They have agreed: France's Finance Minister Christine Lagarde and Wolfgang Schäuble, the G-20 countries have for the first time agreed on indicators to measure economic imbalances. The finance ministers of the 20 major industrial and emerging States selected five indicators, with the dangerous imbalances to be detected "early and accurate".
The indicators are the exchange rates, public and private debt, currency reserves and the most controversial point of the current account. Especially against the last indicator that China had long resisted. Finally, a compromise was reached. Accordingly, the current account is measured, however, the interest income received by the States of their currency reserves, not counting, it was said of the circles.
This is important for Beijing because the country sits on the world's largest currency reserves. The country has accumulated reserves of 2.7 trillion dollars. The agreement is a first stage win for the French presidency of G-20. Was also instrumental in the Federal Finance Minister Wolfgang Schäuble, who had negotiated a long time in Paris with his Chinese counterpart Xie Xuren.
In the battle for a reduction of trade imbalances Germany was long the brakes, because it targets to reduce its export surplus fears. The agreement on the five indicators is also just a first step. In a second target ranges must now be decided by the G-20 countries must not be exceeded.
The way forward was to be decided until the next G-20 finance ministers meeting in April, Schäuble said in Paris. He had promoted the "broad package" of indicators, because only as reliable problems could be detected and countered. To kick off the first G-20 meeting under the French Presidency of the Paris Finance Minister Christine Lagarde had called for action.
"If the imbalances widened as before, which leads us directly to the wall of the next debt crisis." President Nicolas Sarkozy warned: The temptation is great to give priority to national interests. "But that would be the death of the G 20" In addition to the fight against the imbalances discussed the finance ministers and central bankers in Paris also has a regulation to skyrocketing commodity and food prices.
This could lead to inflation and new food riots, "Sarkozy said. The reduction of exchange rate pressure and the financial climate in poor countries were on the agenda. At the climate summit in Copenhagen, the G-20 developing countries had promised 100 billion U.S. dollars by the year 2020 to tackle climate change.
In view of empty state coffers will now search for new sources. Sarkozy gave Microsoft founder Bill Gates commissioned by the G-20 summit in November in Cannes conclusion to draw up proposals for climate change financing. An instrument should be the view of Paris and Berlin to introduce a global tax on financial transactions.
On Friday, Sarkozy campaigned again for the instrument. "This is something we must now communicate in Europe" and then proceeded to reach the global launch, Schäuble said on Saturday. With a similar thrust Paris and Berlin were among the G-20 but failed in the previous year.
The indicators are the exchange rates, public and private debt, currency reserves and the most controversial point of the current account. Especially against the last indicator that China had long resisted. Finally, a compromise was reached. Accordingly, the current account is measured, however, the interest income received by the States of their currency reserves, not counting, it was said of the circles.
This is important for Beijing because the country sits on the world's largest currency reserves. The country has accumulated reserves of 2.7 trillion dollars. The agreement is a first stage win for the French presidency of G-20. Was also instrumental in the Federal Finance Minister Wolfgang Schäuble, who had negotiated a long time in Paris with his Chinese counterpart Xie Xuren.
In the battle for a reduction of trade imbalances Germany was long the brakes, because it targets to reduce its export surplus fears. The agreement on the five indicators is also just a first step. In a second target ranges must now be decided by the G-20 countries must not be exceeded.
The way forward was to be decided until the next G-20 finance ministers meeting in April, Schäuble said in Paris. He had promoted the "broad package" of indicators, because only as reliable problems could be detected and countered. To kick off the first G-20 meeting under the French Presidency of the Paris Finance Minister Christine Lagarde had called for action.
"If the imbalances widened as before, which leads us directly to the wall of the next debt crisis." President Nicolas Sarkozy warned: The temptation is great to give priority to national interests. "But that would be the death of the G 20" In addition to the fight against the imbalances discussed the finance ministers and central bankers in Paris also has a regulation to skyrocketing commodity and food prices.
This could lead to inflation and new food riots, "Sarkozy said. The reduction of exchange rate pressure and the financial climate in poor countries were on the agenda. At the climate summit in Copenhagen, the G-20 developing countries had promised 100 billion U.S. dollars by the year 2020 to tackle climate change.
In view of empty state coffers will now search for new sources. Sarkozy gave Microsoft founder Bill Gates commissioned by the G-20 summit in November in Cannes conclusion to draw up proposals for climate change financing. An instrument should be the view of Paris and Berlin to introduce a global tax on financial transactions.
On Friday, Sarkozy campaigned again for the instrument. "This is something we must now communicate in Europe" and then proceeded to reach the global launch, Schäuble said on Saturday. With a similar thrust Paris and Berlin were among the G-20 but failed in the previous year.
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