The G20 countries agreed Sunday to implement different solutions to find the path of sustainable growth and regulate their financial systems, and taking note of the uneven and fragile economic recovery in several of them.
Meeting in Toronto, the major industrial nations and big emerging economies have attempted to balance competing priorities with a commitment to halve their budget deficits within three years, but without stifling growth, and to fight against their risky practices banks without limiting the supply of credit.
They agreed to it that everyone move at their own pace by adopting policies "different" which take account of "national circumstances", where the previous peaks of G20 had led to large demonstrations of unity over the crisis.
"Our challenges are as diverse as our nations," said U.S. President Barack Obama."But together we represent about 85% of global economy and we have made a coordinated response to the most serious economic crisis of our time."
Reflecting the difficulty of the task, the Director General of the International Monetary Fund Dominique Strauss-Kahn said the "Sherpas" Heads of State and Government had spent 45 hours writing the final communique.
GREECE has clouded the
Organized by the most since 2008 when the economic crisis was at its peak, the G20, which includes the U.S., its major European allies, Japan and also China, Brazil, India and Russia had unanimously to hire hundreds of billions of dollars in the fight against recession.
His unit now suffers from more or less rapid pace of solutions to the crisis of its members, which result in different priorities.
If the economies of China and major emerging countries are distributed ahead, the United States has been recovering laborious when Europe is lagging behind.
Barack Obama has acknowledged the existence of divisions, but to emphasize that meetings like Toronto also allowed to highlight common interests. "We can overcome our differences," he said.
To avoid irritating the Chinese, the final communique of the summit in its English version, which is authoritative, made no reference to the yuan, but still a draft that circulated Saturday welcomed Beijing's decision to relax its exchange rate policy (see).The paragraph was nevertheless retained a time in a first version in the French press.
The G20 Toronto, fourth one, was originally developed prior to the end of the Seoul 2010 on the implementation of commitments made in Pittsburgh in September last, in terms of regulation and correction of financial imbalances the global economy.
It was on this last point to get the major exporting countries, China and Germany in the lead, to give greater emphasis to domestic demand, while others like the United States would reconsider a growth model based on consumption financed by debt.
The crisis that nearly bring Greece in the spring has come to muddy the waters by putting into focus the problems of deficits and national debt, especially in Europe.
In this context, the United States expressed concern austerity policies announced by several countries, including Germany and the United Kingdom.
Their fears are shared by others, Prime Minister Manmohan Singh evoking the specter of a return to recession if too many countries at the same time squeeze the brakes on their economies.
TAX CREDIT TO THE CARD
The Europeans believe that commitments to reduce deficits contained in the final communique shows that the G20 has validated their position.
Their reduction by half in three years seems very much within reach in view of the commitments made by all States, including the United States, only Japan exempted in view of its particular situation.
The other covenants of the press release, stabilization of debt to gross domestic product (GDP) to a maturity of six years, will be more difficult to hold the United States and relying on a far higher this ratio least until 2015.
For Dominique Strauss-Kahn, the policies are less important than those goals. "Talking to divide by two deficits is to simplify the problems to excess because they are different in different countries," he said."I'm more interested in the fact that countries are undertaking the right policies."
On the financial regulation, the G20 has also agreed that its members act according to their economic situation by granting such a very gradual implementation of the new supervisory framework for banks, "Basel III. (See)
He finally legitimized the tax claimed by banks in Germany, France and Great Britain without making it compulsory to take into account the opposition of Canada and Japan. (See)