We are taking strong actions to maintain financial stability, restore confidence and support growth. In the US, President Obama has put forward a significant package to strengthen growth and employment through public investments, tax incentives, and targeted jobs measures, combined with fiscal reforms designed to restore fiscal sustainability over the medium term. Euro area countries are implementing the decisions taken on July 21 to address financial tensions, notably through the flexibilisation of the EFSF, reaffirming their inflexible determination to honor fully their own individual sovereign signatures and their commitments to sustainable fiscal conditions and structural reforms. Japan is implementing substantial fiscal measures for reconstruction from the earthquake while ensuring the commitment to medium-term fiscal consolidation.
G7 är ej heller eniga om hur finanspolitiken bör inriktas - vi ser åter en klyfta mellan Europa (åtstramning) och USA (stimulans):
Concerns over the pace and future of the recovery underscore the need for a concerted effort at a global level in support of strong, sustainable and balanced growth. We must all set out and implement ambitious and growth-friendly fiscal consolidation plans rooted within credible fiscal frameworks. Fiscal policy faces a delicate balancing act. Given the still fragile nature of the recovery, we must tread the difficult path of achieving fiscal adjustment plans while supporting economic activity, taking into account different national circumstances.
Vad gäller penningpolitiken lovar de att göra vad som krävs, vilket de förstås alltid gör. Mer likviditetsåtgärder kommer om det behövs, som om någon trodde något annat. Problemet är att banksystemen badar i kortsiktig likviditet. Det som skulle minska en hel del av Europaoron är långsiktig likviditet som t ex att ECB köper bank-obligationer, om det finns inget att läsa.
Monetary policies will maintain price stability and continue to support economic recovery. Central Banks stand ready to provide liquidity to banks as required. We will take all necessary actions to ensure the resilience of banking systems and financial markets. In this context we reaffirm our commitment to implement fully Basel III.
|Politiker - se glada ut, det kan de|
Noyer (Banque de France) sammanfattar läget perfekt:
It was really a meeting of great cohesion and force. There was a determination by everyone to meet challenges. (Källa: Reuters)