G20金融サミット

The Yomiuri Shimbun (Nov. 17, 2008)

G-20 leaders resolve to overcome crisis

金融サミット　発信された危機打開の決意（11月17日付・読売社説）

The financial summit of the leaders of the Group of 20 major industrialized and developing economies, including Japan, China, India, the United States, and several European nations as well as the European Union, ended in Washington on Saturday after adopting a declaration and plan of action to tackle the ongoing financial turmoil.

Talks that include only the major industrialized countries will never conquer the global financial crisis. The two-day meeting was historically significant in that leaders from emerging countries also took part in discussions.

　世界的な金融・経済危機の克服には、先進国だけが話し合っても不可能だ。新興国の首脳らが加わって協議したことに歴史的な意義がある。

　日米欧と中国、インドなど、２０か国・地域（Ｇ２０）の首脳が参加し、ワシントンで開かれた金融サミットは、首脳宣言と「行動計画」を採択して閉幕した。

The focus of attention at the meeting was whether the leaders could present a clear course of action to curb the excesses of U.S.-style laissez-faire free-market capitalism and build a new order for the global financial system. The leaders there managed to come together and eventually announced to the world their plans to overcome the current ordeal.

　米国型の行き過ぎた市場万能主義に歯止めをかけ、新たな金融秩序をどう構築するか。明確な方向性を示せるかが焦点だったが、首脳たちがなんとか足並みをそろえ、試練を乗り切るためのメッセージの発信にこぎつけた。

A second financial summit to be held by the end of April will be tasked with compiling concrete measures for financial regulations stated in the declaration.

　首脳宣言でうたわれた金融規制の具体策などをまとめることが、来年４月までに開く次回金融サミットの課題となろう。

The declaration sets out principles to promote financial market reform and also stipulates steps to be taken, including reform of the International Monetary Fund and fiscal stimulus measures.

　宣言は、金融市場改革を促す原則を打ち出すとともに、国際通貨基金（ＩＭＦ）の改革、景気刺激を目指した財政出動など、今後取るべき措置を明記した。

◆財政出動で景気刺激を◆

It is worth noting that the action plan comprises both measures to be implemented by the end of March and tasks to address longer term goals.

　行動計画は、来年３月末までに実行する施策と、中期的な課題に分けたのが注目される。

The G-20 plan adopts a two-track approach in which it places high priority on halting the spread of the immediate crisis but also deals with longer term themes. The leaders will be tested on whether their resolve at the summit is true through their future actions.

　目先の危機拡大阻止を最優先し、中期的なテーマにも取り組む２段構えだ。首脳たちの決意が本物かどうか、今後の行動で問われることになろう。

It is also worth noting that the G-20 leaders stressed fiscal stimulus measures among those to be taken in the short term.

　当面の施策で注目されるのは、財政出動が強調された点だ。

Although Japanese, European and U.S. central banks carried out coordinated interest rate cuts, there is now less room to maneuver in terms of further use of financial policies to alleviate the crisis.

　金融危機の拡大と市場の混乱に対応し、日米欧の中央銀行が協調利下げを実施したが、これ以上、金融政策を発動する余地は少なくなってきた。

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More action needed

Given the circumstances, Japan, Europe and the United States mapped out measures to turn around the global economy, and China, for its part, also decided to implement large-scale economic stimulus measures just before the summit. However, the leaders at the G-20 meeting all recognized the importance of taking further fiscal measures to prevent the global economy from sinking even further and a worsening of the simultaneous recession.

　こうした中、日米欧が景気対策をまとめ、中国も、サミット直前に大型の景気刺激策を決めた。しかし、世界経済の底割れを防ぎ、同時不況の深刻化を回避するには、さらなる財政のてこ入れ策が重要だとの認識で一致した。

Japan, which apparently has entered a recession, decided to move ahead with an additional stimulus package totaling about 27 trillion yen, but there is a possibility that the country may be pressed to implement further measures.

　景気後退入りしたと見られる日本は、事業規模で約２７兆円の追加景気対策を決めたが、もう一段の対策を迫られる可能性もある。

　◆金融改革の具体策は難題◆

Although the participating countries agreed in principle on strengthening the IMF's functions and financial market reform, they had to postpone drafting universal concrete measures. This is because the interests of each country differ widely and therefore further arrangements need to be made.

　ＩＭＦの機能強化や金融市場改革は、原則で一致したものの、具体策は先送りせざるを得なかった。各国によって利害が大きく異なっており、調整が必要だ。

As for the IMF's capital reinforcement, Japan's proposal served to sew up discussions. Japan proposed doubling capital contributions by all IMF member countries from the current total of 320 billion dollars, or about 32 trillion yen, and outlined its plan to lend up to 100 billion dollars to the financial watchdog.

　ＩＭＦの資本増強については、日本の提案が議論をまとめた。加盟国全体の出資額を現在の３２００億ドル（約３２兆円）から倍増させるとともに、最大１０００億ドル（約１０兆円）を日本が融資するとした内容である。

Together with the World Bank, the IMF is a central body under the Bretton Woods system, which built a global economic order after World War II. Its operation has long been dominated by the United States and Europe. However, demands have been increasing for emerging countries with growing economic power to have a greater voice. The question is how the capital contribution ratio among the IMF member countries and the organization itself should be reviewed to solve this kind of issue and bolster its function. Discussions to create a so-called Bretton Woods 2 will be difficult.

　ＩＭＦは、世界銀行とともに、第２次世界大戦後の世界経済秩序を築いた「ブレトンウッズ体制」の中心的存在だ。これまでは、米欧主導で運営されてきた。

　だが、経済力が増大した新興国の発言力を高めるべきだとの声が強まっている。ＩＭＦの出資比率や組織をどう見直せば、こうした課題を解決し、機能を強化できるのか。「ブレトンウッズ２」を目指す協議は容易でない。戦後の経済体制を支えてきたドル基軸通貨体制の在り方については、サミットではほとんど話し合われなかった。

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Dollar-centered system

Meanwhile, the summit did little to address the dollar-centered currency system, which has supported the postwar global economic system. France and some other countries insist on a significant overhaul of the system, while the United States is backing a strong dollar and calling for maintaining the status quo. This will definitely be an issue in future discussions.

　「強いドル」を支持し、現体制の継続を求める米国に対し、フランスなどは、大幅な見直しを主張しており、今後の議論の焦点になるのは間違いない。

With regard to financial market reform, the declaration emphasizes sound regulation and incorporates strengthening regulations and oversight over international financial institutions, complex financial products sold worldwide and credit rating agencies. It also specifically calls for international cooperation in financial supervision.

　金融市場改革に関しては、「健全な規制」をうたい、国際的に活動する金融機関、世界に販売される複雑な金融商品や、格付け会社に対する規制・監視の強化が盛り込まれた。金融監督の国際連携も明記された。

These are all sensible measures to prevent the recurrence of a financial crisis. However, there is still a gap between Europe, which calls for stricter regulations and oversight, and the United States, which takes a cautious stance on the matter. It seems that it will take time for sound regulation to take shape.

　金融危機の再発防止を図るには当然の措置だ。だが、厳しい規制・監督を求める欧州と慎重な米国の主張には依然、隔たりがある。「健全な規制」の具体化には時間がかかりそうだ。

　◆懸念される米国経済◆

Uncertainty has grown surrounding the current condition of the U.S. economy that is the epicenter of the global financial crisis. A fall in stock prices and an increase in unemployment have triggered a reduction in consumer spending, an area that served as a driving force of economic growth.

　金融危機の震源地である米国経済の現状に対し、懸念が高まっている。株価の下落や失業の増加などで、成長の牽引(けんいん)役だった個人消費が急速に冷え込んできた。

In addition, a downward trend in housing prices--the root of the subprime mortgage meltdown--continues. Until prices bottom out, financial institutions' losses will continue to swell and the global financial crisis will not end.

　加えて、サブプライムローン問題の根源である住宅価格の下落が続いている。これが下げ止まらない限り、金融機関が抱える損失が膨らみ金融危機は終息しない。

With that, the real economy will further worsen, and it is feared to fall into a vicious cycle of triggering another financial crisis.

　それによって実体経済が一段と悪化し、さらなる金融危機を招く悪循環に陥る恐れがある。

In a speech ahead of the G-20 summit meeting, U.S. President-elect Barack Obama asked the U.S. government to rapidly implement additional economic stimulus measures.

　オバマ次期米大統領は、今回のサミットに合わせた演説で、追加景気対策の前倒しを求めた。

In contrast to the administration of U.S. President George W. Bush, Obama has taken a protectionist stance. However, promoting free trade is vital to activate the world economy and to accelerate its growth. It is highly likely that Obama may be pressed to modify his vision soon or later.

　オバマ氏は、ブッシュ政権に比べ、保護貿易主義的な主張を続けてきた。しかし、世界経済を活性化し、成長を加速するには、自由貿易の推進が重要だ。オバマ氏の考え方はいずれ、修正を迫られる公算が大きい。

After taking office and launching the new administration on Jan. 20, the policies Obama sets in motion will be the main focus of the next summit meeting.

　来年１月２０日に新政権をスタートさせてから、どのような政策を打ち出すか。次回サミットでは、それが最大の焦点になろう。

(From The Yomiuri Shimbun, Nov. 17, 2008)

（2008年11月17日01時29分  読売新聞）