[ad_1]
23-07-2018
Key Ministers of the Economy and Central Bank Presidents Are Alarmed by a Problem That Could Harm the Global Economy
The meeting in Buenos Aires of the G20 financial, composed of finance ministers and presidents of central banks, became this weekend discussion forum increases of tariffs decided by the administration of Donald Trump .
The United States is shown inflexible in its new tariff policy, which unleashed a commercial war which is the focus of the G20 debates. While the IMF warns that this will hit global growth, Washington has announced that will continue to press for a further "balanced trade."
"We wish to have a relationship ] [commercial] plus balanced " with China "and the balanced relationship is that we can sell more goods "to the Asian giant, said US Treasury Secretary Steven Mnuchin on Saturday
The official reiterated that Washington could pass from a 25 % additional fare to steel and aluminum to place new taxes on together imports from China , for about 500,000 million dollars as announced by President Trump
The United States seeks to fight deficit trade with China which exceeds ] $ 370,000 million per year. In the process, the increase in tariffs affected others of its trading partners such as European Union (EU), Canada or Mexico (members with the United States of America's North American Free Trade Agreement, NAFTA).
The measures did not wait and generalized and now they threaten to cut global growth.
Also ALE
The new North American position also covers trade agreements and Mnuchin makes it known that even a possible FTA with l & # EU will be subject to conditions and will require concessions from the European bloc.
"My message is very clear, it is the same message that the president (19459007) gave to G7 : if Europe believes in free trade [19659014] we are ready for sign a Free Trade Agreement without tariffs, tariff barriers and subsidies. They must be the three, "he says bluntly.
Equally firm was the Minister of the Economy and Finance of France Bruno Le Maire, assuring:" We refuse to negotiate with a gun in the head ".
At a press conference, The Mayor went further and ruled that" states ] United States to take action The French minister pointed out that the trade war will leave only "losers" "will destroy jobs and will affect global growth". ", while calling on Washington to" reason "and" respect the multilateral rules and their allies. "
Multilateralism Crisis
The Tension ] that is breathed in the cross-declarations at the G20 in Buenos Aires is another example of the cry of the multilateral trade negotiations which are attested by the paralysis that the Organization is going through World Trade Organization ( WTO ).
"The way to solve problems, is a dialogue between the United States, Europe, China," said The Mayor , who advocated " Reforming Trade Multilateralism ."
The Brazilian Minister of Finance, Eduardo Guardia, noted on his side "the importance of international organizations of dispute settlement "in a context such as the current one
goes to against free trade of a rules-based trade, it must be resolved through the multilateral organizations that are do exactly to resolve this type of conflict, "he noted in statements to reporters. The opposite "may have a negative impact
on the world economy", he added
The 13 points of the G20 document The 13 points of the document [19659033]] 1. The world economic growth continues to be robust and the levels of unemployment are the weakest in a decade .
However growth was less synchronized recently and the risks of the short and medium term increased . These include growing financial vulnerabilities, increased trade and geopolitical tensions, global imbalances, inequalities and structurally weak growth, particularly in some advanced economies. We will continue to monitor risks, acting to mitigate them and respond to them as they materialize.
While many emerging economies are now better prepared to adjust to changing external conditions, they still face challenges such as market volatility ] and the inversion of capital flows.
2. We will continue to use all the political tools to support strong, sustainable, balanced and inclusive growth.
Monetary policy will continue to support economic activity and ensure price stability according to the mandates of central banks. Fiscal policy should be used flexibly and promote growth give priority to the quality of investment and, at the same time, improve economic resilience and Financial,
Continued implementation of structural reforms will enhance our growth potential.
We reaffirm our commitments made in March on types of change We will clearly communicate our macroeconomic and structural policy actions.
International Trade and Investment are Important Drivers of Growth, Productivity of Innovation, Job Creation and Development.
We reaffirm our leaders' conclusions on trade at the Hamburg summit and recognize the need to intensify dialogue and actions to mitigate risks and build confidence. We are working to strengthen the contribution of trade to our economies. 3. As we adopt the technological transformation we will ensure that its benefits are widely shared and respond to the challenges it generates on individuals, businesses and governments.
We support the menu of policy options for the future of Labor, which will help us leverage technology to enhance growth and productivity; accompany people during transitions and deal with distributive challenges; ensure sustainable tax systems; and make sure we have the best evidence to inform our decision making.
The Menu also reinforces the importance of international cooperation and the promotion of gender equality .
We will use the Menu to respond to the impacts of technological change, given the particular circumstances of each country. 4. To Encourage Greater Investment in Infrastructure and Support Growth and Development, We Welcome the Progress of the Infrastructure Road Map as an asset class.
Approved the G20 principles for the Infrastructure Project Preparation Phase, which will help generate a portfolio of projects that can be funded and prepared in an attractive manner for private investors, improving the analysis project fundamentals, valuation of different options, commercial viability, long-term financing and its execution
We hope by the end of 2018 advanced critical on the Roadmap and in the areas of risk mitigation and instruments of improvement credit report data availability and contractual and financial standardization.
The Private Sector Advisory Group will continue to inform us of our work on critical challenges to attract private investment in the infrastructure sector. We agree to extend the mandate of the Global Infrastructure Hub until 2022. We call for coordination between existing initiatives sponsored by multilateral development banks and other institutions to avoid duplication of efforts.
5. Given the recent volatility of financial markets and capital flows we continue our work as agreed in March, including the followed cross-border capital flows and examining the tools available to enable countries to reap the benefits while managing their risks.
6. We reaffirm our commitment to continue strengthening the global financial security network with a strong International Monetary Fund, based on quotas and adequate resources at the center.
We pledged to conclude the 15th General Review of IMF Quotas and agree on a new formula for calculating quotas as a basis for realignment of quotas that results in increased participation of economies. based on their relative positions in the global economy and, therefore, the participation of emerging market economies and developing countries as a whole, while protecting the voices and representation of the poorest members for meetings spring of 2019 and at the latest at the annual meetings of 2019.
7. We continue to monitor the vulnerabilities of debt in countries to low income with concern.
Accuracy and completeness of debt data are essential for
We welcome the Guidelines for Sustainable Financing again and recognize that capacity building in public financial management, strengthening national policy frameworks and improving information exchange would help prevent new episodes of over-indebtedness in low-income countries.
We support the continuation of the work of the IMF, the WBG and the Paris Club on the debt of these countries. We will work to improve the transparency and sustainability of debt and improve sustainable financing practices for debtors and creditors, both official and private.
8. We are awaiting the report of the G20 Panel of Eminent Persons on Global Financial Governance
9. The Financial System Must Remain Open resilient and support growth.
We remain committed to the full and consistent implementation of reforms and post-crisis assessment.
We welcome the progress made in the assessments of the Financial Stability Board (FSB) and the agencies that set international standards on the effects of reforms on infrastructure financing and incentives for the use of ICTs. A central counterparty in derivatives from unorganized markets and we await the final results of the Leaders' Summit. We look forward to the continued progress of the FSB in the resilience of market-based financing.
We will continue to monitor and, if necessary, deal with emerging risks and vulnerabilities in the financial system.
Technological innovations i including those underlying crypto-assets can provide significant benefits to the financial system and economy as a whole
Crypto-active, however, raise questions related to the protection of consumers and investors integrity of the markets, tax evasion money laundering, and financing of terrorism .
Crypto-assets lack key attributes that have sovereign currencies. Although crypto-assets currently pose no risk to global financial stability, we remain vigilant.
We welcome the updates provided by the FSB and the agencies that set international standards and we look forward to their ongoing monitoring of potential risks. crypto-assets and in evaluating the necessary multilateral actions. We reiterate the commitments we made in March regarding the implementation of the FATF standards and we ask the FATF to clarify by October 2018 how its standards apply to cryptographic assets.
11. We support a fair international and sustainable international tax system.
We reaffirm the importance of the overall implementation of the anti-erosion package of the tax base and the transfer of benefits. We maintain our commitment to work together to reach a consensus solution to address the impacts of the digitization of the economy in the international tax system by 2020, with an update in 2019.
We call on all jurisdictions to sign and ratify the Agreement on Mutual Administrative Assistance in Tax Matters.
The jurisdictions which, in 2018, intend to initiate automatic exchange of financial information must ensure that all necessary measures are taken We support the strengthening criteria of the OECD to identify jurisdictions that have not satisfactorily implemented the internationally recognized standards of fiscal transparency.
We will consider defensive measures against listed jurisdictions. [19659003] We support the improvement of tax security and tax capacity development, including through the global platform for knowledge exchange for tax administrations under the platform tax collaboration. the investigation of tax crimes in Buenos Aires.
12. The mobilization of sustainable finance and the strengthening of financial inclusion are important for global economic growth.
We welcome the G20 Sustainable Financing Report, which outlines voluntary adoption options to facilitate the deployment of sustainable private capital.
Approved the G20 Financial Inclusion Policy Guide on Digitization and Informality, which contains voluntary policy recommendations to facilitate digital financial services, taking into account country context.
Significant progress in the increase of financial inclusion through the Global Alliance for Financial Inclusion (GPFI), we ask you to optimize your work program and your structure to continue to contribute to economic growth, financial stability and the reduction of inequality. [19659003] 13. Our Fight Against the Financing of Terrorism on Money Laundering and the Financing of Proliferation Continues
We Call for Full, Effective and Effective Implementation FATF standards. We call on the FATF to redouble efforts to combat proliferation financing.
We are determined to improve our individual and collective efforts to eliminate financial networks that support terrorist groups.
