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2016年4月19日 (火)

G20と世界経済 政策協調の実効性が問われる

The Yomiuri Shimbun
To stabilize global economy, G-20 needs to strengthen coordination
G20と世界経済 政策協調の実効性が問われる

Each country is being tested in its efforts to strengthen coordination in implementing the crucial policies needed to stabilize the global economy.

The Group of 20 finance ministers and central bank governors reiterated during a recent meeting their determination to employ all policy tools, such as fiscal and monetary policies, as well as structural reforms.

Expressing concern over the prospects of the world economy, a communique said, “However, growth remains modest and uneven, and downside risks and uncertainties to the global outlook persist ...”

While the financial market is becoming calmer, the G-20 reaffirmed the importance of coordination without relaxing its vigilance. We believe this is appropriate.

However, the G-20 is not a monolith, as the situations in each country differ.

While the United States pointed out the effectiveness of an agile fiscal policy, Germany remained cautious on this stance.

Deflationary concerns are growing over the European economy. To prop it up, it may be effective for countries with fiscal leeway to start expanding their expenditures.

The communique also expressed the intention of avoiding competitive currency devaluation. “We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability,” it says. A similar phrase was used in the previous meeting.

Overcoming differences key

Japan deems that the legitimacy of a new dimension of monetary easing has been acknowledged, and its market intervention to deal with the rapid rise in the yen has won understanding.

Because of a possible slowdown in the pace of additional interest rate increases in the United States, there is concern that the yen may rise further in the future. At a press conference after the G-20 financial leaders meeting, Finance Minister Taro Aso stressed, “Taking necessary action against exchange rate movements is in line with the G-20 agreement.”

U.S. Treasury Secretary Jacob Lew, however, attempted to curb Japan’s moves to guide the yen’s value lower, saying, “Despite recent yen appreciation, foreign exchange markets remain orderly.” This is because Lew is wary that the yen’s slide against the dollar could lead to a drop in U.S. exports and worsening employment.

Unless developed countries strengthen their coordination by overcoming differences in their intentions, market stabilization will be far from certain.

The G-20 also hammered out a policy of strengthening measures to stop excessive tax saving. This is based on the fact that the Panama Papers, which exposed a situation in which money is being salted away in tax havens, has become a global issue.

One cannot ignore that companies and wealthy people possessing huge assets pay too little tax, although this is not a clearly illegal act. The G-20’s direction of building an international cooperation framework to close tax loopholes is appropriate.

It is hoped the G-20 will closely exchange information and strive to craft more effective rules to also deal swiftly with new methods of avoiding taxes.

(From The Yomiuri Shimbun, April 18, 2016)


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