Monday, June 28, 2010

G20 and Central Bank Governors Joint Communique

The economy is in recovery and a sustainable economy is the best way to preserve that recovery. On June 5, G20 Finance Ministers and Central Bank Governors issued a “joint communiqué” which indicated that despite regional and national imbalances, the world economy is recovering faster than expected.

However, the recent sovereign debt crisis in Europe and international financial market volatility demonstrate that their are still serious challenges ahead.

Financial reform and sustainable finance are important, but we need to see balanced growth and a mechanism for shared medium-term goals.

We need specific policy actions by governments, the International Monetary Fund, and the World Bank. The government needs to take measures to improve hedge funds, credit rating companies, subsidies, financial derivatives and transparency. The banks also need to increase capital flow, and reduce the need for moral hazard.

We also need to see international accounting standards. Above all we need to see national, bilateral and multilateral efforts to deal with the capital markets to limit the spread of instability and crisis.

Ultimately it comes down to a sustainable framework for cooperation between member states.

Related Posts
G20 Must Cooperate for a Sustainable Recovery
End Fossil Fuel Subsidies
G20 Disagreements and Global Economic Reforms
Competing National Priorities
Major G20 Disagreements
Program and Plans for G8 and G20 Summits in Canada
The G20 and the Green Economy
UN Chief Asks G20 to Focus on a Sustainable Recovery
G20 Security Concerns Force Cancellation of Sustainable Supply Chain Event
G20 Protestors Dilute Green Message
The Tyranny of Protest and Climate Change Pragmatism
Local Business Promotes Green Agenda for G20 in Pittsburgh
G20 and Developing World Disagree on Climate Change
G20 Lays the Foundation for a Better World
Global Warming Exposes Resources but Arctic Meeting Leaves Some Out in the Cold
G8's More Aggressive GHG Targets
IMF Reforms

No comments: