2013 Hegemony: Global Finance and Commerce

The Brazilian Central Bank has announced that the international regulatory standards will be adopted in its national financial system beginning October.

The new rules insist on banks to roughly triple the size of capital buffers they hold after each country finalises its own version.

G20 countries in 2010 agreed on Basel III rules to make sure banks had enough resources to withstand financial crises like in 2008.
… Brazil joins its BRICS partners, India, China and South Africa who have already adopted the Basel III framework of capital adequacy rules for banks…

The overseer of the [Basel III] accord, Bank for International Settlements, operates from Basel in Switzerland http://thebricspost.com/brazil-adopts-basel-iii-rules/#.Ugf2Qj-fbQM

Obama cancels Putin Meeting in Moscow amid Snowden tensions, but will attend the September 5-6 G-20 Summit.


Finance ministers and central bank governors from the Group of 20 nations will reportedly work on re-balancing their public debt ratio, while trying to reduce possible negative side effects from expansionary monetary policies.
This is said to be one of the agendas likely to be discussed at the September G20 summit scheduled to be held in Moscow.
Kim Ji-yeon reports. The G20 countries will reportedly focus on economic re-balancing of global demand and debt while coming up with an action plan to boost jobs and growth at the upcoming G20 leaders summit hosted in Moscow in September.
This is according to a copy of a joint communique obtained by Reuters from a meeting in Moscow of finance ministers and central bank governors, which ended on Saturday.
Also one senior G20 official told Reuters, developed economies are considering numerical targets to reduce their debt-to-GDP ratios in the upcoming meeting…following a pledge struck in Toronto in 2010.
But another source contradicted this sentiment saying no commitment had been made yet, according to Reuters.
The debt-to-GDP ratio of the United States last year was 72-point-6-percent, and this had jumped to 75-point-9-percent this year…according to documents obtained by the news agency. It also indicated that it is estimated to reach up to 78-point-1-percent in the year 2016.
The U.S. said it will try to reduce those numbers to 77-point-3-percent by 2017.
In the case of Germany, last year its debt-to-GDP ratio was at 81-point-9-percent.
This year the rate was reduced to 80-point-5-percent, and it is estimated to fall to 71-point-5-percent in 2016.
Germany added that it is aiming at lowering it even further to 69-percent by the year 2017.
Italy, one of the largest borrowers among developed countries, said that it borrowed 127-percent of its GDP last year and the rate will inch up further to 130-point-4-percent this year.
But it said it will reduce the debt to GDP rate to 121-point-4-percent in 2016 and even more to 117-point-3-percent in 2017.
A target was not set forward by Japan and newly emerging countries on Saturday.
Kim Ji-yeon, Arirang News.


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11 comments on “2013 Hegemony: Global Finance and Commerce
  1. RonMamita says:

    Published on Jul 21, 2013

    Jobs and growth will be the new focus of the G20 as a meeting of ministers have agreed to move away from the austerity measures championed by member states such as Germany.

    The group of finance and labour leaders and bank governors from 20 major and emerging economies had been meeting in Moscow on Friday and Saturday to map out the future fiscal plan.

    Hosts Russia said G20 policymakers had soft-pedalled on goals to cut government debt in favour of a focus on growth and how to exit central bank stimulus with a minimum of turmoil.

    “(G20) colleagues have not made the decision to take responsibility to lower the deficits and debts by 2016,” Finance Minister Anton Siluanov said.

    “Some people thought that first you need to ensure economic growth.”

    Delegates pledged to make the shift from austerity cuts to growth and job market stimulation as carefully as possible to avoid derailing volatile financial markets.

    “We do not see any revival of growth in Europe yet, and Japan – we’re keeping our fingers crossed,” said Indian Finance Minister Chidambaram Palaniappan.

    “The best case scenario for today would be for the advanced economies to get growth going. They must keep in mind the impact of their actions on the large emerging economies.”

    Escalating youth unemployment rates, which are approaching 60 percent in weaker eurozone economies such as Greece and Spain, means key G20 members, including the United States, made clear ahead of the meeting that the fight against unemployment should be at the centre of the agenda.

    Other states, like Germany, are known for wanting to keep a strict eye on fiscal discipline.

    A final draft of the meeting’s agreement, obtained by Reuters said an action plan to boost jobs and growth, while rebalancing global demand and debt, would be readied for a G20 leaders summit in September.

    Tax clampdown

    Ahead of the meeting the US Federal Reserve said it could begin cutting its quantitative easing programme, which injects $85bn into the economy via bond purchases, later this year and end the programme by mid-2014, causing panic among emerging nations.

    Washington said it would be clear about its intentions, and in return managed to ensure that the text contained no binding fiscal targets.

    The G20 also approved the action plan delivered earlier in the two-day meeting by the Organisation for Economic Cooperation and Development (OECD) to clamp down on tax avoidance.

    “We fully endorse the ambitious and comprehensive action plan submitted at the request of the G20 by OECD aimed at addressing profit erosion and profit shifting.”

    Major companies such as Starbucks and Amazon have come under criticism for avoiding paying taxes in certain countries through various legal loopholes.


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