No "one-size-fits-all" financial reform: Japanese official

10:53, June 26, 2010      

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Standard regulatory measures should not be simply applied across the board, a Japanese official told press here on Friday.

At a briefing in the international media center for the Group of 20 Summit in Toronto, spokesperson of Japanese government Kazuo Kodama said that Japan supports strengthening disciplines, and has also already introduced various and necessary measures.

"(But) we have also to be very careful not to apply standard regulatory measures simply across the board," Kodama said.

"One-size-fits-all type of reform may not be productive," he added.

Kodama declined to clarify whether Japan opposes or is in favor of European Union's proposal of collecting banking tax and financial transaction tax. But he said Japan will join the " consensus" of the G20 Toronto summit statement.

Kodama said on the issue of repairing the financial system and accelerate reforms, Japan expects progress reports from the Financial Stability Board and the Basel Committee on strengthening capital and liquidity requirements and of contributions from the financial sector on burdens associated with government interventions.

Toward a strong, sustainable and balanced growth, Kodama said, Japan recognizes the importance of striking a balance between fiscal consolidation and robust growth, while many countries call for fiscal consolidation.

"Although the world economy continues to recover faster than anticipated, it is surrounded by downside risks, such as those from the financial markets destabilized by concerns over sovereign risks, particularly, in Europe," he said.

Japan also recognizes that the policy options to achieve desirable growth will be discussed under the mutual assessment of economic policies, he added.

Leaders of the 20 developed and developing countries will gather in Toronto, Canada, on June 26-27 for their fourth summit since the global financial crisis broke out in 2008.

The summit, with the theme "Recovery and New Beginnings," will cover a wide range of topics focusing on global economic recovery in the aftermath of the financial crisis, including the restoration of financial stability, global financial regulations, and reform of international financial institutions.

However, countries differ on what priorities the summit should tackle, especially on the policies that should be taken next as the world economy continues its fragile recovery.

The G20 summit has now become a forum for developed and developing countries to discuss and jointly address global issues and Japan looks forward to playing an active role in this regard, Japanese officials said earlier this week.

At the Toronto summit, the G20 leaders should make clear their resolve to achieve an agreement in the Doha talks as early as possible in an effort to shore up the global economic recovery and resist protectionism, the officials said.

Japan looks forward to some agreements on global issues from the summit and wishes to see more cooperation between developed and developing countries in the future in tackling global economic and financial issues, the officials said.

Source: Xinhua


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