Ｇ２０緊急サミット

2008/11/18 --The Asahi Shimbun, Nov. 17(IHT/Asahi: November 18,2008)

EDITORIAL: G-20 emergency summit

Ｇ２０緊急サミット―この結束を緩めるな

World leaders gathered in Washington over the weekend to thrash out measures to ride out the financial crisis and the global economic downturn. The meeting brought together the leaders of the Group of 20 leading industrialized and emerging countries and regions. Together, they account for more than 80 percent of the global economy.

　世界経済の８割余を構成する２０カ国・地域（Ｇ２０）の首脳がワシントンに集まり、金融危機と世界同時不況を克服する打開策を話し合った。 

It is clear the responses within the traditional framework of the G-8 are not enough to temper this gathering storm. The G-20 summit was held to find effective measures within a larger framework that includes emerging countries and newly industrializing economies that have been gaining economic clout rapidly in recent years.

　地球規模で広がる危機には、これまで世界を率いてきた主要８カ国（Ｇ８）だけでは対処できない。急速に力を蓄えてきた新興国や中進国も加えた枠組みで事に当たるためだ。 

As for the cause of the crisis, the G-20 joint declaration, read by U.S. President George W. Bush, the chair of the meeting, said, "Policymakers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation ... ."

　議長のブッシュ米大統領が読み上げた共同宣言は、危機の原因について「いくつかの先進国の当局はリスクを適切に評価せず、金融の技術革新についていけなかった」と総括した。 

The G-20 leaders agreed on certain basic principles for actions to be taken, such as enhancing the International Monetary Fund and the World Bank and ensuring effective supervision and regulation of financial institutions operating across borders.

　そのうえで、国際通貨基金（ＩＭＦ）と世界銀行の強化や、国境を越えて活動する金融機関に監督と規制を行き渡らせる、といった原則的な方針を確認した。 

In many ways, the statement reads like a plain list of proposals from the participants. But the conference at least marked a first step toward containing the current crisis and preventing a future one. The G-20 leaders also pledged to hold their second meeting by the end of April next year.

　各国の主張をまんべんなく並べた観も強い。だが、危機拡大の回避と再発の防止へ向け、ひとまず歩を進めたといえよう。来年４月末までに２回目のサミットを開くことも約束した。 

Failure was not an option at this conference. The financial maelstrom created in the United States has begun to develop into a serious global recession. If the meeting, which brought together the leaders of as many as 20 countries and regions, had failed to produce any noteworthy result, financial markets would have suffered immeasurable disappointment and shock.

　今度の会議は失敗が許されないものだった。米国で出火した金融の大混乱が世界不況へと延焼し始めた。２０カ国・地域もの首脳が集まってこれといった成果も出せなければ、市場に与える失望とショックは計り知れない。

◇An early expansion of IMF in order

■ＩＭＦ拡充を早期に 

In some ways, the G-20 summit is reminiscent of the World Economic Conference held in London in 1933. Representatives from 66 countries attended the meeting, which was convened to discuss a unified response to the Great Depression. The world pinned its hopes on the gathering.

　振り返れば、世界大恐慌のさなかの１９３３年にロンドンで開かれた世界経済会議には６６カ国の代表が集まった。不況打開への処方箋（しょほうせん）が討議され、世界中の期待が高まった。 

But the meeting dragged on amid disagreements among the major powers of the time over trade and currency issues and was eventually adjourned without noticeable results. After the failed conference, the world drifted toward bitter divisions and exclusive trade blocs and eventually was plunged into World War II.

　ところが、会議は延々と続き、貿易や通貨の問題で紛糾するばかり。めぼしい成果もなく休会となってしまった。世界はその後、分裂とブロック経済化への道を歩み、そのあげくが、あの第２次世界大戦だった。 

The important fact is that the G-20 summit didn't turn out to be a replay of the London conference 75 years ago and presented to the world at least agreements on some basic principles on which the countries can build.

　今回のＧ２０サミットが、７５年前のロンドンの再現とならず、とにかく合意できる最大公約数だけでも世界へ示すことができた意義は大きい。 

There are, however, significant differences in the opinions and positions of countries with regard to many issues. It must be noted that whether the G-20 will become an indispensable framework for international policy cooperation depends on successful efforts among the countries to overcome their differences.

　ただ、各国の考え方に隔たりのある課題も少なくない。Ｇ２０がこれから国際協調に欠かせない枠組みとなるかどうかは、この点の克服にかかっていることを押さえておきたい。 

The task of working out specific measures has been assigned to working-level discussion by financial ministers and other officials. Above all, reform of the IMF should be the immediate priority. Among the proposals that have been floated are a substantial expansion of the body's $200 billion (about 19.4 trillion yen) of loan funds and the doubling of its $320-billion capital. With credit contracting around the world, the IMF's lending ability should be bolstered quickly to prevent smaller countries from facing a cash squeeze.

　具体策づくりは財務相以下の実務者に委ねられたが、なかでも、ＩＭＦ改革はまず急がねばならない。現在２千億ドルある融資枠の大幅な拡充案のほか、３２００億ドルの出資を倍増させる案も出ている。世界的にマネーが収縮するなか、中小国が取り残されて資金繰りに窮しないようにするために、強化を急ぐ必要がある。 

Prime Minister Taro Aso offered to lend up to $100 billion to the IMF from Japan's foreign reserves to help the body increase its ceiling on loans. The government should step up its diplomatic efforts to persuade other countries with massive foreign reserves, such as China and Saudi Arabia, to do the same.

　麻生首相は融資枠の拡大のため、外貨準備から最大１千億ドルを拠出する用意があると表明した。中国やサウジアラビアなど外貨準備の豊富な国の協力も早急に引き出すべく、外交に汗をかいてもらいたい。 

It is possible that the IMF cannot provide loans smoothly to countries in need of cash due to disagreements over the terms of lending and other issues. In such cases, the countries involved should adopt a practical stance, putting priority on containing the financial contagion.

　また実際にＩＭＦが支援する段になると、融資条件などをめぐって利害が対立することも予想される。関係国は危機拡大の防止を最優先にして、現実的に対応してほしい。 

For a long period since the end of World War II, the United States has been calling the shots on the workings of the IMF system. It will be a colossal diplomatic challenge to give emerging countries and newly industrializing nations more say on this because the issue will inevitably trigger a bitter struggle for leadership.

　第２次大戦後の長い間、米国が主導してきたＩＭＦ体制に新興国や中進国の声を反映させるのは、主導権争いがからむので難問だ。

■規制強化は固まった 

◇Tighter control on financial institutions

The fact is, a growing number of emerging countries are building up huge foreign reserves. Many of these countries have set up government-run sovereign wealth funds to invest their surplus money in various assets around the world. Even the United States cannot deny that the time has come to open up the international institutions to these emerging countries and let them shoulder more of an international responsibility.

だが、新興国には外貨準備を政府系ファンドに回して世界へ投資するなど、余力のある国が増えている。これらの国々に国際機関への門戸を開き、国際社会での責任をもっと分かち合うべき時代に来ていることは、米国も否定できまい。 

Another big challenge facing the world is how to install effective international financial oversight and regulation. The G-20 countries agreed on some measures, including the establishment of a regulatory framework to monitor the activities of financial institutions with cross-border operations. But among advanced countries, too, there are divisions of opinion over what measures to implement. France and other European countries are calling for steps to tighten international regulations governing financial institutions, for example, by creating a global supervisory organization, while the United States is bent on maintaining the principle of free markets.

　もうひとつ大きな課題は、国際的な金融監督・規制の立て直しだ。国境を越えて活動する金融機関を監視する枠組みづくりなどで合意したが、その具体策では先進国間にも意見の違いがある。例えば、世界的な監督機関の創設といった規制強化を指向するフランスなどの欧州勢と、なお自由な市場を原則としたい米国との対立だ。 

But even Bush talked emphatically about adapting the financial systems to the realities of the 21st century. There is already international consensus on the need for a radical policy shift toward strengthening international regulations and supervision of financial institutions. What is important now is for the international community to jointly figure out ways to prevent similar financial disasters in the future while going all-out to end the ongoing crisis.

　とはいえ、「我々の金融システムを２１世紀の現実に適応させる」とブッシュ米大統領も強調した。規制・監督の強化へ大きく方向転換することは、すでに固まっている。危機の鎮火に努めつつ、再発防止は腰を据えて議論していくことが大切ではないか。 

Every time a global crisis has broken out, a new international framework for policy cooperation was created. In 1975, in the aftermath of the first oil crisis, the first summit of leading industrialized nations was held in Rambouillet, France. The conference marked the beginning of annual meetings of the world's richest nations to discuss a wide range of international issues. This forum, which was expanded into the G-8 regime with the inclusion of Russia in the 1990s, has continued to this day.

　世界的な危機が起きるたびに、新たな国際的な枠組みがつくられてきた。第１次石油ショック後の１９７５年には、第１回の先進国首脳会議がフランスのランブイエで開かれた。この体制が長く続き、９０年代にはロシアが参加して現在のＧ８へ発展した。

◇Growth in Asia raising new hope

■アジアの成長に期待 

Now that the G-20 meeting has wrapped up, the leading industrial countries that have been battered by the financial hurricane have no choice but to ask fast-growing emerging countries to support their efforts to lead the world out of the slump.

　そしてＧ２０である。活力の衰えた先進国は、新興国の成長力に不況脱出への助力を期待せざるをえない。 

This also signifies a complete end to the unipolar world dominated by the United States. Since the end of the Cold War, the United States has been leading the world with its overwhelming military power and huge economic muscle supported by world-beating information technologies and financial clout. But U.S. dominance is now collapsing due to the ripple effects of the misguided war in Iraq and the financial crisis. The G-20 framework has emerged as a key response to the disturbance of the world order.

　それは「米国一極支配」が決定的に転換することにも重なる。米国は冷戦終結後、突出した軍事力と、情報技術や金融をテコにした経済力で世界をリードしてきた。それがイラク侵攻でのつまずきと金融危機で崩れつつある。世界秩序の動揺を乗り切るため登場したのがＧ２０体制だといえよう。 

Nobody knows what the future will bring. The work to lay out a future vision for the world will pick up speed among G-20 countries after U.S. President-elect Barack Obama takes office.

　新しい世界像がどうなるか、まだ誰も描けない。それを組み直す作業は、オバマ新米大統領が就任してからＧ２０の間で本格化するだろう。 

The United States has been propping up global demand by absorbing imports from all over the world. Much hope is being pinned on Asia's vigorous economic growth, especially China's, as a potential cushion for the drop in U.S. consumption. Japan can contribute to the well-being of the world by putting Asia back on a growth track.

　米国は世界中から製品を買い入れ、世界の需要を支えてきた。その穴埋めに最も期待されているのは、中国を中心とするアジアの成長力だ。日本自らを含め、アジアを再び成長軌道に乗せることが世界に対する貢献となる。