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日 재무관 "G20 회의서 '초완화적 통화책' 우려 높았다" : 네이트판
http://asia.nikkei.com/Politics-Economy/Economy/World-overreliant-on-easing-G-20-finance-chiefs
October 8, 2016 6:49 am JST
World overreliant on easing: G-20 finance chiefs
JUN ISHIKAWA, Nikkei staff writer
G-20 finance ministers and central bankers. © Kyodo
WASHINGTON -- Countries excessively depend on monetary easing to stoke growth, finance officials from major world economies warned Thursday, raising the question of how best to bring government spending and structural reform into the policy mix.
Group of 20 finance ministers and central bank governors gathered here to discuss ways of combating sluggish global inflation and growth. Uncertainty facing the world economy is on the rise, Finance Minister Lou Jiwei of China, this year's G-20 chair, told a news conference Friday morning.
Lou indicated that elections in the U.S. and Europe, as well as the British vote to exit the European Union, are contributing to greater risk. Deepening inequality amid economic stagnation is also feeding political instability in many countries, raising concerns about the possibility of a vicious spiral of risk and low growth. Mounting anti-globalization sentiment is of greater concern, too, as growth in world trade drops well below that of the economy as a whole.
The challenge now is finding a sustainable path to higher growth as the current approach, relying heavily on monetary easing, approaches a turning point. Monetary policy "has acted in many countries in isolation," which is "not helpful," International Monetary Fund Managing Director Christine Lagarde told a news conference Thursday ahead of the G-20 gathering. All policies -- monetary, fiscal and structural reforms -- "have to come together," she said, identifying Germany, Canada and South Korea as nations that could afford to spend more on such solutions.
Down to details
Similar alarm bells are ringing for policymakers as the impact of prolonged low interest rates on financial institutions grows more evident. Operations at banks and pension funds came up in Thursday's G-20 discussion as officials voiced doubts about a one-pronged, easing-heavy policy plan.
But countries are divided over how to approach the next step -- hatching structural reform and new government spending to round out policy. German Finance Minister Wolfgang Schaeuble said in a panel discussion Thursday that his country was already doing its part, evidently irked at being called out by Lagarde.
The G-20 took on a major role in the global economy in the wake of the 2008 financial crisis. But coordinating policy has apparently become less comfortable as the focus of discussions has shifted to promoting growth -- a matter intimately bound up with each member's domestic affairs. The group is now adrift, a source involved in the finance ministers' conference said after the gathering.
Germany will take charge of the G-20 next year as chair. It remains to be seen whether the group will stick with the 2016 goal of a comprehensive policy push, decided on at the February meeting in Shanghai, and whether such easing-obsessed nations as Japan will find the fortitude to embark on much-needed structural reform.
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