September 9-10-2011 G7 finance ministers and central bank governors, _previous articles_
Finance Ministers and Central Bank Governors
April 14-15, 2011, Washington DC
The finance ministers developed the indicative guidelines first drafted at their February meeting.
The April communiqué included a section titled “G20 Indicative Guidelines for Assessing Persistently Large Imbalances” that outlines the aim to provide external sustainability and reduce external imbalances. Ministers agreed on approaches to establish reference values for the firstindicator which is public debt and fiscal deficits; and private savings rate and private debt.
The approaches are as follows:
• a structural approach based on economic models that benchmarks G20 members against each indicator to take into account specific circumstances including large commodity producers.
• a statistical approach that benchmarks G20 countries on the basis of their national historical trends.
• a statistical approach that benchmarks G20 country’s historical indicators against groups ofcountries at similar stages in their development
• a statistical approach that draws on data, benchmarking G20 country’s indicators against the full G20.
G20 ministers also acknowledged that commodity prices are facing increasing pressures. They welcomed the recommendations of the International Energy Forum, International Energy Agency and Organisation for Petroleum Exporting Countries and committed to improve the JODI Oil database.
They tasked the World Bank, regional development banks and the International Monetary Fund to “conduct the analysis on mobilizing sources of climate change financing, including public and private bilateral and multilateral as well as innovative sources.”
They reaffirmed their support for the Green Climate Fund and re-emphasized the importance of implementing the Seoul Development Consensus on Shared Growth and its Multi-year Action-Plan.
The ministers are looking forward to concrete recommendations from the high-level panel on infrastructure investment by September. (maybe related ~ link ~ Infrastructure Bank? Smartest investments? ...)
They also committed to fully implement the G20 anticorruption action plan and requested that the Global Forum report to them on ways to improve the effectiveness of exchange of tax information.
April 15, 2011 - Link ~ *** G20 agrees guidelines to measure economic imbalances ...
