金融サミットまとめ

●【金融サミット】ＩＭＦ改革が試金石　ワシントンで開幕へ
http://www.business-i.jp/news/flash-page/news/200811140124a.nwc
「先進国と新興国の２０カ国・地域（Ｇ２０）が参加する金融危機対策のための緊急首脳会合（金融サミット）がワシントンで１４日夜（日本時間１５日朝）、開幕する。サミットでは、（１）世界経済安定のための金融・財政政策（２）金融危機の克服と再発防止に向けた監視・規制の強化（３）新興国支援などを担う国際通貨基金（ＩＭＦ）改革−などが議題となる。日本は新興国が主張するＩＭＦ改革を支持し存在感を示したい考えだ。ただ、参加国の思惑は複雑に入り組んでおり、サミットの行方は波乱含みだ。」

●ＥＵ露首脳会議：「新枠組み協定」の交渉再開で一致
http://mainichi.jp/select/world/news/20081115k0000m030141000c.html
「欧州連合（ＥＵ）とロシアの首脳会議が１４日、南仏ニースで開かれた。双方は８月のグルジア紛争を受けて凍結されていた戦略的パートナー関係確立のための「新枠組み協定」交渉の再開を発表し、関係修復をアピールした。また、ワシントンで開催される２０カ国・地域（Ｇ２０）の第１回緊急首脳会議（金融サミット）を控え、国際金融体制を改革する必要があるとの考えで一致、共同歩調を確認した。」

●サルコジ大統領「ドルは基軸通貨でない」
http://www.nikkansports.com/general/news/f-gn-tp1-20081114-429527.html
「フランスのサルコジ大統領は１３日、「ドルはもはや基軸通貨ではない」と述べ、１４、１５日にワシントンで開かれる緊急首脳会合（金融サミット）でこうした主張を展開する意向を明らかにした。」

●危機克服へ金融・財政策が焦点＝１５日に緊急サミット開幕
http://www.jiji.com/jc/c?g=eco_30&k=2008111400519
「日米欧に新興国を加えた主要２０カ国・地域（Ｇ２０）首脳が集う異例の会合となる。危機克服と再発防止に向け、金融・財政措置や国際通貨基金（ＩＭＦ）改革、監督当局間の連携強化を討議。議長を務めるブッシュ米大統領が１５日午後（同１６日朝）に声明を発表する。」

●麻生首相：米に到着
http://mainichi.jp/select/seiji/news/20081114dde007010029000c.html
「麻生太郎首相は１３日夜（日本時間１４日朝）、政府専用機で米ワシントン近郊のアンドルーズ空軍基地に到着した。……麻生首相は国際通貨基金（ＩＭＦ）に日本の外貨準備から最大１０００億ドルの融資をする意向を表明するほか、ドル基軸体制を支える努力を各国が行うよう呼びかける。」

●【金融サミット】７年前と日米逆転　首相、強い自信　
http://sankei.jp.msn.com/economy/finance/081115/fnc0811150006000-n2.htm
「平成１３年３月、政権末期の森喜朗首相の訪米に経済財政担当相として同行したときのことだ。同筋によると、麻生氏はブッシュ米大統領サイドから、日本の金融機関破綻（はたん）回避のために公的資金注入と不良債権処理を嫌というほど迫られたという。」

●麻生首相、米紙に異例の論文寄稿
http://news.tbs.co.jp/newseye/tbs_newseye3994610.html
「アメリカの経済紙ウォール・ストリート・ジャーナルは１４日、「金融の安定を回復するために」と題した麻生総理大臣の論文を掲載しました。日本の総理大臣が海外の新聞に向け、論文を寄稿するのは異例のことです。」

●WSJ
Restoring Financial Stability
Use Japan's experience as a guide to near-term problems – then think bigger.
By TARO ASO
http://online.wsj.com/article/SB122660683367025399.html
TOKYO

As leaders of the Group of 20 nations meet this weekend in Washington, we are faced with the financial crisis of the century. The leaders of major economies and international organizations must hammer out realistic yet substantive countermeasures.
One thing is clear: The stability of financial and capital markets must be the first priority of economic policy today. Whatever solution is proposed, it is clear that competition and capital flows based on free market principles should continue to serve as the foundations of growth. Yet we must also address the failure of government regulators around the world to keep pace with the innovation and globalization of financial products. Concerted action to coordinate various countries' policy efforts has now become an unavoidable challenge.

In the near term, Japan's own experience with the bursting of a bubble economy, a subsequent financial crisis and a recovery process could serve as a useful guide on how to contain the immediate impact of the financial crisis on the real economy and restore the stability of the financial system.

First, an early and thorough disclosure of nonperforming loans held by banks, based on fair valuation and reliable standards, and the removal of those loans from their balance sheets must be the first priority. Slow and insufficient disclosure prolonged the bad debt problem in Japan.

Second, capital injections into banks with public funds must be accompanied by proper mechanisms to provide sufficient credit and to limit actions against management in the event the losses were caused by factors outside their control. In Japan, state authority to nationalize banks in the event of systemic risk also helped to resolve the problem.

Third, the supply of liquidity from central banks -- in particular, the smooth and ample supply of U.S. dollar liquidity -- must be maintained. In addition to global arrangements, further development of such regional mechanisms as the Chiang Mai Initiative -- a foreign-exchange swap mechanism in East Asia -- will be significantly helpful.

While the short-term challenges are conquered, the G-20 will also need to consider the medium-term issues at hand. I see at least seven areas to discuss.

First, so long as the global imbalances persist, the international currency system will remain vulnerable. Countries with excess consumption and dependent on external debt should rein in that consumption. Meanwhile, countries heavily dependent on exports for their growth should adopt self-sustaining, domestic demand-led growth models.

Second, the International Monetary Fund's role in monitoring financial markets and its early-warning functions to detect financial and economic crises in their initial stages need to be improved. Also, the Fund's financial resources must be increased to enable it to extend necessary assistance to emerging economies that drive world growth. Japan is prepared to lend up to $100 billion to the Fund as an interim measure before a capital increase takes place.

Third, international developmental financial institutions should also play an active role in stabilizing the world economy. In particular, a general capital increase should be implemented at an early stage for the Asian Development Bank, which currently has limited scope for new lending.

Fourth, the governance structures of the IMF, World Bank and other bodies -- including the issues of quota shares and share of voting rights -- need to be reviewed, to reflect properly the economic realities of the world today.

Fifth, the Financial Stability Forum -- an assembly of the financial supervisory authorities, fiscal authorities and central bankers of various countries -- should be given a status above standard-setting international institutions such as the Basel Committee. The Forum's functions and joint work with the IMF should be reinforced and the group should be reorganized to include membership from emerging economies.

Sixth, the International Accounting Standards Board now stands at the center of work which aims to achieve convergence in the accounting standards of various countries. Government authorities, companies, investors and others should be involved in this effort so that an objective and fair set of standards is prepared expeditiously.

Lastly, rules governing credit rating agencies are being tightened, mainly through the International Organization of Securities Commissions. I propose that discussions be held with a view to giving various countries legal authority over these agencies. Nurturing local credit rating agencies in each region in addition to global agencies is important for the development of regional bond markets.

In the long run, there are questions being raised about the very structure of the U.S. dollar-based international monetary system, and whether that structure is sustainable, given the changes in the U.S.'s global economic standing and the fact that the U.S. is the world's largest debtor nation. The fact is, however, that there is no feasible currency anchor other than the U.S. dollar under the current monetary system. We should be making efforts to support the dollar-based currency system, on which today's international economic and financial systems rely.

That doesn't mean that the world should count on the U.S. to solve all its problems. It is important for each region to move forward with regional economic cooperation. Regional cooperation in East Asia, for example, in the area of trade and finance, complement global initiatives very positively. Such efforts, coupled with global talks like the G-20 meeting this weekend, will lay the foundation for a more stable international financial system in the future.

Mr. Aso is prime minister of Japan.