增长与就业行动计划英文全文知识讲解.doc

Good is good, but better carries it.精益求精，善益求善。增长与就业行动计划英文全文-TheCannesActionPlanforGrowthandJobsNovember4,2011Theglobaleconomyhasenteredanewanddifficultphase.Globalgrowthhasweakened,downsideriskshaveheightened,andconfidencehaswaned.Uncertaintyoverthesustainabilityofpublicdebtlevelsinsomeadvancedeconomieshasincreased,andtherebalancingindemandfromthepublictotheprivatesectorandfromtheexternaltothedomesticsectorhasnotmaterialized.· InEurope,sovereigndebtrisksinsomecountrieshavegeneratedadifficultdynamicofrisinginterestcostsandstressesinthebankingsystem,whicharenowweighingonconfidenceandrealactivityintheeuroarea.Growthintheeuroareaisnowprojectedtobeweakerandunemploymenthigher.· IntheUS,therecoveryhasbeenshallowerthanexpected.Thedesiredreboundinprivatedemandhasnotmaterializedduetoacombinationofweakjobgrowth,theongoingcorrectioninthehousingsectorandtheassociatedrebuildingofhouseholdbalancesheets.Morecertaintyanddeterminationovermedium-termfiscalconsolidationwillcontributetothestrengtheningofgrowth.· Inemergingmarkets,therearealsoclearsignsofaslowingingrowthasdevelopmentsinadvancedeconomiesbegintoweighonthesecountries.Insomeemergingmarketeconomies,financialstabilityandoverheatingrisksremain.Thelackofexchangerateflexibilityinsomecountrieslimitspolicyoptionstodealwiththeserisks.Inthefaceofthesechallenges,weagreethatstrengthenedinternationalpolicycooperationisneedednow.WehaveagreedonanActionPlantoaddressshort-termvulnerabilitiesandstrengthenmedium-termfoundationsforgrowth.Wearefirmlycommittedtosupporttherecovery,ensurefinancialstabilityandrestoreconfidence.Onlythroughcollectiveactionsonallofthesefrontswillwemoveclosertostronger,moresustainableandbalancedgrowth.Ourultimateobjectiveistoprovidemoreandbetterjobsforourcitizens,topromotesocialinclusioninallcountries,andtofosterdevelopmentandpovertyreductionparticularlyinlessdevelopedcountriesaroundtheglobe.WehavemetourSeoulcommitmenttodevelopindicativeguidelinestoassesspersistentlylargeimbalances.ThisActionPlanreflectstheviewsoftheG20anddrawsontheIMFStaff'sindependentassessmentsoftherootcausesoftheseimbalancesandrecommendedpoliciestoaddressthem.Weherebycommittodecisivelypursuetheintroductionofthefollowingactionswithoutdelay.AddressingShort-termVulnerabilitiesandRestoringFinancialStabilityWehaveagreedonaplantosustainthenear-termrecovery,promotegrowthandrestorefinancialstabilityinamannerthatcomplementsourmedium-termreforms:1. Wecommittotakeallnecessaryactionstopreservethestabilityofbankingsystemsandfinancialmarkets.Wewillensurethatbanksareadequatelycapitalizedandhavesufficientaccesstofundingtodealwithcurrentrisks.CentralBankscontinuetostandreadytoprovideliquiditytobanksasrequired.2. G-20membersagreetoimplementanappropriatemixofmeasurestosecuretherecovery.a. Monetarypolicieswillmaintainpricestabilityoverthemediumtermandcontinuetosupporteconomicrecovery.Aswarrantedbynationalcircumstances,includingmediumtermconsolidationplans,monetarypolicywillrespondtochangesineconomicandfinancialmarketconditionssubjecttotheirlikelyimpactonthemedium-termoutlookforpricedevelopments.b. Advancedcountries,takingintoaccountdifferentnationalcircumstances,willadoptpoliciestobuildconfidenceandsupportgrowth,andimplementclear,credibleandspecificmeasurestoachievefiscalconsolidation,includingassetoutinthecountryspecificcommitmentsbelow.c. Governmentsintheeuroareacommittotakeallnecessarymeasuresandactionsneededtoensurethestabilityoftheeuroareaandhaveadoptedacomprehensivepackage.(i)AfterhavingdecidedtoflexibilisetheEFSFinstrumentsonthe21July2011,the26OctobereuroareaSummitagreedonasubstantialleveragingofitsresourcesupto1trillioneuro.(ii)Euroareacountriesagreedtosignificantlystrengtheneconomicandfiscalsurveillanceandgovernanceoftheeuroarea.(iii)AparticulareffortintermsoffiscalconsolidationandstructuralreformswillbemadebythoseeuroareaMemberStatesthatareexperiencingtensionsinsovereigndebtmarkets.(iv)AnexceptionalsolutionwasfoundtoensurethesustainabilityoftheGreekpublicdebtthrougharigorousadjustmentprogrammeandavoluntarynominaldiscountonGreekdebtheldbyprivateinvestors.(v)Last,acomprehensivesetofmeasurestoraiseconfidenceinthebankingsectorhasbeenagreed,includingbyfacilitatingaccesstoterm-fundingwhereappropriateandtemporarilyincreasingthecapitalpositionoflargebanksto9%ofCoreTier1capitalafteraccountingforsovereignexposuresbytheendofJune2012,whilemaintainingthecreditflowtotherealeconomyandensuringthattheseplanswillnotleadtoexcessivedeleveraging.d. Italycommitstoreachingarapidlydecliningdebt-to-GDPratiostartingin2012andclosetoabalancedbudgetby2013.Thisobjective,basedonthefullimplementationofthe60billioneurofiscalpackageapprovedduringthesummer,willbeunderpinnedbythestrengtheningofthefiscalrules,stemmingfromboththeEuropeanlegislationandtheintroductionintheconstitutionofthebalancedbudgetrule.Italycommitstoimplement,fullyandswiftly,thecomprehensiveplanofgrowthenhancingstructuralreformsannouncedonOctober26th.WesupportthemeasurespresentedbyItalyintheEuroSummitandtheagreeddetailedassessmentandmonitoringbytheEuropeanCommission.Inthiscontext,wewelcomeItaly'sdecisiontoinvitetheIMFtocarryoutapublicverificationofitspolicyimplementationonaquarterlybasis.e. TheUScommitstothetimelyimplementationofapackageofnear-termmeasurestosustaintherecovery,throughpublicinvestments,taxreforms,andtargetedjobsmeasures,consistentwithacredibleplanformedium-termfiscalconsolidation.f. Japancommitstotheexpeditiousimplementationofsubstantialfiscalmeasuresforreconstructionfromtheearthquakeestimatedatleast19trillionyen(about4%ofGDP),whileensuringthecommitmenttomedium-termfiscalconsolidation.g. Australia,Brazil,Canada,China,Germany,KoreaandIndonesia,wherepublicfinancesremainrelativelystrong,takingintoaccountnationalcircumstances,agreetoletautomaticfiscalstabilisersworkand,shouldglobaleconomicconditionsmateriallyworsen,agreetotakediscretionarymeasurestosupportdomesticdemandasappropriate,whilemaintainingtheirmedium-termfiscalobjectives.3. Emergingmarketeconomiescommittoadoptingmacroeconomicpoliciestoenhancetheresilienceoftheireconomiesandthoseinsurpluswilladoptmacroeconomicpoliciestomovetowardsmoredomestic-ledgrowth,thussupportingtheglobalrecoveryandfinancialstability.Weaffirmourcommitmenttomovemorerapidlytowardmarket-determinedexchangeratesystemsandenhanceexchangerateflexibilitytoreflectunderlyingfundamentalsandrefrainfromcompetitivedevaluationofcurrencies.Theactionsaboveshouldhelpaddresschallengescreatedbydevelopmentsingloballiquidityandcapitalflowvolatility,thusfacilitatingfurtherprogressonexchangeratereformsandreducingexcessiveaccumulationofreserves.WewelcometherecentchangestoRussia'sforeignexchangeregimetoallowtheroubletomovemoreinlinewithmarketforcesandChina'sdeterminationtoincreaseexchangerateflexibilityconsistentwithunderlyingmarketfundamentals.4. Werecognizethespecialcircumstancesoflargecommodityproducersintermsofreserveaccumulation.5. Inallpolicyareas,wecommittominimizethenegativespilloversonothercountriesofpoliciesimplementedfordomesticpurposes.Wereaffirmoursharedinterestinastrongandstableinternationalfinancialsystem,andoursupportformarket-determinedexchangerates.Wereiteratethatexcessvolatilityanddisorderlymovementsinexchangerateshaveadverseimplicationsforeconomicandfinancialstability.WecommitthattheIMFmusthaveadequateresourcestofulfillitssystemicresponsibilities.StrengtheningtheMedium-termFoundationsforGrowthWehaveagreedthattheactionstoaddressimmediateriskstorecoverymustbecomplementedbysustained,broad-basedreformstoboostconfidence,raiseglobaloutputandcreatejobs.Wehaveagreedtoasix-pointplantostrengthenthemedium-termfoundationsforgrowth:(1)commitmentstofiscalconsolidation;(2)commitmentstoboostprivatedemandincountrieswithcurrentaccountsurpluses,and,whereappropriate,torotatedemandfromthepublictotheprivatesectorincountrieswithcurrentaccountdeficits;(3)structuralreformstoraisegrowthandenhancejobcreationacrossG-20members;(4)reformstostrengthennational/globalfinancialsystems;(5)measurestopromoteopentradeandinvestment,rejectingprotectionisminallitsforms;and(6)actionstopromotedevelopment.Annexprovidesdetailedpolicycommitmentsbyallmembers,withthekeyactionssummarisedbelow:1. Specificandconcretefiscalconsolidationplansareessentialtoputpublicfinancesonacredibleandsustainabletrack,andarekeytoreducingcurrentaccountdeficits(raisingnationalsavings),whichwillfurtherpromoteglobalrebalancinginanumberoflargecountries.a. Australia,Canada,France,Germany,Italy,Korea,Spain,theUK,andtheUSreaffirmtheirTorontocommitmenttoclearandcrediblefiscalconsolidationplanstohalvedeficitsby2013from2010levels,andstabiliseorreducegovernmentdebt-to-GDPratiosby2016.Theseplanswillberobusttoarangeofeconomicoutcomes,informedbyprudenteconomicassumptionsand,insomecases,reinforcedwithfiscalrulesthattakeintoaccounttheeconomiccycle.Inparticular:oTheUnitedStatescommitstoplaceitsdebt-to-GDPratioonadecliningpathnolaterthanthemiddleofthedecadethroughabalanceddeficitreductionplanthatbuildsontheBudgetControlActof2011,whichenactedabout$1trillionindiscretionarysavingsoverthenexttenyearsandlockedinatleastanadditional$1.2trillionindeficitreductionbeyondthat.Theplanwillinclude:additionalspendingreductions,amongthemreformstoentitlementprograms;taxreformthatraisesrevenue,lowersrates,andcutstaxloopholesandexpenditures;andstrongerbudgetaryrulestoenhancepredictabilityandcredibility.IncombinationwiththeBudgetControlAct,thesereformswillyieldatotaldeficitreductionof$4trillionover10years.Francecommitstoreducingitsfiscaldeficitto3%in2013through:tighterlimitsoncentralgovernmentandhealthinsuranceexpenditure;bettertargetedsocialtransfers;agrowth-friendlyreductionoftaxexpenditures;andtheinscriptionofexistingfiscalrulesintotheConstitutiontoanchorstability.TheUKreaffirmsitscommitmenttoitsplannedfiscalconsolidationandthedetailedfour-yeardepartmentalexpenditureplanssetoutinthe2010SpendingReview.Itwillalsoundertakestructuralreforms,includingmeasurestoensuregrowth-friendlyfiscaladjustmentandmeasurestoaddresslong-termspendingpressuresandimbalances,suchasmanagingfutureincreasesinthestatepensionagemoresystematicallyinresponsetochangesinlongevity.b. Japancommitstoimplementingthe"DefinitePlanfortheComprehensiveReformofSocialSecurityandTax"whichsetsoutpoliciesincludingthegradualincreaseintheconsumptiontaxto10%bythemiddleofthisdecadeandtosubmittingimplementinglegislationbytheendofFY2011torealisethesepolicies,inordertomeetitsTorontocommitment.2. Indiacommitstostrengtheningrevenuemobilizationthroughtaxreforms,includingaunifiedgoodsandservicestax,andoverhaulingthepersonalandcorporatetaxcode.Countrieswithlargecurrentaccountsurplusesandthosewithrelativelyweakprivatedemandwillplayanimportantroleinrebalancingandsustainingglobaldemand.a. Germanywillimplementmeasurestopromoteprivateconsumptionandinvestment,withtheexpectationthat,expressedasashareofGDP,bothcomponentswillincreaseovertime.Germanycommitstotakingmeasuresaimedatstrengtheningdomesticdemand,includingbyalleviatinginefficienciesthatmayunderpinlowinvestmentandhighprivatesavings.b. Recognizingthatprivatedemandhasbeenrelativelyweakinrecentyears,Japanwillimplementmeasurestopromoteprivateconsumptionandinvestmentwiththeexpectationthat,expressedasashareofGDP,bothcomponentswillincreaseovertime.Thisincludesacceleratingtheimplementationofthe"NewGrowthStrategy"comprisingpoliciesthatwillboostdemandforarangeofservicesc. Chinawillrebalancedemandtowardsdomesticconsumptionbyimplementingmeasurestostrengthensocialsafetynets,increasehouseholdincomeandtransformtheeconomicgrowthpattern.Theseactionswillbereinforcedbyongoingmeasurestopromotegreaterexchangerateflexibilitytobetterreflectunderlyingeconomicfundamentals,andgraduallyreducethepaceofaccumulationofforeignreserves.3. Othersurpluseconomiesrecognisethattheytoohaveasignificantroletoplayinpromotingglobalrebalancingandcommittoencourageprivatespending(Indonesia,Korea).Indonesiahasannouncedanationalplanforinfrastructurethatwillsignificantlyincreaseprivateinvestment.FurtherprogressonstructuralreformsiscriticaltoraisingoutputinallG-20countries.a. Structuralreformswillbecombinedwithactive,flexiblelabourmarketpoliciesandeffectivelabourinstitutionsthatprovideincentivesforincreasingformalandqualityjobs.Memberscommittopromotemobilityandencourageparticipation,includingtaxandbenefitreformstoreducelong-termunemploymentandencouragetheparticipationofolderworkersandwomenwhereappropriate.b. Memberswillenhancecompetitionandreducedistortions.Actionsinclude:infrastructureinvestment(Brazil,India,Indonesia,Mexico,SaudiArabia,SouthAfrica);supportingresearch,educationandskillsdevelopmentandeliminatingtariffsonmachineryandmanufacturinginputs(Canada);reformofpricingforfactorsofproduction,promotemarket-basedinterestratereforminanorderlymannerandgraduallyachieveRMBcapitalaccountconvertibilityasstatedinitscurrent5-yearplan(China);structuralreformsintheservicessectortoboostproductivity(France,Germany,Italy,Korea);taxreformaimedatamoreemployment-friendlytaxation(Germany,Italy);raisingstandardsofdisclosureofinformationbyfinancialinstitutions(Russia);phasingoutwastefulanddistortivesubsidiesinthemediumterm,whileprovidingtargetedsupportforthepoor(India,Indonesia);reformstoenergyefficiencyandgreateruseofrenewableanddomesticenergyresources(Turkey),agriculture(Argentina);enhancedregionalintegrationtopromotetradeandinvestment(SouthAfrica);improvedpracticesandenhancedoversightoftheshort-termfinancingmarketsandreformstohelppromoteariseinhouseholdsavingsasashareofGDP(US);transitioningtoacleanenergyeconomythrougheffectivecarbonpricemechanism(Australia)and,effortstopromotegreengrowth(Korea).c. TheEUisfullycommittedtoaccelerateandfurtherdeepentheSingleMarketintegrationthroughacomprehensiveprogrammebasedontwelvekeypriorityactionstoboostgrowth.Theseincludeactionsintheareasofservices,trans-Europeannetworks,thedigitalsinglemarket,workers'mobility,financingforsmallandmedium-sizedenterprisesandtaxation.Intheframeworkofthe'Europe2020'strategy,theEUadoptedseveraltargetsfor2020:toraiseto75%theemploymentrateforthoseaged20-64,toimprovetheeducationlevels,andtoraisetheshareofpublicandprivateinvestmentlevelsinR&s;Dto3%ofEU'sGDP.4. Werecognizetheimportancetotheglobaleconomicrecoveryofmaintainingstabilityininternationaloilmarkets,atalevelconsistentwithglobaleconomicgrowth,aswellasincreasingtransparencyofenergypoliciesinallcountries.e)SaudiArabiaiscommittedtocontinueplayingitssystemicroleinstabilizingtheoilmarketsinsupportoftheglobaleconomy.WecommittothefullandtimelyimplementationofthefinancialsectorreformagendaagreedupthroughSeoul,including:implementingBaselII,II.5andIIIalongtheagreedtimelines;moreintensivesupervisoryeffort;clearingandtradingobligationsforOTCderivatives;standardsandprinciplesforsoundercompensationpractices,achievingasinglesetofhighqualityglobalaccountingstandards;acomprehensiveframeworktoaddresstherisksposedbysystemically-importantfinancialinstitutions;and,strengthenedregulationandoversightofshadowbanking.WeendorsedthejointIMF/WB/FSBreportonfinancialstabilityissuesinemergi