Brussels, 18/04/2011 (Agence Europe) - Meeting in Washington at the weekend, G20 finance ministers and central bankers agreed to “indicative guidelines” on measuring the macroeconomic situation of G20 countries based on indicators laid down in February 2011 (see EUROPE 10360). The guidelines lay down reference values rather than targets, using a four-pronged approach - a structural approach based on economic theory and three other approaches based on statistics. The latter three are based on information dating from 1990-2004, before the formation of huge imbalances. The figures for 2013-2015 for each country will be compared against values put forward in the guidelines.
When two approaches reveal major and persistent imbalance, the country or countries will be examined by the IMF in detail. By October 2011, the G20 money men will agree on a 2011 action plan for balanced growth, to be adopted by the G20 summit in Cannes, France, in November this year.
Commodities. On the volatility of commodity derivatives, the G20 finance summit stressed the importance of proper rules and supervision. Desiring greater transparency, the G20 invited the IOSCO (International Organisation of Securities Commissions) to deal with market abuse and manipulation, and introduce restrictions on the size of holdings. (M.B./transl.fl)