Ｇ２０声明 欧州は自前の安全網拡充急げ

The Yomiuri Shimbun (Feb. 29, 2012)
Europe must step up efforts to bolster financial safety net
Ｇ２０声明　欧州は自前の安全網拡充急げ（2月28日付・読売社説）

Further efforts by Europe are indispensable if it is to contain its debt crisis. Japan, the United States and emerging economies took this stern position vis-a-vis Europe during the latest meeting of the Group of 20 economic powers.
　欧州危機の封じ込めには、欧州の一層の自助努力が不可欠だ。
　日米と新興国が厳しい注文を突き付けたと言えよう。

The G-20 meeting, which ended Sunday in Mexico after adopting a joint statement, was participated in by finance ministers and central bank governors of the 20 major economies, including Japan, the United States and the European Union plus China and Brazil.
　日米欧と中国、ブラジルなどが参加したメキシコでの主要２０か国・地域（Ｇ２０）の財務相・中央銀行総裁会議は、共同声明を採択して閉幕した。

The focal point was how to bolster the International Monetary Fund's crisis war chest, but a conclusion was postponed until a G-20 financial ministers meeting scheduled for April.
　焦点は、信用不安拡大に備えた国際通貨基金（ＩＭＦ）の資金基盤増強策だったが、決着は４月の財務相会合に先送りされた。

The communique pointed out that euro-zone countries "will reassess the strength of their support facilities in March" and "this will provide an essential input in our ongoing consideration to mobilize resources to the IMF." It was significant that the G-20 pressed Europe to bolster its own financial safety net before strengthening the IMF's financial resources.
　声明は、ユーロ圏が３月中に自ら支援能力を「再評価」することが「Ｇ２０の重要な判断材料になる」と指摘した。ＩＭＦの融資枠拡大に先立ち、欧州に自前の安全網拡充を迫った意味は大きい。

The eurozone's emergency financial resources stand at no more than 500 billion euros (about 55 trillion yen), comprising those of the European Financial Stability Facility and the European Stability Mechanism.
　信用不安国に対するユーロ圏の緊急融資枠は現在、欧州金融安定基金（ＥＦＳＦ）と、７月に発足させる欧州安定メカニズム（ＥＳＭ）を合わせて５０００億ユーロ（約５５兆円）にとどまる。

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Germany remains wary

A plan is emerging in Europe to expand these firewall funds, but its materialization faces rough going. Germany, which is concerned it may have to bear an additional financial burden, takes a cautious view of the plan. The plan is also overshadowed by differences between two key assistance countries--Germany and France--and aid recipient countries, including Greece.
　欧州では、これらの融資枠を拡大する案が浮上しているものの、具体化は難航している。追加負担を懸念するドイツが慎重で、独仏両国と、ギリシャなど被支援国との対立も影を落としている。

The EU will hold a meeting of top leaders of its member nations in early March. Will they be able to produce financial expansion measures that can win over the G-20? Its unity is being put to the test.
　欧州連合（ＥＵ）は３月初めに首脳会議を開く。融資枠拡大などＧ２０を納得させる追加策を打ち出せるのか。結束が問われる。

The IMF is studying expansion of its financial capability by 500 billion dollars (about 40 trillion yen) and is asking Japan, the United States and China, among others, to provide funds.
　ＩＭＦは、５０００億ドル（約４０兆円）の融資枠拡大を検討し、日米や中国などに資金拠出の協力を呼びかけている。

Tokyo and Beijing are studying the IMF's request, but Washington takes a wary view of the financial assistance mechanism and the provision of additional funds. It remains cautious because such plans are unlikely to be approved by Congress under current fiscal restraints and because it does not want to see China increase its voice in the IMF.
　日中両国は前向きに検討中だが、米国は支援の枠組みと資金拠出に慎重姿勢を続ける。財政難の中、米議会の承認が得られる見通しがたたず、中国などの発言力増大も警戒しているためだ。

Europe hopes to get through the crisis with the IMF's assistance. To this end, it must work out its own additional financial measures.
　欧州はＩＭＦ支援を追い風に、危機を乗り切りたいのが本音だろう。それには自助努力で追加措置に踏み出すことだ。

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A new headache

The EU and other concerned European organizations last week decided on a second bailout for Greece, the nation that triggered the European debt crisis. This makes it likely that Greece will avoid default. But credit uncertainty is expected to smolder.
　ＥＵなどが先週、震源地ギリシャへの第２次支援策を決めたことで、ギリシャが債務不履行（デフォルト）に陥る事態は回避されそうだが、信用不安はくすぶる。

The communique warned that "downside risks continue to be high." It is quite natural for the statement to issue such an alert.
　共同声明が、「経済の下振れリスクは高い」と警鐘を鳴らしたのは当然だろう。

As a new headache for the world economy, the joint statement pointed out the risks of crude oil prices, which have been surging above 100 dollars per barrel due to the heightened tension over Iranian affairs and global monetary easing.
　声明は、イラン情勢の緊迫化や世界的な金融緩和に伴って原油価格が１バレル＝１００ドル超に急騰していることも、世界経済の新たな懸念材料として警戒を表明した。

Higher crude oil prices impose a heavy burden on the Japanese economy, which has yet to begin a full recovery.
　原油高は、本格的な景気回復が遅れる日本にとっても重荷だ。

The G-20 needs to ask oil-producing countries to ensure a stable supply while continuing its efforts to bolster price monitoring capabilities.
　Ｇ２０は引き続き、価格の監視を強化するとともに、産油国に安定供給を求める必要がある。

(From The Yomiuri Shimbun, Feb. 28, 2012)
（2012年2月28日01時11分 読売新聞）