Communiqué of the Thirty-First Meeting of the IMFC
国际货币与金融委员会第三十一次会议公报
Chaired by Mr. Agustín Carstens, Governor of the Bank of Mexico
会议由墨西哥银行行长奥古斯丁·卡斯滕斯先生主持
April 18, 2015
2015年4月18日
The Committee expresses its deep appreciation to Deputy Prime Minister Tharman for his service and guidance as IMFC Chairman during challenging times. It welcomes Governor Agustín Carstens as the new Chairman.
国际货币与金融委员会对尚达曼副总理在充满挑战的时期作为委员会主席开展的工作和提供的指导深表感谢，并欢迎奥古斯丁·卡斯滕斯行长担任新主席。
Global economy. The global recovery continues, although growth remains moderate with uneven prospects. Growth is projected to strengthen in advanced economies, reflecting a solid recovery in some and improved prospects in others. In emerging market countries, which still account for the bulk of global growth, economic activity is softening in some cases, reflecting lower commodity prices and exports, and country-specific factors. In many cases, adjustment and consolidation processes are taking place. Growth in low-income developing countries is expected to slow but remains solid. Lower oil prices are having a net positive global impact, although effects vary across countries. Risks still persist. Large shifts in exchange rates and asset prices, protracted below-target inflation in some economies, financial stability concerns, high public debt, and geopolitical tensions call for vigilance. The possibility of lower potential growth is becoming a more relevant challenge over the medium term. Global imbalances are reduced from previous years but a further rebalancing of demand is still needed.
全球经济。全球经济继续复苏，但增长依然温和，且前景不均衡。发达经济体的增长预计将加强，在一些经济体，这反映了坚实的复苏，在另一些经济体，则反映了前景的改善。新兴市场国家仍对全球增长起主要作用，但受大宗商品价格下跌、出口下降和国家特有因素的影响，一些经济体的增长正在减缓。许多经济体正在实施调整和整顿。低收入发展中国家的增长预计将放缓，但仍将保持强劲。总的来看，石油价格下跌对全球经济产生了积极影响，但这种影响在不同国家有所不同。风险持续存在，包括汇率和资产价格的大幅变动，一些经济体的通胀长期低于目标水平，金融稳定问题，高额公共债务，以及地缘政治紧张局势。因此，必须保持警觉。从中期看，潜在增长率可能下降已成为一项更为重大的挑战。全球失衡比过去几年有所减轻，但仍有必要进一步促进需求的再平衡。
Policies to promote strong, balanced, and sustainable growth. We are committed to take further measures to lift actual and potential growth, and support our goal of a more robust, balanced, and job-rich global economy. For this we must bolster confidence and strengthen demand effectively, by pursuing a mix of macroeconomic policies that seek to achieve the urgent need to promote growth, while preserving fiscal sustainability and financial stability, and accelerating the design and implementation of structural reforms. Productive and efficiently executed public and private investment, particularly in infrastructure, is important for supporting the recovery and lifting potential growth.
促进强劲、均衡和可持续增长的政策。我们承诺将采取进一步措施，提高实际和潜在增长率，促进实现更为强劲、均衡和有利于就业的全球经济的目标。为此，我们必须实施既能满足促进增长的紧迫需要、又能维护财政可持续性和金融稳定性的宏观经济政策组合，并加快设计和实施结构性改革，以此有效提振信心和增加需求。高效实施的生产性公共和私人投资，特别是基础设施投资，对于支持复苏和提高潜在增长率非常重要。
Fiscal policy. We will continue to implement our fiscal policies flexibly, as appropriate, to support growth and job creation, while placing debt as a share of GDP on a sustainable path. Formulation and implementation of concrete medium-term fiscal consolidation plans remains crucial in many advanced economies. We will consider ways to improve the composition of public expenditures and revenues to enhance their growth impact and strengthen fiscal frameworks to reduce risks. Lower oil prices provide an opportunity to reform inefficient energy subsidies and energy taxes, as needed, while strengthening targeted social safety nets.
财政政策。我们将继续灵活地实施恰当的财政政策，以支持经济增长和就业创造，同时，使债务对GDP比率走上可持续路径。在许多发达经济体，制定和实施具体的中期财政整顿计划仍然至关重要。我们将考虑如何改善公共支出和收入的构成，以加强其对经济增长的影响，并增强财政框架，以降低风险。石油价格下跌提供了一个机遇，使各国能够对低效的能源补贴和能源税收实施必要的改革，同时加强有针对性的社会安全网。
Monetary policy. Monetary accommodation should be maintained where appropriate, consistent with central bank mandates. We are mindful of financial stability risks. In many advanced economies, enhancing policy transmission requires continuing to address debt overhangs and impaired balance sheets. Careful calibration and effective communication of policy normalization is needed to attenuate adverse spillovers and spillbacks in the context of asynchronous monetary policies in major advanced economies. In emerging market economies, adequate policy buffers can help address volatility in financial markets. Macroeconomic policies need to be sound, and in that regard, exchange rates should be allowed to respond to changing fundamentals and to facilitate external adjustment. When dealing with risks from large and volatile capital flows, necessary macroeconomic policy adjustment could be supported by macro-prudential and, as appropriate, capital flow management measures.
货币政策。应根据中央银行的职能，在适当时保持宽松的货币政策。我们关注金融稳定风险。在许多发达经济体，为加强政策传导，必须继续解决债务积压和资产负债表受损问题。在主要发达经济体货币政策不同步的背景下，有必要对政策正常化过程做出谨慎调整和有效沟通，以减轻不利的溢出效应和回溢效应。在新兴市场经济体，充分的政策缓冲有助于解决金融市场波动问题。应实施稳健的宏观经济政策，为此，应允许汇率随经济基本面的变化而变动并促进外部调整。为了应对大规模、波动不定的资本流动带来的风险，各国在实施必要的宏观经济调整的同时，可采取宏观审慎措施，适当时还可采取资本流动管理措施。
Financial sector policies. Safeguarding financial stability through well-designed micro- and macro-prudential policy measures remains a priority to contain excesses, prevent financial crises, and thereby support sustainable growth. It remains essential that financial institutions resolve legacy problems from the global financial crisis and, together with asset managers, are robust to market liquidity risks. Global financial regulatory reforms should be completed and implemented promptly and consistently, and further developed as necessary. We strongly support the Financial Stability Board’s work program and the role of the IMF.
金融部门政策。通过设计完善的微观和宏观审慎政策措施维护金融稳定，这对于控制过剩现象、防范金融危机，从而支持可持续增长依然至关重要。金融机构必须解决全球金融危机的遗留问题，并且，与资产管理机构一道，稳健抵御市场流动性风险。应完成全球金融监管改革，迅速、一致地加以落实，并在必要时进一步发展。我们积极支持金融稳定委员会的工作计划和基金组织所起的作用。
Structural reforms. Structural reforms are critical to boost business confidence, investment, and job creation, particularly for the youth, and achieve sustainable and more inclusive growth, mostly by enhancing total factor productivity, through a stronger role of women in the economy, and better education and training. Priorities include product and labor market reforms, deepening financial markets, boosting the quality of labor supply and employment, improving governance, combating corruption, and tackling inequality. Trade reforms could also complement and reinforce other reforms.
结构性改革。结构性改革对于提升商业信心、扩大投资、促进就业（特别是年轻人就业）、实现可持续和更加包容的经济增长至关重要，这主要是通过提高妇女在经济中的作用以及改善教育和培训，从而提高全要素生产率来实现。优先任务包括实施产品和劳动力市场改革、深化金融市场、提高劳动力供给质量和促进就业、改善治理、打击腐败以及解决不平等问题。贸易改革也能对其他改革起到补充和强化作用。
A new multilateralism for a sustainable future. Collective efforts to strengthen the international monetary system (IMS) and facilitate further integration of dynamic emerging market economies should be renewed. We look forward to the IMF’s work on the challenges facing the IMS, and on the upcoming SDR basket review. The international community is seeking to build a new global framework for sustainable development through 2030 and beyond. We look forward to active IMF contributions to this process in the areas of its mandate, including identifying steps to boost macro-financial resilience, increase revenue mobilization, help tackle infrastructure gaps, enhance capacity building, and promote inclusive growth. Furthermore, we ask the IMF to assist in addressing the diverse challenges faced by the poorest, fragile, and conflict-affected states, and we look forward to the upcoming review of IMF engagement with fragile and conflict-affected members. The IMF should make more effective use of its existing lending framework and consider adjustments to its lending policies while maintaining the self-sustainability of the PRGT. We ask the IMF, in close cooperation with the World Bank, to contribute actively for positive outcomes of the Addis Ababa Conference on Financing for Development, the New York Summit on Post-2015 Sustainable Development Goals, and the Conference of Parties 21 (COP 21) in Paris.
为了可持续的未来实行新多边主义。应重新推动集体努力，增强国际货币体系，促进充满活力的新兴市场经济体的进一步融合。我们期待着基金组织就国际货币体系面临的挑战以及即将开始的特别提款权篮子检查开展工作。国际社会正致力于为2030年之前及之后的可持续发展建立新的全球框架。我们期待着基金组织在其职能领域为这一进程做出积极贡献，包括确定有关步骤增强宏观金融抗风险能力，加强收入调动，帮助解决基础设施缺口，加强能力建设，以及促进包容性增长。此外，我们要求基金组织协助应对最贫穷、脆弱、受冲突影响的国家面临的不同挑战。我们期待着即将开始的对基金组织在脆弱和受冲突影响成员国所开展工作的检查。基金组织应更有效地运用其现有贷款框架，并考虑调整其贷款政策，同时维持减贫与增长信托的自我持续性。我们要求基金组织在与世界银行密切合作的基础上积极努力，为亚的斯亚贝巴发展融资会议、2015年后可持续发展目标纽约峰会以及巴黎第 21 届联合国气候变化大会取得积极成果做出贡献。
IMF lending, surveillance, and capacity building. We ask the IMF to continue to stand ready to provide financial support, including on a precautionary basis, for appropriate adjustments and reforms and to help protect against risks, and to ensure the adequacy of its lending instruments. We welcome continued work by the IMF in the areas of its mandate, ensuring international financial stability and monetary cooperation, assessing cross-border spillovers and the impact of asynchronous monetary policies, examining the link between monetary policy and financial stability, strengthening fiscal frameworks, deepening macro-financial analysis, and analyzing issues concerning international taxation. We welcome the IMF’s recent work on macroeconomic issues in small developing states and encourage its use to strengthen engagement with these members. We look forward to the implementation of the recommendations of the Triennial Surveillance Review, completion of the follow-up crisis program review, work on macro-critical structural reforms, continued work on sovereign debt issues so as to enhance the orderliness and predictability of the debt restructuring process, and implementation of the new debt limits policy. We recognize the valuable role that the IMF plays in providing capacity building to its members.
基金组织贷款、监督和能力建设。我们要求基金组织继续随时准备为适当的调整和改革提供资金支持（包括在预防性基础上）和协助防范风险，并确保其贷款工具的充分性。我们欢迎基金组织在其职能领域继续开展工作，确保国际金融稳定和货币合作，评估跨境溢出效应和不同步货币政策的影响，分析货币政策与金融稳定之间的联系，加强财政框架，深化宏观金融分析，并研究与国际征税有关的问题。我们欢迎基金组织最近就小型发展中国家宏观经济问题开展的研究，并鼓励利用这些研究加强对这些成员国的工作。我们期待着基金组织落实三年期监督检查的建议、完成危机规划后续检查、就具有宏观重要性的结构性改革开展工作、继续分析主权债务问题以提高债务重组过程的有序性和可预见性，并落实新的债务限额政策。我们认识到基金组织在成员国能力建设方面发挥的宝贵作用。
Catastrophe Containment and Relief Trust. We strongly welcome the IMF’s rapid creation of the Catastrophe Containment and Relief (CCR) Trust, the assistance provided to Ebola-affected countries, and the generous commitments to the Trust by a number of countries, including through transfers of bilateral contributions from the MDRI-II Trust. We look forward to additional contributions to enable the CCR Trust to provide similar support in the future to our poorest and most vulnerable members.
控灾和减灾信托。我们热烈欢迎基金组织迅速设立控灾和减灾（CCR）信托、向受埃博拉疫情影响的国家提供援助，以及若干国家慷慨承诺对该信托捐资（包括通过多边减债倡议二号信托双边捐款的转移）。我们期待着该信托获得更多捐资，以便使其今后能够向我们最贫穷和最脆弱的成员国提供类似支持。
Governance. We remain deeply disappointed with the continued delay in progressing the 2010 IMF Quota and Governance Reforms. Recognizing the importance of these reforms for the credibility, legitimacy, and effectiveness of the IMF, we reaffirm that their earliest implementation remains our highest priority. We continue to urge the United States to ratify the 2010 reforms as soon as possible. Mindful of the aims of the 2010 reforms, we call on the IMF Executive Board to pursue an interim solution that will meaningfully converge quota shares as soon as and to the extent possible to the levels agreed under the 14th Review. We will use the 14th Review as a basis for work on the 15th Review of Quotas, including a new quota formula. We reaffirm our commitment to maintaining a strong, well-resourced, and quota-based IMF.
治理。我们对2010年基金组织份额和治理改革的一再延迟仍旧深感失望。我们认识到这些改革对于基金组织的可信性、合法性和有效性非常重要，因此重申尽早落实这些改革仍是我们工作的重中之重。我们继续敦促美国尽快批准2010年改革。考虑到2010年改革的目标，我们要求基金组织执董会采取过渡方案，有意义地将份额比重尽快和尽最大程度地调整到第十四次份额检查商定的水平。我们将用第十四次检查作为第十五次检查（包括制定新的份额公式）的工作基础。我们重申，我们将致力于保持一个强健、资源充足、以份额为基础的基金组织。
Next IMFC meeting. Our next meeting will be held in Lima, Peru on October 9-10, 2015.
国际货币与金融委员会的下一次会议。我们的下一次会议将于2015年10月9～10日在秘鲁利马举行。
来源：IMF
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