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Falta aún unas horas para que comience la cumbre del G20 pero las distintas delegaciones hace tiempo que trabajan. Tanto es así, que hace un par de días que circula entre ellas un primer borrador del que será el comunicado final de la reunión. Se puede leer
en la web del Financial TImes. Es un texto inicial que sin duda cambiará, pero las líneas fundamentales ya están trazadas.

Por supuesto, los que esperan la refundación del capitalismo pueden esperar sentados. La palabra “capitalismo” ni siquiera se menciona y, por el contrario, en el documento se cita “la fe en los principios de mercado” como solución a la crisis. Pero el primer borrador también es decepcionante incluso para los que no creen en los milagros.

En el borrador, se critica el proteccionismo pero no hay una condena contundente ni medidas demasiado concretas contra los paraísos fiscales. También se da más peso al Fondo de Estabilidad Financiera, que será quien se ocupe de regular los peligrosos hedge funds, y hay algunas medidas de reforma para el Banco Mundial y el FMI pero no se aclara las condiciones para los créditos a países en desarrollo. Lo que sí se contempla es un aumento de estos créditos, y también más dinero público para fomentar la liquidez del sistema financiero. ¿Cuánta pasta? Está por decidir.

• we support a substantial increase in lending of $[x] by the Multilateral Development Banks;

• we will make available $[x] over the next two years to support trade finance through our export credit and investment agencies and through the MDBs. We have asked our regulators to make use of available flexibility in capital requirements for trade finance.

8. We have agreed a general SDR allocation of $[x] to strengthen global liquidity.

Como en toda ecuación por resolver, la incógnita está en el valor de la X.

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La filtración de este primer borrador y su contenido ha cabreado a las delegaciones francesa y alemana. El más duro ha sido Nikolas Sarkozy: “No seré socio de una cumbre que concluya con un comunicado de compromisos falsos que no aborden los temas que nos preocupan”. Sarkozy ha difundido hoy en varios periódicos del mundo una tribuna de opinión con su postura sobre la cumbre. En España la ha publicado El País y es un texto especialmente duro contra los paraísos fiscales: “Desearía que fuéramos muy lejos y que adoptáramos un documento que identifique exactamente esos paraísos fiscales, los cambios que esperamos de ellos y las consecuencias que conllevaría un rechazo por su parte”.

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Actualización: La web del Financial Times ya no permite acceder al borrador si no estás registrado. Lo dejo en este hilo.

G20 draft communiqué

http://www.ft.com/cms/s/0/f6f30eaa-1c88-11de-977c-00144feabdc0.html

Published: March 29 2009 19:43 | Last updated: March 29 2009 19:43

Introduction

1. We, the Leaders of the Group of Twenty met, for a second time, in London
on 2 April.

Over the last half century strong growth and increasing international trade
has brought untold jobs and prosperity to our citizens. We now face the
greatest challenge to the world economy in modern times, a crisis affecting
the lives of ordinary men, women, and children around the world. A global
crisis requires a global solution.

2. We believe that an open world economy based on market principles,
effective regulation, and strong global institutions will ensure a
sustainable globalisation with rising prosperity for all. We are determined
to restore growth now, resist protectionism, and reform our markets and our
institutions for the future. We have agreed actions to meet these
challenges
as part of an integrated strategy that will restore confidence and ensure a
lasting global recovery. We are determined to ensure that this crisis is
not
repeated.

Restoring global growth now

3. We are taking unprecedented and concerted fiscal actions to support
growth and jobs. Acting together we strengthen the impact of this fiscal
expansion, which amounts to a stimulus of more than [$x trillion] this year
and next and is expected to increase output by more than [2] percentage
points and employment by over [20] million jobs1. We are committed to
deliver the scale of sustained effort necessary to restore growth while
ensuring long-run fiscal sustainability.

4. Our central banks have also taken exceptional action, cutting interest
rates aggressively and to close to zero in many advanced economies. Our
central banks have pledged to maintain expansionary policies as long as
needed, using the full range of monetary policy instruments, including
unconventional policy instruments, consistent with price stability.

5. We are taking comprehensive action to strengthen our financial
institutions in order to restore domestic lending and international capital
flows. We have made available over [$x trillion] of support to our banking
systems to provide liquidity, recapitalise financial institutions, and
address the problem of impaired assets. We are committed to take all
necessary actions to restore the flow of credit through the financial
system
and ensure the soundness of systemically important institutions, acting
within the agreed G20 Framework for Restoring Lending. These measures
underpin and strengthen the impact of our fiscal and monetary policy
actions.

6. Emerging and developing countries, which have been the engine of recent
world growth, are now facing shocks which threaten stability and jeopardise
the global economy. It is imperative that capital continues to flow to
them.
We have therefore agreed to make [$x] of resources available through the
international financial institutions. This will finance counter-cyclical
spending, bank recapitalisation, infrastructure, trade finance, debt
rollover, and social support. To this end:

€ we have agreed to increase the resources available to the IMF to $[x]
through bilateral borrowing from members of $[x] subsequently replaced by
an
expanded New Arrangements to Borrow of $[x] and borrowing in the market of
up to $[x] if necessary;

€ we support a substantial increase in lending of $[x] by the Multilateral
Development Banks;

€ we will make available $[x] over the next two years to support trade
finance through our export credit and investment agencies and through the
MDBs. We have asked our regulators to make use of available flexibility in
capital requirements for trade finance.

7. We will ensure these resources can be used effectively to meet the needs
of emerging and developing countries. The IMF should implement rapidly its
new Flexible Credit Line for countries with strong policies and its
reformed
lending and conditionality framework. It should also double access to its
low income country facilities.

8. We have agreed a general SDR allocation of $[x] to strengthen global
liquidity.

9. The world¹s poorest are most at risk from the crisis and we are resolved
to support them. We remain committed to meeting the Millennium Development
Goals and to achieving our ODA pledges including commitments on Aid for
Trade. We are making available $[x] in social protection for the poorest
countries, alongside investing in food security, and we support the World
Bank¹s Vulnerability Financing Framework.

We call on the UN to establish an effective mechanism to monitor the impact
of the crisis on the poorest and most vulnerable. We have also asked the
IMF
to bring forward, by the Spring Meetings, proposals to use the proceeds of
agreed gold sales to support low income countries.

10. These actions together constitute the largest fiscal and monetary
stimulus, the most comprehensive support programme for the financial
sector,
and the greatest mobilisation of resources to support global financial
flows
in modern times. Our objective is that they will enable the global economy
to expand by [x] by the end of 2010. We have taken and will continue to
take
the measures necessary to deliver this outcome. We call on the IMF to
assess
regularly the actions taken and the actions required.

An open global economy

11. World trade is falling for the first time in [25 years]. We need to
sustain the benefits of globalisation and open markets, and promote trade
as
a crucial driver of growth in the world economy. Therefore:

€ we reaffirm the commitment made in Washington not to raise new barriers
to
investment or to trade in goods and services, including within existing WTO
limits, not to impose new trade restrictions, and not to create new
subsidies to exports.

We will rectify promptly any such measures. We extend this pledge for a
further 12 months;

€ we will notify promptly governments and other relevant institutions of
any
measures which have the potential to cause direct or indirect trade
distortions;

€ we will minimise any negative impact on trade and investment of our
domestic policy actions including action in support of the financial
sector.
We will not retreat into financial protectionism;

€ we commit to conduct our economic policies responsibly with regard to the
impact on other countries and to refrain from competitive devaluation of
our
currencies.

12. We call on the WTO, together with the IMF and other international
bodies
as appropriate, to report on our adherence to these undertakings on a
quarterly basis.

13. We are committed to reaching rapid agreement, on the basis of progress
already made, on modalities leading to a successful conclusion of the Doha
Round which would boost the global economy by at least $150 billion per
annum.

Reforming financial systems for the future

14. We recognise that weaknesses in the financial sector and in financial
regulation and supervision were fundamental causes of the crisis. To ensure
no such crisis occurs again we have taken, and will continue to take,
action
to build a stronger supervisory and regulatory framework for the future, in
line with the commitments we made in Washington. The financial system must
support sustainable global growth and serve the needs of business and
citizens.

15. We recognise the importance of ensuring our domestic regulatory systems
are strong. But a globalised financial system also requires much greater
consistency and systematic cooperation between countries, based on high and
internationally agreed standards. Future regulation and supervision must
promote transparency, guard against systemic risk, dampen rather than
amplify the financial and economic cycle, reduce reliance on risky sources
of financing, and discourage excessive risk-taking.

Regulators must ensure that their actions support market discipline, avoid
adverse impacts on other countries, including regulatory arbitrage, and
support competition, dynamism, and innovation in the marketplace.

16. To this end, we have taken forward the Washington Action Plan. We set
out the detailed reforms in our attached statement, ³Strengthening the
Financial System², and the updated action plan. In particular, we have
agreed:

€ to expand the Financial Stability Forum to include all G20 countries and
to reestablish it with a stronger mandate as the [Financial Stability
Board]. It will drive the development of common principles and standards of
regulation, strengthen international co-operation between regulators and
policymakers, and, together with the IMF, identify and report on the build
up of macroeconomic and financial risks;

€ to work closely and systematically, in accordance with the Financial
Stability Forum framework, to supervise cross-border institutions and to
complete the establishment of colleges of supervisors for all significant
cross-border financial firms;

€ to improve over time the quality, quantity, and international consistency
of capital in the banking system. Capital requirements should not be
strengthened until a significant and sustained economic recovery is assured
and the transition managed to ensure that the extension of credit is not
constrained. Regulation should limit leverage and require buffers of
resources to be built up in good times which banks can draw down when
conditions deteriorate;

€ to extend regulation or oversight to all financial markets, instruments,
and institutions, including hedge funds, which are individually or
collectively of systemic importance, so as to limit the risk to financial
stability from gaps in our systems;

€ to endorse the FSF¹s common principles on pay and compensation in
financial institutions. These ensure compensation structures reward actual
performance, support sustainable growth, and avoid excessive risk-taking.
We
have asked our supervisors to implement these principles;

€ to take action to identify non-cooperative jurisdictions, including tax
havens, and to stand ready to deploy sanctions to protect our public
finances and financial systems. We have today published a list of
jurisdictions that have not committed to the international standard for
exchange of information on tax. We call on the Global Forum, the FATF, and
the [Financial Stability Board] to identify, for the next meeting of our
Finance Ministers, jurisdictions not implementing the relevant
international
standards;

€ that standard setters should work with supervisors and regulators to
achieve consistency of valuation methods and a single set of accounting
standards;

€ to extend regulatory oversight and registration to Credit Rating Agencies
whose ratings are used for regulatory purposes to ensure they meet
international codes of good practice to prevent conflicts of interest.

17. We instruct our Finance Ministers to complete the implementation of
these decisions in line with the timetable set out in the action plan. We
have asked the [Financial Stability Board] and the IMF to monitor progress,
working with the FATF and the Global Forum, and to provide a report to the
next meeting of our Finance Ministers.

Reforming the International Financial Institutions for the future

18. Inclusive and sustainable globalisation requires relevant, effective,
and legitimate international financial institutions. These should provide
strengthened and independent surveillance of the world economy and of the
interaction of countries¹ economic policies, prevent and resolve crises,
and
promote growth and poverty reduction. We are agreed that their mandates and
governance must be reformed to reflect changes in the world economy.
Emerging and developing economies, including the poorest, must have greater
voice and representation. This must be accompanied by action to increase
the
credibility and accountability of the institutions through better strategic
oversight and decision making. To this end:

€ we commit to implementing the package of IMF quota and voice reforms
agreed in April 2008. In addition, we call on the IMF to launch the next
review of quotas at the 2009 Annual Meetings and commit to complete the
process of quota reform by January 2011;

€ we agree that as part of the future mandate and governance reforms a
Ministerial Council should be established to provide strategic direction to
the IMF and to increase its accountability;

€ each of us commits to candid, even-handed, and independent IMF
surveillance of our economies and financial sectors, of the impact of our
policies on others, and of risks facing the global economy;

€ we commit to implementing the package of World Bank voice reforms agreed
in October 2008. We call on the World Bank to make concrete recommendations
by the Annual Meetings on shareholding, voting, voice, and internal
governance, taking account of the development mandate of the Bank, and
guided by the principles of shared and common responsibility. These reforms
should be completed by the Spring Meetings in 2010;

€ the heads and senior staff of the IFIs should be appointed through open,
meritbased selection processes.

Building a sustainable global recovery

19. We remain resolute in the need to ensure fiscal sustainability and
price
stability and are committed to put in place exit strategies from the
necessary expansionary policies, working together to avoid unintended
impacts on others.

20. We will do everything possible to mitigate the social and environmental
impact of the crisis.

21. Strengthening labour market and social protection policies will give
real help now to those most in need, make the downturn shorter, and the
recovery stronger and more sustainable. We welcome the report of the London
Jobs Conference and the key principles it proposed2. We will support
employment by stimulating demand, investing in education and training, and
through active labour market policies. We will support disadvantaged and
vulnerable groups, including those most affected by the crisis, through
social safety nets. We call on the ILO and OECD, working with other
organisations, to assess the actions taken and those required for the
future.

22. We agreed to make the best possible use of investment funded by fiscal
stimulus programmes towards the goal of building a resilient, sustainable
and green recovery. We will make the transition towards innovative,
resource
efficient, technologies and infrastructure, and drive new low carbon
business opportunities.

We encourage the Multilateral Development Banks to contribute fully to the
achievement of this objective. We will work together to explore further
measures to promote low carbon growth and build sustainable economies.

23. We reaffirm our commitment to address the threat of irreversible
climate
change, and to reach agreement at the UN Climate Change conference in
Copenhagen in December.

Delivering our commitments

24. We agreed to meet again before the end of this year to review progress
on our commitments.