增长与就业行动计划英文全文.doc

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1、【精品文档】如有侵权，请联系网站删除，仅供学习与交流增长与就业行动计划英文全文.精品文档.The Cannes Action Plan for Growth and JobsNovember 4, 2011 The global economy has entered a new and difficult phase. Global growth has weakened, downside risks have heightened, and confidence has waned. Uncertainty over the sustainability of public debt l

2、evels in some advanced economies has increased, and the rebalancing in demand from the public to the private sector and from the external to the domestic sector has not materialized. In Europe, sovereign debt risks in some countries have generated a difficult dynamic of rising interest costs and str

3、esses in the banking system, which are now weighing on confidence and real activity in the euro area. Growth in the euro area is now projected to be weaker and unemployment higher. In the US, the recovery has been shallower than expected. The desired rebound in private demand has not materialized du

4、e to a combination of weak job growth, the ongoing correction in the housing sector and the associated rebuilding of household balance sheets. More certainty and determination over medium-term fiscal consolidation will contribute to the strengthening of growth. In emerging markets, there are also cl

5、ear signs of a slowing in growth as developments in advanced economies begin to weigh on these countries. In some emerging market economies, financial stability and overheating risks remain. The lack of exchange rate flexibility in some countries limits policy options to deal with these risks. In th

6、e face of these challenges, we agree that strengthened international policy cooperation is needed now. We have agreed on an Action Plan to address short-term vulnerabilities and strengthen medium-term foundations for growth.We are firmly committed to support the recovery, ensure financial stability

7、and restore confidence. Only through collective actions on all of these fronts will we move closer to stronger, more sustainable and balanced growth. Our ultimate objective is to provide more and better jobs for our citizens, to promote social inclusion in all countries, and to foster development an

8、d poverty reduction particularly in less developed countries around the globe.We have met our Seoul commitment to develop indicative guidelines to assess persistently large imbalances. This Action Plan reflects the views of the G20 and draws on the IMF Staffs independent assessments of the root caus

9、es of these imbalances and recommended policies to address them.We hereby commit to decisively pursue the introduction of the following actions without delay.Addressing Short-term Vulnerabilities and Restoring Financial StabilityWe have agreed on a plan to sustain the near-term recovery, promote gro

10、wth and restore financial stability in a manner that complements our medium-term reforms:1. We commit to take all necessary actions to preserve the stability of banking systems and financial markets. We will ensure that banks are adequately capitalized and have sufficient access to funding to deal w

11、ith current risks. Central Banks continue to stand ready to provide liquidity to banks as required.2. G-20 members agree to implement an appropriate mix of measures to secure the recovery.a. Monetary policies will maintain price stability over the medium term and continue to support economic recover

12、y. As warranted by national circumstances, including medium term consolidation plans, monetary policy will respond to changes in economic and financial market conditions subject to their likely impact on the medium-term outlook for price developments.b. Advanced countries, taking into account differ

13、ent national circumstances, will adopt policies to build confidence and support growth, and implement clear, credible and specific measures to achieve fiscal consolidation, including as set out in the country specific commitments below.c. Governments in the euro area commit to take all necessary mea

14、sures and actions needed to ensure the stability of the euro area and have adopted a comprehensive package. (i) After having decided to flexibilise the EFSF instruments on the 21 July 2011, the 26 October euro area Summit agreed on a substantial leveraging of its resources up to 1 trillion euro. (ii

15、) Euro area countries agreed to significantly strengthen economic and fiscal surveillance and governance of the euro area. (iii) A particular effort in terms of fiscal consolidation and structural reforms will be made by those euro area Member States that are experiencing tensions in sovereign debt

16、markets. (iv) An exceptional solution was found to ensure the sustainability of the Greek public debt through a rigorous adjustment programme and a voluntary nominal discount on Greek debt held by private investors. (v) Last, a comprehensive set of measures to raise confidence in the banking sector

17、has been agreed, including by facilitating access to term-funding where appropriate and temporarily increasing the capital position of large banks to 9% of Core Tier 1 capital after accounting for sovereign exposures by the end of June 2012, while maintaining the credit flow to the real economy and

18、ensuring that these plans will not lead to excessive deleveraging.d. Italy commits to reaching a rapidly declining debt-to-GDP ratio starting in 2012 and close to a balanced budget by 2013. This objective, based on the full implementation of the 60 billion euro fiscal package approved during the sum

19、mer, will be underpinned by the strengthening of the fiscal rules, stemming from both the European legislation and the introduction in the constitution of the balanced budget rule. Italy commits to implement, fully and swiftly, the comprehensive plan of growth enhancing structural reforms announced

20、on October 26th. We support the measures presented by Italy in the Euro Summit and the agreed detailed assessment and monitoring by the European Commission. In this context, we welcome Italys decision to invite the IMF to carry out a public verification of its policy implementation on a quarterly ba

21、sis.e. The US commits to the timely implementation of a package of near-term measures to sustain the recovery, through public investments, tax reforms, and targeted jobs measures, consistent with a credible plan for medium-term fiscal consolidation.f. Japan commits to the expeditious implementation

22、of substantial fiscal measures for reconstruction from the earthquake estimated at least 19 trillion yen (about 4% of GDP), while ensuring the commitment to medium-term fiscal consolidation.g. Australia, Brazil, Canada, China, Germany, Korea and Indonesia, where public finances remain relatively str

23、ong, taking into account national circumstances, agree to let automatic fiscal stabilisers work and, should global economic conditions materially worsen, agree to take discretionary measures to support domestic demand as appropriate, while maintaining their medium-term fiscal objectives.h. Emerging

24、market economies commit to adopting macroeconomic policies to enhance the resilience of their economies and those in surplus will adopt macroeconomic policies to move towards more domestic-led growth, thus supporting the global recovery and financial stability. 3. We affirm our commitment to move mo

25、re rapidly toward market-determined exchange rate systems and enhance exchange rate flexibility to reflect underlying fundamentals and refrain from competitive devaluation of currencies. The actions above should help address challenges created by developments in global liquidity and capital flow vol

26、atility, thus facilitating further progress on exchange rate reforms and reducing excessive accumulation of reserves. We welcome the recent changes to Russias foreign exchange regime to allow the rouble to move more in line with market forces and Chinas determination to increase exchange rate flexib

27、ility consistent with underlying market fundamentals.4. We recognize the special circumstances of large commodity producers in terms of reserve accumulation.5. In all policy areas, we commit to minimize the negative spillovers on other countries of policies implemented for domestic purposes. We reaf

28、firm our shared interest in a strong and stable international financial system, and our support for market-determined exchange rates. We reiterate that excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability.6. We commit that the IM

29、F must have adequate resources to fulfill its systemic responsibilities. Strengthening the Medium-term Foundations for GrowthWe have agreed that the actions to address immediate risks to recovery must be complemented by sustained, broad-based reforms to boost confidence, raise global output and crea

30、te jobs.We have agreed to a six-point plan to strengthen the medium-term foundations for growth: (1) commitments to fiscal consolidation; (2) commitments to boost private demand in countries with current account surpluses, and, where appropriate, to rotate demand from the public to the private secto

31、r in countries with current account deficits; (3) structural reforms to raise growth and enhance job creation across G-20 members; (4) reforms to strengthen national/global financial systems; (5) measures to promote open trade and investment, rejecting protectionism in all its forms; and (6) actions

32、 to promote development. Annex provides detailed policy commitments by all members, with the key actions summarised below:1. Specific and concrete fiscal consolidation plans are essential to put public finances on a credible and sustainable track, and are key to reducing current account deficits (ra

33、ising national savings), which will further promote global rebalancing in a number of large countries.a. Australia, Canada, France, Germany, Italy, Korea, Spain, the UK, and the US reaffirm their Toronto commitment to clear and credible fiscal consolidation plans to halve deficits by 2013 from 2010

34、levels, and stabilise or reduce government debt-to-GDP ratios by 2016. These plans will be robust to a range of economic outcomes, informed by prudent economic assumptions and, in some cases, reinforced with fiscal rules that take into account the economic cycle. In particular: oThe United States co

35、mmits to place its debt-to-GDP ratio on a declining path no later than the middle of the decade through a balanced deficit reduction plan that builds on the Budget Control Act of 2011, which enacted about $1 trillion in discretionary savings over the next ten years and locked in at least an addition

36、al $1.2 trillion in deficit reduction beyond that. The plan will include: additional spending reductions, among them reforms to entitlement programs; tax reform that raises revenue, lowers rates, and cuts tax loopholes and expenditures; and stronger budgetary rules to enhance predictability and cred

37、ibility. In combination with the Budget Control Act, these reforms will yield a total deficit reduction of $4 trillion over 10 years.France commits to reducing its fiscal deficit to 3% in 2013 through: tighter limits on central government and health insurance expenditure; better targeted social tran

38、sfers; a growth-friendly reduction of tax expenditures; and the inscription of existing fiscal rules into the Constitution to anchor stability.The UK reaffirms its commitment to its planned fiscal consolidation and the detailed four-year departmental expenditure plans set out in the 2010 Spending Re

39、view. It will also undertake structural reforms, including measures to ensure growth-friendly fiscal adjustment and measures to address long-term spending pressures and imbalances, such as managing future increases in the state pension age more systematically in response to changes in longevity.b. J

40、apan commits to implementing the Definite Plan for the Comprehensive Reform of Social Security and Tax which sets out policies including the gradual increase in the consumption tax to 10% by the middle of this decade and to submitting implementing legislation by the end of FY2011 to realise these po

41、licies, in order to meet its Toronto commitment.c. India commits to strengthening revenue mobilization through tax reforms, including a unified goods and services tax, and overhauling the personal and corporate tax code. 2. Countries with large current account surpluses and those with relatively wea

42、k private demand will play an important role in rebalancing and sustaining global demand.a. Germany will implement measures to promote private consumption and investment, with the expectation that, expressed as a share of GDP, both components will increase over time. Germany commits to taking measur

43、es aimed at strengthening domestic demand, including by alleviating inefficiencies that may underpin low investment and high private savings.b. Recognizing that private demand has been relatively weak in recent years, Japan will implement measures to promote private consumption and investment with t

44、he expectation that, expressed as a share of GDP, both components will increase over time. This includes accelerating the implementation of the New Growth Strategy comprising policies that will boost demand for a range of servicesc. China will rebalance demand towards domestic consumption by impleme

45、nting measures to strengthen social safety nets, increase household income and transform the economic growth pattern. These actions will be reinforced by ongoing measures to promote greater exchange rate flexibility to better reflect underlying economic fundamentals, and gradually reduce the pace of

46、 accumulation of foreign reserves.d. Other surplus economies recognise that they too have a significant role to play in promoting global rebalancing and commit to encourage private spending (Indonesia, Korea). Indonesia has announced a national plan for infrastructure that will significantly increas

47、e private investment. 3. Further progress on structural reforms is critical to raising output in all G-20 countries.a. Structural reforms will be combined with active, flexible labour market policies and effective labour institutions that provide incentives for increasing formal and quality jobs. Me

48、mbers commit to promote mobility and encourage participation, including tax and benefit reforms to reduce long-term unemployment and encourage the participation of older workers and women where appropriate.b. Members will enhance competition and reduce distortions. Actions include: infrastructure in

49、vestment (Brazil, India, Indonesia, Mexico, Saudi Arabia, South Africa); supporting research, education and skills development and eliminating tariffs on machinery and manufacturing inputs (Canada); reform of pricing for factors of production, promote market-based interest rate reform in an orderly manner and gradually achieve RMB capital account convertibility as stated in its current 5-year plan (China); structural reforms in the services sector to boost product