Outcomes vente en ligne vetement of the G20 Summit – Implementation First
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Outcomes of the G20 Summit – Implementation FirstPublished: 12 Apr 2009 17:26:14 PST
Chinese economists welcome the outcomes of the G20 London summit, but worry about the implementation of the agreements made.
FINDING A SOLUTION: U.S. President Barack Obama talks with British Prime Minister Gordon Brown at the G20 summit in London on April 2
Wu Qiang, professor of economics at Beijing Technology and Business University, said he hopes the participating nations could take substantive measures and work out some feasible schemes on the agreements reached on the summit, especially those on the international financial system, international monetary system and the International Monetary Fund (IMF).
”This is the only way to put the outcomes of the summit into practice,” Wu said. ”Otherwise, the situation would be that world leaders just issue a principle consensus to give the world some confidence but in fact each of them still sticks to their own argument.”
The London summit produced a consensus in six main areas. The implementation of the agreements reached not only would lift the world economy out of the crisis, but also help it to avoid similar problems in the future, Wu said.
Financial supervision and regulation
For a long time, the United States had relaxed its financial supervision, which led to increased instances of malpractice by financial institutions and caused a severe blow to the global economy. Hence, the leaders of the 20 countries all agreed at the summit to take action to build a stronger and more globally consistent, supervisory and regulatory framework for the future financial sector. For this purpose, the leaders issued a declaration entitled ”Strengthening the Financial System,” which contained the following main points: establishing a new Financial Stability Board (FSB) with a strengthened mandate, as a successor to the Financial Stability Forum; that the FSB should collaborate with the IMF to provide early warnings about macroeconomic and financial risks and the actions needed to address them; extending regulation and oversight to all systemically important financial institutions, instruments and markets; and taking action against non-cooperative jurisdictions, including tax havens.
”Among the six major outcomes of the summit, strengthening financial supervision and regulation is the biggest highlight, but may be the most difficult one,” Wu said.
Wu stressed that there are two reasons. First, no country would actually carry out the strengthening of financial supervision, although there have long been calls to strengthen financial supervision in the past. Such calls were heard after the Asian financial crisis in 1997, but that kind of talk has always amounted to mere lip service, Wu said. Another reason is that if financial supervision and regulation are strengthened immediately, they will run counter to the goal of restraining the financial crisis considering that all countries are relaxing credit conditions to revitalize their economies, he said.
Ding Yifan, Deputy Director of the Institute of World Development at the Development Research Center of the State Council, said he believes that strengthening financial supervision and regulation is a big problem. In a report on the portal 163.com, he pointed out that financial supervision and regulation involve many aspects and have been carried out by individual countries. But this time, people are finding that the situation is very complicated, and many problems are caused by uncontrolled transnational investment. The huge losses in Europe in particular were mixed up with their uncontrolled investments in the United States and they have severely affected the financial health and reputation of European countries on the international market.
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