Summit zemí G20 v Cannes [fr]
FRANCE’S EXPECTATIONS FOR THE CANNES SUMMIT
The G20 Heads of State and Government will meet in Cannes on 3 and 4 November at a time when the global economy is facing sovereign debt crises, upheavals on the financial markets and renewed
uncertainty regarding the strength of the global economy.
In Cannes, the G20 countries must show their determination to (i) act to stimulate economic growth and (ii) better regulate globalization.
1. ACTING TO STIMULATE ECONOMIC GROWTH
The coordination of economic policies, which has been at the heart of G20 action since its creation, is vital in order to provide an effective response to the unprecedented crisis which the world has been dealing with since 2008 and to return to strong, sustainable and balanced growth.
The Cannes Summit must allow the G20 to show that it can meet its responsibilities and live up to the expectations of its citizens.
To do this, the most specific and concrete commitments as possible must be obtained from G20 Members:
■ To address immediate vulnerabilities in the short term by adopting coordinated economic policies to support the economic recovery and consolidate public finances, while taking into account each member’s specific situation and room for manoeuvre;
■ To take all measures necessary to preserve stable financing of the economy;
■ To implement structural reforms to stimulate job and growth potential. Furthermore, efforts can be made to make foreign exchange regimes more flexible in countries with relatively inflexible exchange rates, but also as regards rebalancing global demand by stimulating private consumption in countries which have current account surpluses.
The G20 must also reiterate its commitment to:
■ Resisting protectionism;
■ Encouraging the development of the poorest countries.
2. REGULATING GLOBALIZATION
Providing support for the major upheavals in the global economy and the resulting imbalances is at the core of our agenda for 2011. It is thus essential that in Cannes we demonstrate our readiness and ability to make progress towards:
■ A stronger international monetary system which is more representative of the global economy; by reducing the volatility and long-standing misalignment of currencies, by encouraging stable capital flows in the interests of growth and by supporting the development of emerging countries;
■ A better-regulated financial sector, in order to strengthen the protection of citizens and the real economy against risks. To do this, it is important to ensure that the G20’s decisions as regards the banking sector are correctly implemented, but also to better regulate non-banking entities and activities which can also cause systemic risk (“shadow banking”)
■ Raising moral standards of capitalism through shared norms to be effectively applied on a global scale in order to fight corruption, money laundering and tax havens;
■ Food security via a sustainable increase in global agricultural production and more transparent, better-regulated commodity markets;
■ A more equal distribution of global growth by fostering development in the poorest countries, in particular by supporting infrastructure development and establishing innovative means of financing;
■ Better awareness of the social dimension of globalization to support employment and protect the most vulnerable people;
■ More effective and legitimate global governance.
Source: Presidential Office
Photo: F. de La Mure / MAEE