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.
 世界経済の安定へ各国に問われるのは、必要な政策の実行に向け、協調をより強める努力だ。

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.
 主要20か国・地域(G20)財務相・中央銀行総裁会議が、財政・金融政策や構造改革などの政策手段を総動員する決意を改めて示した。

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 ...”
 共同声明は「成長は緩やかでばらつきがあり、下方リスクや不確実性が残っている」として、世界経済の行方に懸念を表明した。

While the financial market is becoming calmer, the G-20 reaffirmed the importance of coordination without relaxing its vigilance. We believe this is appropriate.
 金融市場は落ち着きを取り戻しつつあるが、G20が危機感を緩めず、協調の重要性を再確認したことは評価できる。

However, the G-20 is not a monolith, as the situations in each country differ.
 ただ、各国それぞれの事情があり、G20は一枚岩ではない。

While the United States pointed out the effectiveness of an agile fiscal policy, Germany remained cautious on this stance.
 米国が機動的な財政政策の有効性を指摘したのに対し、ドイツは慎重な姿勢を崩さなかった。

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.
 欧州経済は、デフレ懸念を強めている。景気テコ入れには、財政余力のある国が歳出拡大に踏み出すことも有力な手段となろう。

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.
 声明は、通貨の切り下げ競争を回避する意向も盛り込んだ。その上で、「為替相場の過度な変動や無秩序な動きは経済・金融に悪影響を与えうる」という、前回会合と同様の表現を明記した。

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.
 日本は、異次元の金融緩和の正当性が認められ、急激な円高に市場介入などで対応することにも理解が得られたと解釈している。

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.”
 米国の追加利上げペースの鈍化をにらみ、今後、円高がさらに進む心配がある。G20後の記者会見で、麻生財務相は「為替の動きに必要な対応をとることは、G20の合意内容に沿う」と強調した。

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.
 だが、ルー米財務長官は、「最近は円高が進んでいるが、市場の秩序は保たれている」と、日本が円安誘導に動くことを牽制けんせいした。円安・ドル高が国内製造業の輸出不振や雇用悪化などを招くことを警戒しているためだ。

Unless developed countries strengthen their coordination by overcoming differences in their intentions, market stabilization will be far from certain.
 先進各国が、思惑の違いを乗り越えて協調を強めなければ、市場の安定はおぼつかない。

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.
 G20は、行き過ぎた節税への歯止め策を強化する方針も打ち出した。タックスヘイブン(租税回避地)を使った節税の実態を暴露した「パナマ文書」の流出が、国際問題化したことを踏まえた。

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.
 明確な違法行為でなくとも、巨額の資産を持つ企業や富裕層が、過少な税金しか納めない事態は放置できない。課税の抜け道を塞ぐ国際協力体制を構築しようとするG20の方向性は適切である。

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.
 新手の税逃れ方法に迅速に対処するためにも、緊密な情報交換と、より効果的なルール作りに努めていくことが期待されよう。

(From The Yomiuri Shimbun, April 18, 2016)
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by kiyoshimat | 2016-04-19 10:10 | 英字新聞

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