Ｇ２０首脳宣言 欧州包囲網が迅速な行動促す

The Yomiuri Shimbun (Jun. 22, 2012)
Show concrete measures toward eurozone integration
Ｇ２０首脳宣言　欧州包囲網が迅速な行動促す（6月21日付・読売社説）

It is meaningful that Japan and the United States, as well as China and other emerging economies, pressed Europe to take swift action to contain the eurozone fiscal and financial crisis.
　欧州財政・金融危機の封じ込めへ、日米や中国など新興国が欧州に対し迅速な行動を強く促した意義は大きい。

At a summit meeting in Mexico, leaders of the Group of 20 advanced and emerging economies have adopted a declaration saying the G-20's eurozone members "will take all necessary policy measures to safeguard the integrity and stability of the area."
　メキシコで開かれた主要２０か国・地域（Ｇ２０）首脳会議は、「ユーロ圏があらゆる必要な措置を取る」とする首脳宣言を採択した。

The declaration also pointed out the growing risks and uncertainties in the world economy.
世界経済のリスクと不確実性の高まりも指摘した。

Parties backing austerity policies won a slim parliamentary majority in the recent Greek election, avoiding at least for the moment the worst-case scenario of Greece exiting the eurozone--which would inevitably plunge stock and exchange markets into chaos.
　ギリシャ議会の再選挙の結果、ギリシャのユーロ圏離脱と株式・為替市場の大混乱という、最悪の事態はひとまず回避された。

However, the future of the eurozone still remains unclear. The eurozone crisis is far from being settled as financial instability is spreading in Spain. The turmoil in Europe is holding back the world economy, slowing it down.
　しかし、先行きはまだ不透明だ。スペインの金融不安が広がり、危機収束にはほど遠い。欧州の混乱が世界経済の足を引っ張り、景気減速をもたらしている。

===

Achievements at G-20 meeting

Frustrated by the eurozone's slow response to the crisis, U.S. President Barack Obama piled pressure on its member economies to make more efforts during the G-20 summit meeting.
　Ｇ２０では、欧州の対応の遅れに苛立(いらだ)つオバマ米大統領が圧力をかけた。

Prime Minister Yoshihiko Noda presented a united front with the United States on pressing Europe at the summit, saying, "There's no time to waste."
野田首相も「一刻の猶予も許されない」と迫り、欧州包囲網が形成されたと言える。

In response, European G-20 members including Germany and France said they will consider devising a road map toward the creation of a banking union, a plan including such measures as centralizing the supervision of banks and procedures to deal with failed banks, which currently differ from one country to another.
The nations said they will also consider strengthening fiscal integration of the area.
　これに対し、独仏両国など欧州側は、ユーロ圏で国ごとに異なる銀行の監督や破綻処理を統一する「銀行同盟」の行程表と、財政統合の検討を表明した。

The fundamental problem with the euro is that although the currencies of the eurozone nations have been integrated, their fiscal and monetary policies have not. That is why the eurozone economies are still unable to find their way out of the crisis although they have implemented piecemeal measures again and again.
　通貨が統一された一方で、財政と金融行政がばらばらなことがユーロの構造的な問題だ。小出しの危機対策を繰り返しても、出口が見えない原因でもある。

However, Germany remains cautious about the banking union, as it is wary of an additional financial burden. Germany is also resisting the introduction of common euro bonds, which would allow the eurozone countries to raise funds as a unit, a measure considered key to strengthening the region's fiscal integration.
　ただ、「銀行同盟」を巡っては新たな財政負担を警戒するドイツがなお慎重だ。財政統合のカギとなるユーロ圏全体で資金調達する「ユーロ共通債」の発行についてもドイツが抵抗している。

It will not be easy to bridge the gaps among the eurozone economies, but they should take seriously the fact that G-20 members expressed their support for a banking union and other measures in the declaration, and deepen their economic integration.
　各国間の溝を埋めるのは容易でないが、首脳宣言が銀行同盟などの方針を支持したことを欧州は重く受け止め、経済統合の深化を図るべきだ。

===

Germany, France must take lead

Germany and France must take the initiative at a summit meeting of European Union leaders scheduled for next week to demonstrate concrete steps toward further fiscal integration to the world.
来週の欧州連合（ＥＵ）首脳会議では独仏が主導し、具体的な道筋を示す必要がある。

In addition, eurozone leaders should speed up their efforts to rescue Spain's banks, which hold massive bad loans. The cooperation between Greece's new government and other eurozone economies is also essential.
　併せて、巨額の不良債権を抱えたスペインの銀行救済を急がねばならない。ギリシャ新政権とユーロ圏の連携も不可欠だ。

At the summit meeting, G-20 leaders also agreed that implementing excessive austerity measures alone will not be sufficient to rejuvenate the eurozone economy, and instead provoke financial instability.
　Ｇ２０は、行き過ぎた緊縮財政だけでは景気が回復せず、金融不安を招くとの認識も共有した。

It is praiseworthy that the G-20 members stated clearly in their declaration that "strong, sustainable and balanced growth remains the top priority of the G-20" and revised their stance of prioritizing restoration of fiscal health above all else.
　首脳宣言が、「力強く持続可能で均衡の取れた成長はＧ２０の最優先課題」と明記し、財政健全化を最重視する路線を軌道修正した点は評価できる。

In another step toward containing the crisis, China and other emerging economies pledged huge sums to the International Monetary Fund, enabling the IMF to expand its pool of emergency loans to about 456 billion dollars (about 36 trillion yen).
　中国などが拠出額を表明し、国際通貨基金（ＩＭＦ）の緊急融資枠が約４５６０億ドル（約３６兆円）に拡大したことも前進だ。

Markets are still doubtful the eurozone crisis will be resolved soon. In addition to the further self-help efforts of the eurozone economies, it is essential for the G-20 nations to strengthen their cooperation to contain the crisis.
　欧州危機の早期収束には、市場は依然として懐疑的である。欧州の一層の自助努力とともに、Ｇ２０の結束強化が問われよう。

(From The Yomiuri Shimbun, June 21, 2012)
（2012年6月21日01時32分 読売新聞）