositors and extend tax breaks. After the bill was modified, many representatives who had opposed the injection of public finds changed their stance.

　下院が２度目で可決できたのは、法案を修正し、預金者保護の充実や、税の優遇措置の延長などを追加したことによる。これで公的資金投入に反対していた議員の多くが賛成に回った。

Several of the revisions to the bill strike us as having more to do with congressional election campaigns than with financial stabilization. Although these pork-barrel add-ons will further deplete the United States' coffers, there was no choice other than to pass the bill to forestall a full-blown financial crisis. The immediate task for U.S. authorities is to use public funds to buy up bad assets held by struggling financial institutions.

　修正点は金融安定化とは関係が薄く、議会選挙向けとしか思えない内容も目立つ。財政への悪影響が懸念されるが、金融危機回避には、やむを得まい。今後は、公的資金による不良資産の買い取りを早急に開始することだ。

But a cause for concern is that the bailout plan contains many unclear points that will become apparent when it is actually implemented.

　だが、運用面に不透明な点も多いのが気がかりだ。

For example, setting the price at which bad assets are purchased poses a dilemma: If prices are set high, the public burden will balloon; if they are set low, the fiscal soundness of bailed-out financial institutions could be compromised.

　例えば、不良資産の買い取り価格をどう決めるのかが難しい。高い価格で買い取ると国民負担が膨らみ、価格が安すぎると、金融機関の財務健全化に力不足となる恐れが大きい。

Some point out that public funds should be injected not only to buy up toxic assets, but also to boost the capital bases of enfeebled financial institutions. This is because many of these institutions are suffering from a shortage of equity capital--a problem that will become increasingly evident.

　不良資産の買い取りに加え、金融機関の資本増強にも公的資金を投入すべきだとの指摘がある。自己資本不足に陥っている銀行などが多いからだ。これが次の焦点になるだろう。

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Policy coordination vital

In the United States, there is a real possibility that a vicious circle will develop in which the financial crisis undermines the nation's real economy, producing further financial instability.

　米国では、金融危機が実体経済に波及し、それが金融不安に跳ね返る悪循環が現実味を帯びる。

In Europe, buffeted by the U.S. financial crisis, four major countries including Britain and France have just held a summit meeting to discuss countermeasures.

　危機が飛び火した欧州でも、フランス、イギリスなど主要４か国が首脳会議を開き、金融危機対策を協議した。

In Japan, also, there are growing signs of a business downturn. The employment situation and corporate business performances have been deteriorating rapidly.

　日本も、景気後退色が一段と強まってきた。雇用や企業業績が急速に悪化している。

At this time, it is crucially important for Japan, Europe, the United States and others to closely cooperate with each other to strengthen policy coordination.

　日米欧などが緊密に連携して、政策協調を強めることが、ますます重要な局面といえよう。

(From The Yomiuri Shimbun, Oct. 5, 2008)

（2008年10月5日01時49分  読売新聞）