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We, the Finance Ministers and Central Bank Governors of the G-20 are
committed to a strong and coordinated international response to address the
renewed challenges facing the global economy, notably heightened downside
risks from sovereign stresses, financial system fragility, market turbulence
, weak economic growth and unacceptably high unemployment.
We are taking strong actions to maintain financial stability, restore
confidence and support growth. In Europe, Euro area countries have taken
major actions to ensure the sustainability of public finances, and are
implementing the decisions taken by Euro area Leaders on 21 July 2011.
Specifically, the euro area will have implemented by the time of our
next meeting the necessary actions to increase the flexibility of the EFSF
and to maximize its impact in order to address contagion. The US has put
forward a significant package to strengthen growth and employment through
public investments, tax incentives, and targeted jobs measures, combined
with fiscal reforms designed to restore fiscal sustainability over the
medium term. Japan is implementing substantial fiscal measures for
reconstruction from the earthquake while ensuring the commitment to medium-
term fiscal consolidation.
Heightened downside risks have also made the economic environment for
emerging markets and developing economies more challenging and they are
adjusting their macro-economic policies accordingly to maintain stability
and sustain growth. The contribution of the emerging market economies to
global growth will increase as these economies as a whole move towards more
domestic led growth, including through structural reforms and enhanced
exchange rate flexibility to reflect economic fundamentals. We reiterate
that excess volatility and disorderly movements in exchange rates have
adverse implications for economic and financial stability.
We are committed to supporting growth, implementing credible fiscal
consolidation plans, and ensuring strong, sustainable and balanced growth.
This will require a collective and bold action plan, with everyone doing
their part. We are working together to put in place for the Cannes Summit
such an action plan of coordinated policies with both short term decisions
and a medium-long term perspective.
We commit to take all necessary actions to preserve the stability of
banking systems and financial markets as required. We will ensure that banks
are adequately capitalized and have sufficient access to funding to deal
with current risks and that they fully implement Basel III along the agreed
timelines. Central Banks will continue to stand ready to provide liquidity
to banks as required. Monetary policies will maintain price stability and
continue to support economic recovery.
We will review progress made in implementing the commitments made today
at our next meeting. |
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