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G20 Finance: Slow-Start instead of Quick-Start

If the meeting is to beat the G20 finance ministers this weekend, something that it is this: Even under the French Presidency will progress a snail. And that is formulated benevolent. On the eve of the meeting of the Brazilian Finance Minister Guido Mantega in a called for interview that one should rather talk about the causes of global imbalances as if wondering about it, by what indicators we can measure it, and called for "fundamental reform the international monetary system. "

But in fact surpassed the fight for all indicators other topics of the meeting. At the end of one phrase of 53 words, the now satisfies everyone is. It reads:

"While not targets, these indicative guidelines will be used to assess the following indicators: (i) public debt and fiscal deficits, and private savings rate and private debt (ii) and the external imbalance, composed of the trade balance and net investment income flows and transfers, taking due consideration of exchange rate, fiscal, monetary and other policies. "

The not from China deliberate mention of the current account is now being circumvented by of" spoken external imbalance, "which consists of the trade balance and Nettokapitalzu-composed and outflows. Even the mention of the real effective exchange rate (REER) could prevent China. Is to establish the set of indicators, only the first step towards developing "indicative guidelines" should be evaluated with the help of the indicators by country. This will now take place at the spring meeting of G20 finance ministers in April.

In general, reads the communiqué more like a work program as a decision list. By October, the IMF is in his "Mutual Assessment Process (MAP) provide an assessment of the imbalances of the G20 countries. Otherwise, the communiqué follows formally the three main points of the French G-20 agenda: reform of the international monetary system, Against price volatility in commodity markets and financial sector reform. But already now becoming apparent that the French government backed down: It is no longer of the reform, but only on the "strengthening" of the international monetary system, the speech. Instead of the required threshold countries like Brazil and China revaluation of the Special Drawing Rights (SDR) and the inclusion of Real and Renminbi in the SDR basket of currencies, "the role of the SDR" is mentioned only in general terms. France, supported by financial transaction tax in the document is not available.
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After all, the Financial Stability Board (FSB) and other international Organizations asked to develop steps to autumn on the regulation and oversight of the commodity derivatives markets and the strengthening of transparency and the fight against market abuse. In terms of financial sector, the continuing regulatory gaps, highlighted particularly in the area of the shadow banking system. Also, two reports to be created by the autumn, one of the IMF, Bank for International Settlements (BIS) and FSB, the other from the FSB, the IMF and World Bank.

All in all, can therefore be said that the French government is lying down on the first ministerial meeting under the presidency of G-20 a more leisurely start. If so, the promised new momentum in G20 process can create, can be doubted. French Finance Minister Christine Lagarde (>>> photo) is right: "The G20 have to prove again. "