Ｇ２０協調 緩和依存から脱却を

--The Asahi Shimbun, Feb. 28
EDITORIAL: G-20 members need to end dependence on easy money policies
（社説）Ｇ２０協調　緩和依存から脱却を

The top finance officials of the world’s major economies met last week for the first time since global financial turbulence started early this year.
　年初来の世界金融波乱のあと初めて主要国の国際金融をつかさどる責任者たちが一堂に会した。

The meeting of Group of 20 finance ministers and central bank governors, which ended Feb. 27 in Shanghai, confirmed the nations will “use all policy tools” to prevent a further rise in global financial risks.
きのうまで上海で開かれた主要２０カ国・地域（Ｇ２０）財務相・中央銀行総裁会議は、世界的な金融リスクがこれ以上高まらないように各国が政策を総動員することを確認した。

The opportunity for the G-20 members to show they are ready to work together may have helped suppress market turmoil. But the occasion may have also revealed that it is never easy for the G-20 to come up with effective, concrete measures.
　Ｇ２０の協調を演出できたことは市場の動揺を抑えるのに一役買ったかもしれない。ただ、Ｇ２０が有効な具体策を打ち出すことは難しい実情もあらわになったのではないか。

A slowdown in the Chinese economy, a sharp drop in crude oil prices, and the recent interest rate hike in the United States are believed to be the primary factors behind the market anxiety.
　市場不安の主な要因は（１）中国経済の減速（２）原油価格の急落（３）米国の利上げ、の三つとされる。

Instability in the world, as exemplified by the influx of refugees into Europe, rising tensions over North Korea and the chaotic situation in the Middle East, is another factor leading markets to believe the global economy could remain sluggish over the long term.
加えて欧州の難民問題、北朝鮮をめぐる緊張の高まり、泥沼化する中東情勢など、世界の不安定化が経済の長期停滞を市場に意識させている面もある。

Since the 2008 collapse of U.S. investment bank Lehman Brothers triggered a worldwide financial crisis, all major economies of the world have been reacting to similar situations with stimulus packages and monetary easing.
　リーマン・ショック以来、こういう事態に主要国はこぞって財政出動や金融緩和のエンジンをふかしてきた。

But those countries have used up almost all available means, leaving little room now for additional measures.
ところが各国はほぼ手を打ち尽くし、今では追加策を打つ余地に乏しい。

Moreover, the excess of such response measures has generated investment bubbles in emerging economies and natural resources, which ended up triggering the financial turbulence we are currently in. Ironically enough, the responses to crises have engendered other crises.
　しかもそうした対策の過剰が新興国バブルや資源バブルを生み、結果的にいまの金融波乱を招いてきた。危機対応が新たな危機を生む皮肉な構図である。

To end this cycle, the major economies should refrain from indulging further in stimulus spending and easy money. While awareness of that issue was not shared during the G-20 meeting, it is probably high time its member states change course.
　同じ過ちを繰り返さないためにも、主要各国が財政出動と金融緩和にこれ以上のめりこむことは避けるべきだ。今回のＧ２０でそういう問題意識は共有されなかったが、軌道修正するときが来ているのではないか。

The most necessary policy measure is structural reform, designed to achieve long-term economic stability. For China, that reform would include clearing overcapacity and excessive debt and reforming state-owned enterprises; in Europe, deepening fiscal integration; and in Japan, reforming tax and social security systems and stabilizing state finance.
　本当に必要な政策は長期的に経済を安定させる構造改革だ。中国なら過剰設備・過剰債務の解消や国有企業改革、欧州は財政統合の深化、日本は税と社会保障改革や財政の安定である。

Amid the shortage of effective means, there are worries that countries may rush to devalue their currencies in favor of their own export industries. The G-20 members confirmed during the latest meeting that they will refrain from “competitive devaluations.”
　心配なのは、各国が有効な手が見つからないなかで自国の輸出産業を有利にする通貨安政策に走ることだ。Ｇ２０でも通貨安競争はしないことを確認した。

But the Bank of Japan’s recently introduced negative interest rate policy has devaluing effects. If Japan and Europe, which have adopted that policy, were to continue or even intensify it, that could trigger a devaluation race across the globe.
　ただ、日本銀行が導入したマイナス金利政策には通貨安を促す効果がある。これを導入している日欧がこの政策を継続・強化すれば世界の通貨安競争を招きかねない。

In a worrisome development, leading candidates for the U.S. presidential election, including former Secretary of State Hillary Clinton, are blaming Japan for moving to weaken the yen.
クリントン前国務長官など米大統領選の有力候補者たちが日本の円安誘導を批判しているのも気になる動きだ。

After all, the super-easy monetary policy, being continued by Japan and Europe, is nothing more than a stopgap stimulant, and it has yet to create the economic growth expected of it. Moreover, gradual erosion of market functions, a side effect of that policy, is growing more serious as the policy becomes prolonged.
　そもそも日欧が続ける超金融緩和は一時的なカンフル剤にすぎず、期待された経済成長にはつながってこなかった。しかもその長期化が次第に市場機能を損なう副作用の方が深刻になってきている。

Japan and Europe should outgrow their dependence on easy money as early as possible. That is precisely what the major economies of the world should be working together for.
　日欧は一刻も早くこの「緩和依存」から脱却しなければならない。そのためにこそ主要国の協調が必要ではないか。