El borrador del comunicado del G20

Falta aún unas horas para que comience la cumbre del G20 pero las distintas delegaciones hace tiempo que trabajan. Tanto es así, que hace un par de días que circula entre ellas un primer borrador del que será el comunicado final de la reunión. Se puede leer

en la web del Financial TImes. Es un texto inicial que sin duda cambiará, pero las líneas fundamentales ya están trazadas.

Por supuesto, los que esperan la refundación del capitalismo pueden esperar sentados. La palabra “capitalismo” ni siquiera se menciona y, por el contrario, en el documento se cita “la fe en los principios de mercado” como solución a la crisis. Pero el primer borrador también es decepcionante incluso para los que no creen en los milagros.

En el borrador, se critica el proteccionismo pero no hay una condena contundente ni medidas demasiado concretas contra los paraísos fiscales. También se da más peso al Fondo de Estabilidad Financiera, que será quien se ocupe de regular los peligrosos hedge funds, y hay algunas medidas de reforma para el Banco Mundial y el FMI pero no se aclara las condiciones para los créditos a países en desarrollo. Lo que sí se contempla es un aumento de estos créditos, y también más dinero público para fomentar la liquidez del sistema financiero. ¿Cuánta pasta? Está por decidir.

• we support a substantial increase in lending of $[x] by the Multilateral Development Banks; • we will make available $[x] over the next two years to support trade finance through our export credit and investment agencies and through the MDBs. We have asked our regulators to make use of available flexibility in capital requirements for trade finance. 8. We have agreed a general SDR allocation of $[x] to strengthen global liquidity.

Como en toda ecuación por resolver, la incógnita está en el valor de la X.

---------------------

La filtración de este primer borrador y su contenido ha cabreado a las delegaciones francesa y alemana. El más duro ha sido Nikolas Sarkozy: “No seré socio de una cumbre que concluya con un comunicado de compromisos falsos que no aborden los temas que nos preocupan”. Sarkozy ha difundido hoy en varios periódicos del mundo una tribuna de opinión con su postura sobre la cumbre. En España la ha publicado El País y es un texto especialmente duro contra los paraísos fiscales: “Desearía que fuéramos muy lejos y que adoptáramos un documento que identifique exactamente esos paraísos fiscales, los cambios que esperamos de ellos y las consecuencias que conllevaría un rechazo por su parte”.

-------------------

Actualización: La web del Financial Times ya no permite acceder al borrador si no estás registrado. Lo dejo en este hilo.

more

G20 draft communiqué

http://www.ft.com/cms/s/0/f6f30eaa-1c88-11de-977c-00144feabdc0.html

Published: March 29 2009 19:43 | Last updated: March 29 2009 19:43

Introduction

1. We, the Leaders of the Group of Twenty met, for a second time, in London

on 2 April.

Over the last half century strong growth and increasing international trade

has brought untold jobs and prosperity to our citizens. We now face the

greatest challenge to the world economy in modern times, a crisis affecting

the lives of ordinary men, women, and children around the world. A global

crisis requires a global solution.

2. We believe that an open world economy based on market principles,

effective regulation, and strong global institutions will ensure a

sustainable globalisation with rising prosperity for all. We are determined

to restore growth now, resist protectionism, and reform our markets and our

institutions for the future. We have agreed actions to meet these

challenges

as part of an integrated strategy that will restore confidence and ensure a

lasting global recovery. We are determined to ensure that this crisis is

not

repeated.

Restoring global growth now

3. We are taking unprecedented and concerted fiscal actions to support

growth and jobs. Acting together we strengthen the impact of this fiscal

expansion, which amounts to a stimulus of more than [$x trillion] this year

and next and is expected to increase output by more than [2] percentage

points and employment by over [20] million jobs1. We are committed to

deliver the scale of sustained effort necessary to restore growth while

ensuring long-run fiscal sustainability.

4. Our central banks have also taken exceptional action, cutting interest

rates aggressively and to close to zero in many advanced economies. Our

central banks have pledged to maintain expansionary policies as long as

needed, using the full range of monetary policy instruments, including

unconventional policy instruments, consistent with price stability.

5. We are taking comprehensive action to strengthen our financial

institutions in order to restore domestic lending and international capital

flows. We have made available over [$x trillion] of support to our banking

systems to provide liquidity, recapitalise financial institutions, and

address the problem of impaired assets. We are committed to take all

necessary actions to restore the flow of credit through the financial

system

and ensure the soundness of systemically important institutions, acting

within the agreed G20 Framework for Restoring Lending. These measures

underpin and strengthen the impact of our fiscal and monetary policy

actions.

6. Emerging and developing countries, which have been the engine of recent

world growth, are now facing shocks which threaten stability and jeopardise

the global economy. It is imperative that capital continues to flow to

them.

We have therefore agreed to make [$x] of resources available through the

international financial institutions. This will finance counter-cyclical

spending, bank recapitalisation, infrastructure, trade finance, debt

rollover, and social support. To this end:

€ we have agreed to increase the resources available to the IMF to $[x]

through bilateral borrowing from members of $[x] subsequently replaced by

an

expanded New Arrangements to Borrow of $[x] and borrowing in the market of

up to $[x] if necessary;

€ we support a substantial increase in lending of $[x] by the Multilateral

Development Banks;

€ we will make available $[x] over the next two years to support trade

finance through our export credit and investment agencies and through the

MDBs. We have asked our regulators to make use of available flexibility in

capital requirements for trade finance.

7. We will ensure these resources can be used effectively to meet the needs

of emerging and developing countries. The IMF should implement rapidly its

new Flexible Credit Line for countries with strong policies and its

reformed

lending and conditionality framework. It should also double access to its

low income country facilities.

8. We have agreed a general SDR allocation of $[x] to strengthen global

liquidity.

9. The world¹s poorest are most at risk from the crisis and we are resolved

to support them. We remain committed to meeting the Millennium Development

Goals and to achieving our ODA pledges including commitments on Aid for

Trade. We are making available $[x] in social protection for the poorest

countries, alongside investing in food security, and we support the World

Bank¹s Vulnerability Financing Framework.

We call on the UN to establish an effective mechanism to monitor the impact

of the crisis on the poorest and most vulnerable. We have also asked the

IMF

to bring forward, by the Spring Meetings, proposals to use the proceeds of

agreed gold sales to support low income countries.

10. These actions together constitute the largest fiscal and monetary

stimulus, the most comprehensive support programme for the financial

sector,

and the greatest mobilisation of resources to support global financial

flows

in modern times. Our objective is that they will enable the global economy

to expand by [x] by the end of 2010. We have taken and will continue to

take

the measures necessary to deliver this outcome. We call on the IMF to

assess

regularly the actions taken and the actions required.

An open global economy

11. World trade is falling for the first time in [25 years]. We need to

sustain the benefits of globalisation and open markets, and promote trade

as

a crucial driver of growth in the world economy. Therefore:

€ we reaffirm the commitment made in Washington not to raise new barriers

to

investment or to trade in goods and services, including within existing WTO

limits, not to impose new trade restrictions, and not to create new

subsidies to exports.

We will rectify promptly any such measures. We extend this pledge for a

further 12 months;

€ we will notify promptly governments and other relevant institutions of

any

measures which have the potential to cause direct or indirect trade

distortions;

€ we will minimise any negative impact on trade and investment of our

domestic policy actions including action in support of the financial

sector.

We will not retreat into financial protectionism;

€ we commit to conduct our economic policies responsibly with regard to the

impact on other countries and to refrain from competitive devaluation of

our

currencies.

12. We call on the WTO, together with the IMF and other international

bodies

as appropriate, to report on our adherence to these undertakings on a

quarterly basis.

13. We are committed to reaching rapid agreement, on the basis of progress

already made, on modalities leading to a successful conclusion of the Doha

Round which would boost the global economy by at least $150 billion per

annum.

Reforming financial systems for the future

14. We recognise that weaknesses in the financial sector and in financial

regulation and supervision were fundamental causes of the crisis. To ensure

no such crisis occurs again we have taken, and will continue to take,

action

to build a stronger supervisory and regulatory framework for the future, in

line with the commitments we made in Washington. The financial system must

support sustainable global growth and serve the needs of business and

citizens.

15. We recognise the importance of ensuring our domestic regulatory systems

are strong. But a globalised financial system also requires much greater

consistency and systematic cooperation between countries, based on high and

internationally agreed standards. Future regulation and supervision must

promote transparency, guard against systemic risk, dampen rather than

amplify the financial and economic cycle, reduce reliance on risky sources

of financing, and discourage excessive risk-taking.

Regulators must ensure that their actions support market discipline, avoid

adverse impacts on other countries, including regulatory arbitrage, and

support competition, dynamism, and innovation in the marketplace.

16. To this end, we have taken forward the Washington Action Plan. We set

out the detailed reforms in our attached statement, ³Strengthening the

Financial System², and the updated action plan. In particular, we have

agreed:

€ to expand the Financial Stability Forum to include all G20 countries and

to reestablish it with a stronger mandate as the [Financial Stability

Board]. It will drive the development of common principles and standards of

regulation, strengthen international co-operation between regulators and

policymakers, and, together with the IMF, identify and report on the build

up of macroeconomic and financial risks;

€ to work closely and systematically, in accordance with the Financial

Stability Forum framework, to supervise cross-border institutions and to

complete the establishment of colleges of supervisors for all significant

cross-border financial firms;

€ to improve over time the quality, quantity, and international consistency

of capital in the banking system. Capital requirements should not be

strengthened until a significant and sustained economic recovery is assured

and the transition managed to ensure that the extension of credit is not

constrained. Regulation should limit leverage and require buffers of

resources to be built up in good times which banks can draw down when

conditions deteriorate;

€ to extend regulation or oversight to all financial markets, instruments,

and institutions, including hedge funds, which are individually or

collectively of systemic importance, so as to limit the risk to financial

stability from gaps in our systems;

€ to endorse the FSF¹s common principles on pay and compensation in

financial institutions. These ensure compensation structures reward actual

performance, support sustainable growth, and avoid excessive risk-taking.

We

have asked our supervisors to implement these principles;

€ to take action to identify non-cooperative jurisdictions, including tax

havens, and to stand ready to deploy sanctions to protect our public

finances and financial systems. We have today published a list of

jurisdictions that have not committed to the international standard for

exchange of information on tax. We call on the Global Forum, the FATF, and

the [Financial Stability Board] to identify, for the next meeting of our

Finance Ministers, jurisdictions not implementing the relevant

international

standards;

€ that standard setters should work with supervisors and regulators to

achieve consistency of valuation methods and a single set of accounting

standards;

€ to extend regulatory oversight and registration to Credit Rating Agencies

whose ratings are used for regulatory purposes to ensure they meet

international codes of good practice to prevent conflicts of interest.

17. We instruct our Finance Ministers to complete the implementation of

these decisions in line with the timetable set out in the action plan. We

have asked the [Financial Stability Board] and the IMF to monitor progress,

working with the FATF and the Global Forum, and to provide a report to the

next meeting of our Finance Ministers.

Reforming the International Financial Institutions for the future

18. Inclusive and sustainable globalisation requires relevant, effective,

and legitimate international financial institutions. These should provide

strengthened and independent surveillance of the world economy and of the

interaction of countries¹ economic policies, prevent and resolve crises,

and

promote growth and poverty reduction. We are agreed that their mandates and

governance must be reformed to reflect changes in the world economy.

Emerging and developing economies, including the poorest, must have greater

voice and representation. This must be accompanied by action to increase

the

credibility and accountability of the institutions through better strategic

oversight and decision making. To this end:

€ we commit to implementing the package of IMF quota and voice reforms

agreed in April 2008. In addition, we call on the IMF to launch the next

review of quotas at the 2009 Annual Meetings and commit to complete the

process of quota reform by January 2011;

€ we agree that as part of the future mandate and governance reforms a

Ministerial Council should be established to provide strategic direction to

the IMF and to increase its accountability;

€ each of us commits to candid, even-handed, and independent IMF

surveillance of our economies and financial sectors, of the impact of our

policies on others, and of risks facing the global economy;

€ we commit to implementing the package of World Bank voice reforms agreed

in October 2008. We call on the World Bank to make concrete recommendations

by the Annual Meetings on shareholding, voting, voice, and internal

governance, taking account of the development mandate of the Bank, and

guided by the principles of shared and common responsibility. These reforms

should be completed by the Spring Meetings in 2010;

€ the heads and senior staff of the IFIs should be appointed through open,

meritbased selection processes.

Building a sustainable global recovery

19. We remain resolute in the need to ensure fiscal sustainability and

price

stability and are committed to put in place exit strategies from the

necessary expansionary policies, working together to avoid unintended

impacts on others.

20. We will do everything possible to mitigate the social and environmental

impact of the crisis.

21. Strengthening labour market and social protection policies will give

real help now to those most in need, make the downturn shorter, and the

recovery stronger and more sustainable. We welcome the report of the London

Jobs Conference and the key principles it proposed2. We will support

employment by stimulating demand, investing in education and training, and

through active labour market policies. We will support disadvantaged and

vulnerable groups, including those most affected by the crisis, through

social safety nets. We call on the ILO and OECD, working with other

organisations, to assess the actions taken and those required for the

future.

22. We agreed to make the best possible use of investment funded by fiscal

stimulus programmes towards the goal of building a resilient, sustainable

and green recovery. We will make the transition towards innovative,

resource

efficient, technologies and infrastructure, and drive new low carbon

business opportunities.

We encourage the Multilateral Development Banks to contribute fully to the

achievement of this objective. We will work together to explore further

measures to promote low carbon growth and build sustainable economies.

23. We reaffirm our commitment to address the threat of irreversible

climate

change, and to reach agreement at the UN Climate Change conference in

Copenhagen in December.

Delivering our commitments

24. We agreed to meet again before the end of this year to review progress

on our commitments.