G20 agrees guidelines to measure economic imbalances
文章來源
15 April 2011French Finance Minister Christine Lagarde (r) chaired the meeting
2011年4/15最後更新於格林威治時間 22:08
法國財長拉加德（R）主持會議
Finance ministers and central bankers from the G20 have agreed a set of "indicative guidelines" to measure potential risks to the global economy posed by national economic policies.
G20的財長和央行總長們已同意一套藉著國際經濟政策的“指示性準則”去衡量全球經濟所帶來的潛在風險。
All members of the G20 will be monitored under the new system.
G20的所有成員將受新的系統監測。
In addition, members who account for more than 5% of total G20 economic output will be subject to a deeper, second-stage analysis of imbalances.
此外，成員中佔了G20經濟總輸出量5％以上者將受到第二階段更深入的失衡分析。
They include the US, China, Japan, Germany and France.
它們包括美國，中國，日本，德國和法國。
This is to "reflect the greater potential for spillover effects from larger economies", the group said.
The G20 did not formally name the countries this would apply to but French Finance Minister Christine Lagarde said that France would be one of seven in total to face higher scrutiny.
The group was meeting in Washington, ahead of the spring meetings of the World Bank and the International Monetary Fund (IMF).
The G20 accounts for 85% of global output and is now the main forum for trying to reform the world's financial system.
該組織說：這是為了“從較大的經濟規模中，溢出效應反映了更大的潛力。”
G20並沒有正式說明哪個國家將適用，但法國財長拉加德表示，法國將是七個須面臨更高的審查的國家之ㄧ。
該組織選在世界銀行和國際貨幣基金（IMF）的春季會議之前於華盛頓會晤。
G20組織佔全球產量的85％，現在的主要議題是試圖改善世界金融體系。
Addressing imbalances
註記失衡處
Many economists believe that global imbalances contributed to the recent financial crisis.
許多經濟學家相信，全球失衡導致了最近的金融危機。
“Start Quote“開始引述”
The guidelines operate a little bit like a net which actually holds those of the countries that violate or do not respect the guidelines”
End Quote Christine Lagarde French Finance Minister
該指引操作有點像是一個網絡，能確實約束那些違反或不遵守指引的國家“
結束引用 法國財長拉加德
Emerging market countries reinvested their surpluses in Western markets, causing banks to take excessive risks, so the argument goes.
Finance ministers agree that they must find a solution to these kind of imbalances.
But countries disagree over how quickly they need to act.
China recognises that it must open its economy and allow its currency, the yuan, to get stronger, but it wants to do it at its own pace.
The US, on the other hand, wants to see this happen much faster.
新興市場將國家盈餘再投資於西方市場，導致銀行承擔過度的風險，此為爭論所向。
財長們同意，他們必須找到解決這類失衡。
但是，各國在他們需要在如何迅速採取行動議題尚無共識。
中國承認它必須開放其經濟，並允許其人民幣貨幣走勢更強，但是它想以自己的節奏去做。
美國，在另一方面，則希望看到快速進展。
Monitoring methods
After its last meeting in February, the group reached a deal on indicators to detect the economic imbalances.
The Washington deal on measurement applies to these indicators, which include public debts and deficits, and private debt levels and savings rates.
監測方法
在二月份的最後一次會議後，該組織達成了關於檢測經濟失衡指標的協議。
華盛頓協議適用於對測量這些指標，其中包括公共債務和赤字，以及私人債務水平和儲蓄率。
In its latest communique, the G20 said its monitoring would use four approaches:
•estimating what a country's imbalances should look like using economic models specific to that country
•looking at a country's imbalances in terms of their national historical trends
•comparing a country's imbalances with groups of similar countries
•comparing a country's imbalances with the full G20.
The last three approaches will use statistics from 1990 to 2004 "as this is the period that preceded the large build-up in external imbalances", the communique said.
在其最新公報，G20表示，其監測將使用四種方法：
•評估國家屬於哪種失衡而應使用特定經濟模型於該國
•依據該國歷史趨勢視其國家失衡
•與組織內其他類似國比較其失衡
•與全G20組織比較其失衡。
官方表示 後三種將使用90年至04年統計數據，因為這一時期先前大量集結在外部失衡。
Watch: European policy makers 'too complacent' over economic recovery
視訊觀賞：歐洲政策制定者對經濟復甦過於自滿。
"Those countries identified by at least two of the four approaches as having persistently large imbalances will be assessed in-depth to determine in a second step the nature and root causes of their imbalances and to identify impediments to adjustment," the group said.
該組織說：“這些國家至少藉由四種辦法中的兩種確認了因具有持續而龐大的失衡問題，在第二個步驟深入評估以確定找出失衡的性質和根源，並找出調整的阻礙”。
The second step of assessment would be carried out independently by the IMF.
"The guidelines operate a little bit like a net which actually holds those of the countries that violate or do not respect the guidelines," said Ms Lagarde, who chaired the meeting as France currently holds the presidency of the G20.
"And the net is a little bit tighter for those countries that are considered of systemic importance because they represent more than 5% of the GDP [gross domestic product] of the G20."
However, the group made no mention of any "name and shame" list which would identify those members in the most risky positions.
第二步評估將由國際貨幣基金組織(IMF)獨立進行。
法國現任主席擔任G20組織的會議主持 拉加德女士說：“指引操作有點像是能實際掌握那些違反或不遵守的準則的國家的一個網絡”。
“這些國家被認為具系統性的重要性，因為它們象徵代表G20超過 5％的國內生產總值 [國內生產總值] 因此網絡是有點嚴密。”
然而，組織沒有提到任何成為“點名遺憾”的名單，以顯示哪些成員將可能確定在最危險的位置。
'No complacency'
Although the global economy appears to be on the path to recovery, the meeting took place at a time when plenty of threats to growth remain.
Among the challenges are unrest in the Middle East, high oil prices, continued inflation in China and debt problems in Europe.
The head of the IMF, Dominique Strauss Kahn, told the BBC that some policy makers thought "the crisis was behind us" and this was "the wrong attitude".
In Europe, he said, there was no room for complacency regarding high levels of debt.
"A lot more has to be done by the Europeans to fix the [debt] problem," he said
“不自滿”
儘管全球經濟似乎在復甦的道路，會議在對經濟增長的威脅依然存在的時刻舉行。
其中的挑戰有中東地區高油價的動盪，中國持續的通貨膨脹和歐洲的債務問題。
國際貨幣基金組織的負責人，多明尼加斯特勞斯卡恩告訴 BBC說，一些政策制定者認為“危機隨後將至”，並說這是“錯誤的態度。”
在歐洲，他說，就高水平的債務來說沒有自滿的餘地。
並說“還有很多工作要由歐洲人來做以解決 [債務]問題”。
參考資料:
G20
商周2009年G20歷史沿革
(2009年)人民幣與台灣的關係還有外匯存底的名詞解釋
文章來源
15 April 2011French Finance Minister Christine Lagarde (r) chaired the meeting
2011年4/15最後更新於格林威治時間 22:08
法國財長拉加德（R）主持會議
Finance ministers and central bankers from the G20 have agreed a set of "indicative guidelines" to measure potential risks to the global economy posed by national economic policies.
G20的財長和央行總長們已同意一套藉著國際經濟政策的“指示性準則”去衡量全球經濟所帶來的潛在風險。
All members of the G20 will be monitored under the new system.
G20的所有成員將受新的系統監測。
In addition, members who account for more than 5% of total G20 economic output will be subject to a deeper, second-stage analysis of imbalances.
此外，成員中佔了G20經濟總輸出量5％以上者將受到第二階段更深入的失衡分析。
They include the US, China, Japan, Germany and France.
它們包括美國，中國，日本，德國和法國。
This is to "reflect the greater potential for spillover effects from larger economies", the group said.
The G20 did not formally name the countries this would apply to but French Finance Minister Christine Lagarde said that France would be one of seven in total to face higher scrutiny.
The group was meeting in Washington, ahead of the spring meetings of the World Bank and the International Monetary Fund (IMF).
The G20 accounts for 85% of global output and is now the main forum for trying to reform the world's financial system.
該組織說：這是為了“從較大的經濟規模中，溢出效應反映了更大的潛力。”
G20並沒有正式說明哪個國家將適用，但法國財長拉加德表示，法國將是七個須面臨更高的審查的國家之ㄧ。
該組織選在世界銀行和國際貨幣基金（IMF）的春季會議之前於華盛頓會晤。
G20組織佔全球產量的85％，現在的主要議題是試圖改善世界金融體系。
Addressing imbalances
註記失衡處
Many economists believe that global imbalances contributed to the recent financial crisis.
許多經濟學家相信，全球失衡導致了最近的金融危機。
“Start Quote“開始引述”
The guidelines operate a little bit like a net which actually holds those of the countries that violate or do not respect the guidelines”
End Quote Christine Lagarde French Finance Minister
該指引操作有點像是一個網絡，能確實約束那些違反或不遵守指引的國家“
結束引用 法國財長拉加德
Emerging market countries reinvested their surpluses in Western markets, causing banks to take excessive risks, so the argument goes.
Finance ministers agree that they must find a solution to these kind of imbalances.
But countries disagree over how quickly they need to act.
China recognises that it must open its economy and allow its currency, the yuan, to get stronger, but it wants to do it at its own pace.
The US, on the other hand, wants to see this happen much faster.
新興市場將國家盈餘再投資於西方市場，導致銀行承擔過度的風險，此為爭論所向。
財長們同意，他們必須找到解決這類失衡。
但是，各國在他們需要在如何迅速採取行動議題尚無共識。
中國承認它必須開放其經濟，並允許其人民幣貨幣走勢更強，但是它想以自己的節奏去做。
美國，在另一方面，則希望看到快速進展。
Monitoring methods
After its last meeting in February, the group reached a deal on indicators to detect the economic imbalances.
The Washington deal on measurement applies to these indicators, which include public debts and deficits, and private debt levels and savings rates.
監測方法
在二月份的最後一次會議後，該組織達成了關於檢測經濟失衡指標的協議。
華盛頓協議適用於對測量這些指標，其中包括公共債務和赤字，以及私人債務水平和儲蓄率。
In its latest communique, the G20 said its monitoring would use four approaches:
•estimating what a country's imbalances should look like using economic models specific to that country
•looking at a country's imbalances in terms of their national historical trends
•comparing a country's imbalances with groups of similar countries
•comparing a country's imbalances with the full G20.
The last three approaches will use statistics from 1990 to 2004 "as this is the period that preceded the large build-up in external imbalances", the communique said.
在其最新公報，G20表示，其監測將使用四種方法：
•評估國家屬於哪種失衡而應使用特定經濟模型於該國
•依據該國歷史趨勢視其國家失衡
•與組織內其他類似國比較其失衡
•與全G20組織比較其失衡。
官方表示 後三種將使用90年至04年統計數據，因為這一時期先前大量集結在外部失衡。
Watch: European policy makers 'too complacent' over economic recovery
視訊觀賞：歐洲政策制定者對經濟復甦過於自滿。
"Those countries identified by at least two of the four approaches as having persistently large imbalances will be assessed in-depth to determine in a second step the nature and root causes of their imbalances and to identify impediments to adjustment," the group said.
該組織說：“這些國家至少藉由四種辦法中的兩種確認了因具有持續而龐大的失衡問題，在第二個步驟深入評估以確定找出失衡的性質和根源，並找出調整的阻礙”。
The second step of assessment would be carried out independently by the IMF.
"The guidelines operate a little bit like a net which actually holds those of the countries that violate or do not respect the guidelines," said Ms Lagarde, who chaired the meeting as France currently holds the presidency of the G20.
"And the net is a little bit tighter for those countries that are considered of systemic importance because they represent more than 5% of the GDP [gross domestic product] of the G20."
However, the group made no mention of any "name and shame" list which would identify those members in the most risky positions.
第二步評估將由國際貨幣基金組織(IMF)獨立進行。
法國現任主席擔任G20組織的會議主持 拉加德女士說：“指引操作有點像是能實際掌握那些違反或不遵守的準則的國家的一個網絡”。
“這些國家被認為具系統性的重要性，因為它們象徵代表G20超過 5％的國內生產總值 [國內生產總值] 因此網絡是有點嚴密。”
然而，組織沒有提到任何成為“點名遺憾”的名單，以顯示哪些成員將可能確定在最危險的位置。
'No complacency'
Although the global economy appears to be on the path to recovery, the meeting took place at a time when plenty of threats to growth remain.
Among the challenges are unrest in the Middle East, high oil prices, continued inflation in China and debt problems in Europe.
The head of the IMF, Dominique Strauss Kahn, told the BBC that some policy makers thought "the crisis was behind us" and this was "the wrong attitude".
In Europe, he said, there was no room for complacency regarding high levels of debt.
"A lot more has to be done by the Europeans to fix the [debt] problem," he said
“不自滿”
儘管全球經濟似乎在復甦的道路，會議在對經濟增長的威脅依然存在的時刻舉行。
其中的挑戰有中東地區高油價的動盪，中國持續的通貨膨脹和歐洲的債務問題。
國際貨幣基金組織的負責人，多明尼加斯特勞斯卡恩告訴 BBC說，一些政策制定者認為“危機隨後將至”，並說這是“錯誤的態度。”
在歐洲，他說，就高水平的債務來說沒有自滿的餘地。
並說“還有很多工作要由歐洲人來做以解決 [債務]問題”。
參考資料:
G20
商周2009年G20歷史沿革
(2009年)人民幣與台灣的關係還有外匯存底的名詞解釋
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