ＩＭＦ世銀総会 世界経済の減速に懸念高まる

The Yomiuri Shimbun (Oct. 16, 2012)
Fears mounting over global economic slowdown
ＩＭＦ世銀総会　世界経済の減速に懸念高まる（10月14日付・読売社説）

The slowdown of the global economy due to the protracted European debt crisis is becoming increasingly conspicuous. Countries around the world must work together to stop a negative chain reaction.
　欧州危機の長期化で、世界経済の減速が鮮明になってきた。各国が協調して「負の連鎖」を食い止めねばならない。

The annual meetings of the International Monetary Fund and the World Bank were held in Tokyo for the first time in 48 years, with 188 countries taking part. The meetings were a good opportunity for Japan to demonstrate its recovery from the devastation caused by the Great East Japan Earthquake and subsequent tsunami in March 2011.
　１８８か国が参加した国際通貨基金（ＩＭＦ）・世界銀行総会が、東京で４８年ぶりに開かれた。日本にとっては、東日本大震災からの復興をアピールする機会となったと言える。

A focus of attention at the annual meetings was how the world economy can overcome the challenges it faces.
　総会の主要議題は、世界経済の試練をどう乗り切るかだった。

In its global economic forecast, the IMF has revised downward the 2012 growth rate of the world's real gross domestic product to 3.3 percent, 0.2 percentage point lower than its projection in July.
　ＩＭＦが発表した世界経済見通しは、２０１２年の実質国内総生産（ＧＤＰ）の伸び率を３・３％増と予測し、７月時点から０・２ポイント下方修正した。

Countries in the eurozone have failed to extricate themselves from their negative growth patterns due to the fiscal and banking crises they are facing. The harmful effects are spreading to the rest of the world. The economic slowdown in China, India, Brazil and other emerging countries has become more pronounced.
　財政・金融危機でユーロ圏はマイナス成長から抜け出せず、世界に悪影響を広げている。世界経済を牽引(けんいん)してきた中国、インド、ブラジルなど新興国の景気減速も目立ち始めた。

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Uncertainty on rise

It was a matter of course for IMF Managing Director Christine Lagarde to warn at a press conference ahead of the annual meetings that the "level of uncertainty" weighing down global economic growth was increasing.
　ＩＭＦのラガルド専務理事が、「不確実性が高まっている」と危機感を示したのは当然だろう。

Terminating this vicious cycle of global economic malaise is not easy. A major challenge is to determine how to achieve fiscal rehabilitation and economic growth at the same time.
　世界経済の悪循環を断ち切るのは容易ではない。財政再建と成長を両立させる方策が問われる。

Attention should be focused first on how to resolve the European crisis, the root cause for the global economic downturn.
　まず、震源地の欧州危機をいかに収束させるかが焦点だ。

We highly regard the European Central Bank's decision to buy the bonds of fiscally troubled countries and the eurozone's launching of the European Stability Mechanism on Oct. 8 as a new permanent safety net for banks.
　欧州中央銀行が財政危機国の国債購入策を決め、ユーロ圏が恒久的な金融安全網である欧州安定メカニズム（ＥＳＭ）を８日に発足させたことは評価できる。

Spain, a focal point of the fiscal crisis, is still hesitant in asking assistance from the ESM, and its government bond rating has been downgraded by two levels. Greece, meanwhile, has called on its creditors to extend its fiscal reform deadline by two years. The request has not yet been granted due to Germany's opposition and other factors.
　しかし、焦点のスペインは支援要請を躊躇(ちゅうちょ)しており、国債格付けが２段階引き下げられた。ギリシャが財政再建達成の２年先延ばしを求めている問題は、ドイツの反対などで未決着だ。

If appropriate countermeasures are not taken promptly, the crisis will become even worse again. Based on a series of points made in Tokyo, the eurozone countries should take quick action to contain the spread of credit uncertainty. They also need to realize fiscal integration as soon as possible.
　またしても対応が遅れれば、事態は一段と深刻化する。東京で相次いだ指摘を踏まえ、欧州各国は迅速に行動し、信用不安の拡大を封じ込めるべきだ。財政統合も急ぐ必要がある。

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End friction with China

It is feared in the United States that drastic cuts in federal spending--the so-called fiscal cliff--will be made early next year. We hope both the ruling and opposition parties in the United States take appropriate measures to deal with this immediately after the U.S. presidential election.
　米国では来年初めに、「財政の崖」と呼ばれる急激な財政引き締めが起きることが懸念される。与野党は大統領選後、速やかに事態打開を目指してもらいたい。

Japan is on the brink of entering an economic downturn due to the slowdown of economies abroad and the superstrong yen. The country will be required to take additional measures to stimulate the economy and to get out of deflation.
　海外経済の減速や超円高で景気後退局面入りの瀬戸際にある日本も、景気テコ入れとデフレ脱却を図る追加策が求められよう。

Lagarde criticized China for not sending its finance minister and central bank officials to the IMF-World Bank annual meetings because of Beijing's confrontation with Tokyo over the Senkaku Islands in Okinawa Prefecture. We think her remark was important as it emphasized the necessity of normalizing Japan-China relations at an early date.
　尖閣諸島を巡る日本との対立を背景に財務相らのＩＭＦ・世銀総会出席を見合わせた中国を、ラガルド専務理事が批判した。日中関係の早期正常化の必要性を強調した発言は重要である。

Protracted deterioration of bilateral ties will also damage the global economy. Beijing will not benefit if such confusion applies downward pressure on the Chinese economy.
　関係悪化が長期化すれば世界経済に打撃を与える。そうした混乱が中国景気を冷やすことは、中国にも得策ではないはずだ。

(From The Yomiuri Shimbun, Oct. 14, 2012)
（2012年10月14日02時03分 読売新聞）