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America Must Remember no War in the World Currency By Lanbo Jiang

  in Business | Published 2012-01-19 03:46:47 | 140 Reads | Unrated

Summary

Group of Twenty summit hosted in Seoul, South Korean President Lee Myung-bak 12 announced a global "currency war" is temporarily unavailable Summit released the same day "Seoul Declaration

Full Content

Group of Twenty summit hosted in Seoul, South Korean President Lee Myung-bak 12 announced a global "currency war" is temporarily unavailable. Summit released the same day "Seoul Declaration." The participants agreed that the global response to "tense and fragile" to combat the so-called "currency war" and the specter of trade protectionism.

The world economy is not only a rich perspective of the game

Speaking before the meeting observers, this is an important summit in Seoul purpose is to pass the following message to the world: the world economy is not just the r
ich game. In the "Seoul Declaration", the people were pleased to see the results.

South Korea will host the first "development" issues into the summit of the Group of Twenty, and with the support of many members. Summit reached a consensus that: countries should work together and share big economic "cake", not you compete with, so that the world economy to sustainable development. Among these, the benefits and opportunities of poor countries in particular need attention. A spokesman for the Chinese delegation after the meeting talking about, all the parties are in favor of the development issue as a summit of the Group of Twenty long-term issues. This marks the Group of Twenty awareness of the issue and commitment to a new level, pool parties favor a consensus and narrow the development gap between north and south, and fundamentally ease the world economic imbalances.

Before the summit, differences is the focus; summit, differences still exist. In this regard, the leaders recognized that the standard requirements of a single world is unrealistic. Seek consensus, recognizing differences, is a kind of wisdom.

Transcripts

No war in the world currency

For the time being, in short, the world is not the so-called 'currency war' status. Leaders of the Group of Twenty blurred in the communique many differences. The leaders prepared to leave the details to the most controversial meeting of finance ministers convened to discuss the future. Gazette, wrote, emerging economies and developed economies agree that in their economic growth difference between the "indicative approach" to measure the trade imbalance.

Bulletin wrote, the parties should adopt a more market-determined exchange rate system, greater exchange rate flexibility in order to reflect economic fundamentals, competitive currency devaluations restraint. AP reviews, bulletin content that refused to support the Group of Twenty United States to pressure China on the RMB exchange rate, because the "competitive devaluation" means only to be used only during the severe financial crisis, and the U.S. want to express is the "competition currency underestimated. "

U.S. policy was cast aside

To assess the trade imbalance, "specific guidelines" will be developed in the first half of next year. Finalize the schedule for "significant progress." However, this is Timothy Geithner and U.S. Treasury Secretary far cry from the previous proposition. Nearly 10% of the face of unemployment and slow economic recovery, Geithner called for the Government Group of Twenty quantitative limit current account settings, address global trade imbalances.

Self-interest policy of the United States experience in China, Germany, Japan and other exporting countries firmly opposed. German Chancellor Angela Merkel said that high-deficit countries should enhance their own competitiveness, rather than limiting those who have to find a way to make the world countries to buy their products.

British Prime Minister David Cameron also reluctant to support the United States: "You sometimes hear an argument: If you have a deficit, it is necessary to postpone action to deal with, because the money withdrawn from the economy will weaken economic growth. I just do not accept. "

States to strict control of financial

Summit made a number of achievements, including the International Monetary Fund share reform has made progress, the International Monetary Fund to expand its own financial crisis prevention and response in terms of the dual role, which is a major change. Group of Twenty in 2011 agreed to redouble their efforts to end the Doha talks, "it would be done 'end game' of the key window of opportunity.

Twenty leaders of the Group agreed to adopt a more stringent financial control measures, including increased bank capital adequacy and liquidity standards. South Korea, the United States and Canada during the Summit agreed to establish a total of 528 billion U.S. dollars of the special fund to support SMEs in low-income economies. Inter-American Development Bank, the cooperation has been supported.

21pbn

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