ＢＲＩＣＳ開銀 欧米主導への対抗軸となるか

note:
Q:
What are the Bretton Woods Institutions?
A:
The Bretton Woods Institutions are the World Bank, and the International Monetary Fund (IMF). They were set up at a meeting of 43 countries in Bretton Woods, New Hampshire, USA in July 1944.
(srachai)

The Yomiuri Shimbun
Can BRICS bank be counterweight to current intl financial order?
ＢＲＩＣＳ開銀　欧米主導への対抗軸となるか

A recent announcement by the BRICS countries, which have grown in economic stature, can be considered a demonstration of a stance that rivals the international financial order led by the United States and European countries.
　経済力を増した新興国が、欧米主導の国際金融秩序に対抗姿勢を示したと言えよう。

The BRICS emerging economies—Brazil, Russia, India, China and South Africa—decided at a recent group summit to create a new development bank.
　ブラジル、ロシア、インド、中国、南アフリカの新興５か国（ＢＲＩＣＳ）首脳会議は、「新開発銀行」を創設することを決定した。

The new bank is intended to fund infrastructure projects in emerging economies and developing countries, with each of the five countries contributing $10 billion. The bank will be headquartered in Shanghai, and its first president will be from India.
　新興国や途上国による社会基盤（インフラ）整備などを支援するのが目的で、５か国が１００億ドルずつ出資する。中国の上海に本部を置き、初代総裁はインドの出身者が務めることになった。

In addition to the planned development bank, the BRICS countries have also agreed to create a joint foreign reserve fund of $100 billion. The fund will assist these countries, by providing a well of foreign currency at the time of a future financial crisis.
　新開銀とは別に、金融危機の際に外貨融通などの支援を行えるようにするため、１０００億ドルを共同で積み立てる外貨準備基金を設けることでも合意した。

With their growing presence, the attempt by these economies to take on important roles in assisting developing countries and maintaining the international financial order warrants recognition.
　存在感を増す新興国が、途上国支援や国際金融秩序の維持に一定の役割を果たそうとしていることは評価できる。

Behind the creation of the new development bank lies a strong sense of discontent among emerging and developing countries over the current U.S.- and Europe-led international financial order.
　新開銀設立の背景には、欧米の主導する現在の国際金融秩序に、新興・途上国が強い不満を持っているという事情がある。

The International Monetary Fund and the World Bank have long contributed to the world’s economic system, such as by assisting developing countries and working to check financial crises.
　国際通貨基金（ＩＭＦ）や世界銀行は長年、途上国の支援や危機回避に貢献してきた。

Yet in crucial times, such as Asia’s currency crisis in the 1990s, the two institutions imposed fiscal austerity and other strict conditions on developing countries, which led these countries to feel strongly dissatisfied over the institutions’ lack of consideration for their particular circumstances.
　しかし、１９９０年代のアジア通貨危機などの際に緊縮財政など厳しい条件を課したことから、途上国では各国の事情への配慮が足りないとする批判が根強い。

Lack of weight

The BRICS powers have grown to account for about 20 percent of the global economy, and for around 40 percent of the world’s population. Yet their combined contributions to the IMF, which reflect the force of their voices in the institution, constitute only 11 percent of the IMF’s total funding. The BRICS have also expressed opposition to the lack of weight they carry in the IMF.
　ＢＲＩＣＳは経済規模で世界の約２割、人口で約４割を占めるまでに成長したが、ＩＭＦでの発言力を示す出資比率は、ＢＲＩＣＳ全体で１１％にとどまる。これにも新興国は反発している。

The IMF has compiled a reform plan to raise the contribution ratio of the BRICS to 14 percent, but, due to opposition from the United States and other countries, this plan has yet to be realized.
　ＩＭＦは比率を１４％に引き上げる改革案をまとめたが、米国などの反対で実現していない。

It is necessary to promote IMF reform from the viewpoint of allowing the emerging economies to assume responsibility proportional to their economic might.
　新興国に応分の責任を果たしてもらうためにも、ＩＭＦ改革を進展させる必要がある。

It remains to be seen whether these two new multilateral institutions can function as the Bretton Woods institutions have been doing.
　ただ、新開銀などがＩＭＦ体制のような機能を発揮できるかどうかは未知数だ。

The BRICS countries have not specified when these institutions will be established, and uncertainty remains over the concrete frameworks through which they will extend financial assistance.
　設立時期さえ明示されず、金融支援などの具体的な枠組みも、あいまいである。

It would be troublesome if the new development bank were to attach importance solely to expanding the natural resource interests or corporate profits of contributing countries, and to extend financial assistance without careful consideration.
　新開銀が出資国の資源権益や企業利益の拡大ばかり重視し、安易に支援するようでは困る。

There is also a likelihood that lax screening on loans and investments by the bank could lead to a massive increase of irrecoverable loans and investments, which would upset the international financial system.
甘い審査が原因で巨額の投融資が焦げ付き、国際金融システムを混乱させることにもなりかねない。

No assistance should be extended to countries beset with records of suppressing human rights and overdevelopment of natural resources. Highly transparent management is a must for the new bank.
　人権弾圧や乱開発など問題の多い国への援助も避けるべきだ。透明性の高い運営が求められる。

The BRICS countries are by no means a monolithic group.
The territory dispute between China and India is just one example of their differences.
　中国とインドが領土問題を抱えるなど、ＢＲＩＣＳ諸国は一枚岩ではない。

It is also questionable whether the members can deal with financial crises and other problems through close cooperation.
金融危機などの緊急事態に、緊密に連携して対処できるかどうかも疑問である。

(From The Yomiuri Shimbun, July 22, 2014)