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G7 ministers discussed measures to stimulate economic growth, focused on bank reforms
14.05.2013 11:14 "Agro Perspectiva" (Kyiv) —
Group of Seven finance officials agreed on last week Saturday to redouble efforts to deal with failing banks and gave a green light to Japan’s drive to galvanize its economy, Voice of Russia reports.
Money gurus came up with several measures to stimulate economic growth and reject bank saving policies. Our economic observer Pavel Orlov was following the conference.
The most powerful finance ministers of G7 countries met 40 miles outside London. British finance chief George Osborne said the main focus was on unfinished bank reforms, with signs that plans for a euro zone banking union are fraying. The emergency rescue of Cyprus after a near meltdown in March served as a reminder of the need to finish an overhaul of the banking sector, five years after the world financial crisis began. Meanwhile the plans that European authorities planned as fast-financial relief for the region are not even close to be completed. The first step of plan B was to create a single bank supervisor under the European Central Bank. Now its creation is postponed to mid-2014. A second pillar, a ’resolution’ fund to close failed banks, is in doubt. And there is little prospect that a single deposit guarantee scheme will ever see the light of day. Senior Managing Director of Tangent Capital Partners James Richards believes that there were named some measures that may be taken by authorities.
Needless to say the Berlin is under great pressure over its plan to save euro zone. Germany gave more support to a banking union in the region than any other country. Nevertheless the Merkel’s plan could help strengthen the single currency area, but Berlin worries it may pay too much for future bank bailouts if it signs up to a scheme to wind up stricken lenders. Anyway, the consequences of the measures that were discussed today will be serious.
George Osborne UK’s finance minister reaffirmed that fiscal and monetary policy should be aimed at domestic concerns, not currency manipulation, referring more to the green light given to Japan’s economic stimulus program. As at previous international meetings, Japan escaped any censure for printing money on a scale that has pushed the yen sharply lower. At the end of the meeting German Finance Minister Wolfgang Schaeuble countered that the euro zone was no longer the main risk to the world economy. Which leaves room for hope for happy ending.
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