苹果的主要成分:Another harmless G20 meeting

来源：百度文库编辑：九乡新闻网时间：2024/04/27 20:58:24

Another harmless G20 meeting

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2011-2-20 11:54

France’s presidency of the Group of 20 leading economies gives Nicolas Sarkozy, the country’s president, a fine opportunity for grandstanding. As for solving the world’s economic challenges, we should expect little from the G20 if this week’s meeting of finance ministers is anything to go by.

Mr Sarkozy has called for fundamental changes in global economic governance; but no big vision is in sight. In all the debates on the agenda, the fronts are predictably lined up according to economic interest and political traditions.

Rift lowers hopes of G20 breakthrough - Feb-18In depth: G20 - Feb-19Opinion: G20 and the food crisis - Feb-17Lagarde outlines France’s G20 hopes - Feb-13French bank chief wary of ‘silver bullet’ - Feb-10FT interview transcript: Christian Noyer - Feb-10Imbalances between surplus and deficit economies are the biggest source of discord. An aimed-for compromise of agreeing on indicators to measure imbalances was about as low as the bar can be put. If a lack of indicators were truly a problem, the International Monetary Fund would have been eager to provide them upon request.

The reality is that Germany and China will not accept the idea launched by US Treasury secretary Tim Geithner last year, of setting quantitative targets for countries’ current accounts. Until these countries want to use a greater share of what they produce at home, there is little prospect of co-ordinated management of either global capital flows or of exchange rates.

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Meanwhile, France is making common cause with China on monetary reform: when Beijing voices concern about the dollar’s hegemony, Paris hears echoes of Charles de Gaulle and Valéry Giscard d’Estaing’s complaint about America’s “exorbitant privilege” as minter of the world’s reserve currency. The suggestion by French finance minister Christine Lagarde to include the renminbi in the Special Drawing Right (the IMF’s accounting unit) is a gesture to the Chinese, but one of little practical import. The redback is too far from convertibility, and Beijing too far from accepting the loss of control it would bring. In any case, adding the renminbi to the SDR would not dislodge the dollar any more than does the presence of yen, euro and sterling in the currency basket.

The most acute economic challenge is the steep rise in commodity prices. Worries about food costs – as a trigger of riots or a source of broader inflation – are ubiquitous; solutions correspondingly rare. For the phenomenon has many causes: unusual weather, rising demand from fast-growing emerging economies, and liquidity finding its way into commodity markets all conspire to drive prices up.

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While those most vulnerable to high food prices must be helped, policymakers’ aim should not be to thwart the price mechanism but to help food markets respond by producing more. This means investing in agricultural productivity. But it also means keeping global markets open. So far the G20 has been quite good at resisting protectionism. It must at least keep up its efforts on that, even if other initiatives fail.

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