Ｇ２０共同声明 ＩＭＦ増強は前進だが課題も

The Yomiuri Shimbun (Apr. 23, 2012)
Boost of IMF's lending power significant, but stay vigilant
Ｇ２０共同声明　ＩＭＦ増強は前進だが課題も（4月22日付・読売社説）

The world has moved a step closer to containing the European debt crisis, as the Group of 20 major economic powers worked harmoniously to reinforce the financial foundations of the International Monetary Fund.
　欧州危機の封じ込めに向け、国際通貨基金（ＩＭＦ）の資金基盤の強化で足並みをそろえたのは前進である。

The G-20 meeting of finance ministers and central bank governors has concluded in Washington after adopting a joint statement. Traditional economic powers such as Japan, the United States and Germany participated in the meeting along with China and other emerging countries.
　日米欧と中国などの新興国が参加し、ワシントンで開かれた主要２０か国・地域（Ｇ２０）財務相・中央銀行総裁会議は共同声明を採択した。

The statement referred to global commitments to increase the IMF's lending resources--the meeting's focus of discussion--by over 430 billion dollars (about 35 trillion yen), achieved through international cooperation including efforts by Japan.
　焦点だったＩＭＦ融資枠について、日本などが協力し、４３００億ドル（約３５兆円）超の拡大にメドを付けたと言及している。

The increase will double the amount the IMF can loan to countries in financial crisis. The
G-20 economic powers have finally succeeded in forming a united front against the eurozone debt crisis after being urged by markets to do so for a long time.
　これでＩＭＦが財政危機国などに融資できる枠が倍増する。市場に促されていたＧ２０が、なんとか結束を示したと言えるだろう。

Apart from the IMF, Europe also has prepared its own funds to provide loans to such countries. Altogether, the safety net to prevent the debt crisis from spreading will top 110 trillion yen. We hope the reinforcement of the safety net will help stabilize markets.
　震源地の欧州による自前の融資枠と合わせて、危機拡大に備えた安全網は１１０兆円を超える規模に膨らむ。市場安定に寄与することが期待される。

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Japan took lead role

It is worthy to note that Japan led discussions at the G-20 meeting. At the beginning of this year, Europe announced it would provide 200 billion dollars to the IMF, but other nations had been reluctant to follow suit. However, just days ahead of the G-20 meeting, Japan announced it would provide 60 billion dollars to the IMF, ahead of other nations.
　Ｇ２０の議論を主導したのは、日本だった。欧州が今年初め、自ら２０００億ドルの拠出を表明した後も、各国は対応を留保していたが、日本がＧ２０の直前、６００億ドルの拠出を真っ先に表明した。

The announcement primed the pump and a number of nations, including Nordic countries and Britain, promised to provide money to the IMF. In the end, Brazil, China, India and Russia--nations that had taken a cautious stance--promised to cooperate, without disclosing the amounts they would provide.
　それが呼び水になり、北欧諸国や英国などが次々と拠出を表明した。慎重だった中国、インド、ブラジル、ロシアも金額を明示せずに協力に応じた。

It is regrettable that the United States, the IMF's largest contributor, declined to provide money to the institution, noting an increase in its budget deficit. However, it was significant for the IMF to increase its lending resources to 430 billion dollars, almost accomplishing the goal it set in January of securing 500 billion dollars.
　財政赤字拡大を理由に、ＩＭＦへの最大出資国の米国が今回、拠出を見送ったのは残念だが、ＩＭＦが１月に掲げた５０００億ドルの目標に近い融資枠の増強が実現する意義は大きい。

However, the European debt crisis has yet to be resolved and is still a threat to the global economy.
　しかし、問題は、欧州危機が完全に払拭されていないことだ。

The IMF statement said the possibility of the world economy plunging into a severe crisis has begun to recede after peaking a few months ago, but warned that "downside risks still persist." We share this concern.
　共同声明が、「数か月前に世界経済が直面した深刻な危機に陥るリスクは後退し始めているが、悪化に転じるリスクはなお根強い」と警戒したのは、もっともだ。

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Worries on Spain

Credit uncertainty is still smoldering in Spain, raising the nation's bond yields. If Spain's financial crisis worsens, it may reignite crises in Italy and Greece, and the whole region could flare up once again.
　欧州では、スペインの信用不安がくすぶり、国債利回りが上昇している。スペインの財政危機が深刻化すれば、イタリアやギリシャに飛び火し、欧州の危機が再燃しかねない。

The French presidential election and Greek general election will soon take place. The results may endanger the framework of measures established to combat the region's debt crisis.
　フランス大統領選とギリシャの総選挙を控え、結果次第では、これまでに作り上げた危機対策の枠組みが揺らぐ恐れもある。

The European economy is expected to contract this year. If eurozone nations become keen to implement austerity measures, this could further slow down the economy. The economic slowdown would curb tax revenues, resulting in deterioration of fiscal conditions. Such a vicious cycle has become a real possibility.
　欧州経済は今年、マイナス成長が見込まれる。各国が緊縮財政に走ると、景気が失速し、税収も伸びず、財政が悪化する悪循環が現実味を帯びている。

The G-20 economies should warn eurozone economies not to lower their guard, and demand they steadily implement fiscal reforms and revive their economies.
　Ｇ２０は欧州に対し、今回の合意に気を緩めず、財政改革と経済再生の着実な実施を迫るべきだ。

In addition to the European debt crisis, the world economy also faces the difficult problem of surging oil prices. The G-20 economies should not forget they are being tested on whether they can unite further to contain the crisis.
　世界経済は、欧州問題だけでなく、原油高の難題も抱える。Ｇ２０の一層の結束が問われている。

(From The Yomiuri Shimbun, April 22, 2012)
（2012年4月22日01時50分 読売新聞）