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G-20 Summit cannot help EU out of debt crisis

By Li Xuejiang (People's Daily Online)

17:06, February 24, 2012

Lida Preyma:

Lida Preyma, director, capital markets research. With more than 15 years of experience in the Canadian capital markets, Lida Preyma is the Director of Capital Markets Research at the G20 Research Group — the world’s leading organization dedicated to analyzing and researching the G20 based at the Munk School of Global Affairs at Trinity College in the University of Toronto. She is also the Director of Trade Policy Research for its companion organization the G8 Research Group, and has attended many G8/G20 summits starting with the G8 Evian Summit in 2003.

The G-20 finance ministers and central bank governors will meet this weekend in Mexico City to talk about the European debt crisis, and make preparation for the G-20 Summit in June.

Our Canada-based staff reporter, Li Xuejiang, have made an exclusive interview with a renowned expert on G-8 and G-20, Lida Preyma, the director of Capital Markets Research Group, University of Toronto, Canada.

Li Xuejiang: What would be the main objective of this G-20 Summit?

Preyma: Mexico’s president Felipe Calderon outlined his priorities for the June G20 Summit in December. They include improving economic stability and structural reform for growth and employment, strengthening the financial systems, and procuring financial inclusion for economic growth, improving the international financial architecture in an interconnected global economy, mitigating the negative effects on the price and volatility of commodities, in particular those affecting food security, and promoting sustainable development with a focus on infrastructure, energy efficiency, green growth and financing the fight against climate change.

Calderon emphasized the role of global imbalances in wreaking havoc on the financial system: from trade to macroeconomic imbalances within countries. He spoke of the importance of the IMF as a tool in the current crisis. He blamed speculation for the current rising commodity prices and therefore also food prices. This priority in particular will lead to more regulation in commodities markets.

The upcoming finance ministers and central bank governors meeting this weekend in Mexico City will be mainly about solving the European debt crisis – with whom, how much and through which mechanism aid can come from (the IMF or a combined ESM and EFSF). They will also be focusing on shadow banking.

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Canada at 2012-02-2570.36.49.*
What ironclad guarantee is there that the IMF wouldn"t forgive all or part of any loan China gave to the IMF?

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