1999年-FSB全球金融稳定委员会_Report_to_G7_Ministers_and_Governors_by_Hans_Tietmeyer_7页_77kb

G-7 Finance Ministers and Central Bank Governors Communiqué Summary

February 20, 1999 | Petersberg, Bonn

Core Content

The G-7 Finance Ministers and Central Bank Governors, along with Wim Duisenberg, President of the European Central Bank, and Michel Camdessus, Managing Director of the IMF, convened to assess recent global economic developments and reinforce commitments to international financial stability. The meeting emphasized the need for stronger cooperation, policy alignment, and structural reforms to address both domestic and international economic challenges.

Main Views and Key Information

Global Economic Developments

• Encouraging progress was noted in Asia's economic and financial stabilization, calmer financial markets in industrialized nations, and interest rate cuts in the U.S., Europe, and Japan.
• The successful introduction of the euro was highlighted as a positive development that helped avoid financial turbulence in Europe.
• However, financial market conditions have worsened in some regions, and the outlook for global growth is less favorable.
• Financial crises are now having broader impacts beyond their regions of origin, necessitating stronger foundations for sustainable growth and macroeconomic stability.

G-7 Economies

• The G-7 reaffirmed their commitment to domestic-based growth strategies that promote balanced growth, reduce external imbalances, and support emerging markets.
• United States and Canada: Growth is expected to slow, but the overall outlook remains favorable.
• United Kingdom: Growth is lower than last year but is expected to recover; interest rates have been cut to support stability.
• Euro Area: Growth expectations for 1999 have been lowered, with a focus on macroeconomic policies and structural reforms to promote sustainable domestic growth.
• Japan: Short-term prospects are uncertain, and further implementation of financial and macroeconomic policies is needed to support domestic demand.

International Monetary System and Exchange Rates

• The G-7 emphasized the need for a stable international financial and monetary system, with exchange rates aligned with economic fundamentals.
• They reaffirmed the importance of avoiding excess volatility and misalignments in major currencies.
• Continued cooperation and monitoring of exchange markets were agreed upon.

Open Markets and Trade

• The G-7 supported the rules-based international trading system and its role in fostering global growth and stability.
• They expressed support for the upcoming WTO trade negotiations in the U.S. and called for a balanced agenda.
• A strong IMF program and private sector involvement were deemed essential for restoring financial stability in emerging markets.

Emerging Market Countries

• Progress was noted in Asian countries toward financial stability and growth, but Latin America faced a deteriorating growth outlook and a more challenging external financing environment.
• Emerging market countries were urged to implement appropriate policies, including institutional and structural reforms, to address financial market pressures.

Russia

• The G-7 expressed concern over Russia's ongoing financial and macroeconomic instability, which risks accelerating inflation and economic contraction.
• A viable 1999 budget, improved government revenues, and progress in reforms are necessary for an IMF agreement and recovery.
• They emphasized the need for Russia to treat its obligations to all creditors comparably.

Brazil

• Concerns were raised over the implementation of Brazil's reform program, leading to exchange rate depreciation and inflationary pressures.
• The G-7 welcomed Brazil's commitment to a stronger economic program and urged continued reform efforts with attention to social needs.
• They stressed the importance of private sector involvement in restoring financial stability.

Köln Debt Initiative

• The G-7 supported the HIPC Debt Initiative as a framework for addressing the debt problems of the poorest highly indebted countries.
• They agreed to improve the initiative by reviewing debt reduction criteria and duration, with discussions planned for the Köln summit.
• Emphasis was placed on fair burden sharing among creditors and ensuring sufficient resources for multilateral creditors.

Strengthening the International Financial Architecture

• Progress was noted in increasing IMF resources through quota increases and the New Arrangements to Borrow.
• The IMF's Special Data Dissemination Standard (SDDS) was to be strengthened, with a comprehensive format for reserve and debt data.
• The G-7 supported the development of a contingent short-term credit facility for the IMF, along with enhanced transparency and private sector involvement.
• They agreed to improve IMF programs and procedures for crisis prevention and resolution, and to consider institutional reforms.

Financial Stability Forum

• The G-7 endorsed the establishment of a Financial Stability Forum to enhance international cooperation in financial market supervision.
• The Forum will be composed of national authorities, international institutions, and supervisory bodies, with a secretariat based in Basel.
• The first meeting is expected to take place in Spring 1999, with Andrew Crockett as the initial chairman.
• The Forum aims to identify global financial vulnerabilities, promote best practices, and reduce systemic risk.

Next Steps

• The G-7 will continue to implement reforms agreed upon in the 1998 Declaration.
• A plan for implementation was presented to G7 Heads of State.
• Two seminars are planned: one in Germany on March 11 focusing on exchange rate regimes and IMF reforms, and another in the U.S. in April on prudential oversight and crisis management.
• A preparatory meeting at the deputies level for the April Interim Committee was also supported to advance reforms.