Opens G20
The uncertainties on the international financial and economic situation remains very strong with deep differences of opinion about whether the crisis is over and whether or not or less time to implement a policy of exit (exit strategy) from exceptional measures in place to prevent a global collapse.
E 'legitimate to ask whether these questions will answer the G20 heads of state or government of the "major" countries around the world met in Toronto June 26, 2010.
Despite the presence of minor importance in some countries, the summit of the G20 is now the main forum for international economic cooperation, according to the assessments also released after the first three meetings. In the presentation of the summit of Toronto states inter alia that in the three previous summit has launched a coordinated response to the crisis with measures for restoring confidence, which has worked to strengthen the regulatory Financial data, which have enhanced the international financial institutions, which were counter protectionist pressures. This brings us to the conclusion that the interventions have mitigated the impact of the crisis by encouraging a transition to recovery.
Though aware that much has been done in the face of serious objective difficulties to solve a crisis of this magnitude, perhaps those estimates are very optimistic because much remains to be done on two species with other themes also on the agenda of Toronto: How to promote a balanced and sustainable growth, such as reforming the international accounting year, making operators more robust, lengthen their time horizons, too overwhelmed by the short term, reducing speculative excesses. Leaving aside the latter issue, on which face hypotheses taxes on speculative financial transactions and banks, concentrate on first.
cesca To promote sustainable and balanced means that all countries should implement policy to help restructure the global economy for an "exit strategy" from public debt and deficit, increased in many cases counter the crisis, without damaging the international economic recovery. And 'this is a problem especially decisions of the three major "poles" of the world economy: U.S., China, the EMU. The U.S. has too many debts (internal and external), a savings too low, a trade balance deficit is too high. Their situation remains difficult but is made possible mainly by the dollar is the currency of account for much of world trade and reserves. Is not a minor decision-making power and U.S. military and being connected to this, one of technoscience. This situation may encourage the U.S. to devalue its debt by creating a lot of money with potential inflationary consequences domestically and internationally. The EMU has good fundamentals in the average savings, debts and deficits with comparatively content with a favorable balance of trade. But EMU is almost devoid of political leadership and unit of economic instruments, which makes even the weaker euro and lower in times of crisis sees his prospects of being assessed competitor to the dollar as the unit of account and a store. The decision of the eurozone to adopt a paradigm that gives priority to the German descent of the public debt and deficit to GDP is right, even to contain speculative attacks. It should however be balanced by a policy of investment in infrastructure and research to avoid a prolonged slowdown. The euro weakened slightly helps our exports, but this is not enough. China is strong in savings from foreign trade surplus, large foreign exchange reserves but is weak for the social situation internal characterized by low wages increase which would also need to boost consumption.
To overcome these structural imbalances that the U.S. should consume less, that the EMU would invest more, which China also more consumer and importer of implementing the envisaged revaluation of its currency. This would, in terms of the real economy, the solution to pursue "cooperation" with the return to a sound related to finance productive activities. If this were to succeed in the G20, then it would really be the forum of international economic governance.
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