"The General Assembly notes the initiative of the
Government of
The Astana Declaration
World Anti-Crisis Conference
Preamble
The
Global Economy is currently facing a major set of new challenges, and remains
under considerable distress amid continued concerns about sovereign debt
sustainability and financial system fragilities. The uncertainty stemming from
the euro crisis and questions regarding the effectiveness of certain policy
measures, such as the rounds of quantitative easing, underpin growing unease
about the quality and strength of the current recovery and future economic
growth and financial stability.
Persistently
low growth in the leading nations implies prolonged stress in the global
financial system and advanced economies. Indeed, the knock-on effects on
growth, employment, income distribution, poverty and social cohesion have been
profound and deep despite various policy measures in place. The umbrella term
"global crisis", however, conceals a great deal of heterogeneity. The crisis
did not occur everywhere: some countries were at the epicenter, while others
merely felt its spillover effects.
Wherever
one stands on the origin of the crisis, the model of debt-driven, highly
leveraged growth appears unsustainable. This is the most challenging task we
face: how to achieve and maintain inclusive, sustainable, and balanced growth
through greater international cooperation, trade, and investments, while
ensuring global and national financial system stability, minimizing
vulnerability to exogenous shocks and internal credit bubbles, through
appropriate, open, integrated, transparent, predictable, and responsible
regulation, oversight, and systemic risk management. This is the task we set
forth for our Anti-crisis conference.
The
Anti-Crisis Conference highlighted the considerable challenges facing the
international community. We, the conference participants, stressed significant
shortcomings to address the on-going crises in the Eurozone,
On
adjustment in the Eurozone, we remain concerned that substantial policy efforts
and considerable institutional adjustments have not led to an expected
recovery. The Eurozone suffers a fundamental confidence crisis that risks
undermining the foundations of the European project itself. Mounting
inter-Eurozone economic divergence raises doubts about the effectiveness of
common economic policies while uncertainty remains what alternative policies
would be feasible in the current international economic environment. Policies
need to be sought that restore confidence in the viability of the Eurozone.
On
monetary policy and financial stability, we urge clarification on the
sustainability and possible adverse consequences of current unprecedented
monetary expansion of key international currencies. This is seen as critical to
ensure that the measures translate into a robust recovery in affected
countries. Clarity is also needed on possible exchange rate effects the
measures produce and whether greater cooperation is required to avert
disorderly exchange rate adjustments. We also seek a reassessment of whether
financial restructuring has been sufficient to establish greater financial
stability.
On
global capital markets, we see that capital markets remain disproportionately
dominated by a relatively narrow set of financial assets. The increasing
integration of emerging markets into international currencies and capital
markets is seen as essential to bring greater stability and broaden the
financial resources of the international economy. We urge to support measures
to bring about a true globalisation of currencies and capital markets.
On
the new global financial architecture, we emphasise that existing institutional
arrangements need to be reassessed as to whether they remain sufficient and
sufficiently adaptable to support effectively international cooperation.
On
the new realities of the global economy, we stressed that proper understanding
is required of the permanent effects of high levels of indebtedness,
demographics and the expansion of
On
the fragmentation and divergence in the global economy, we urge clarification
on the advantages and disadvantages of financial markets disintermediation and
inter-country economic performance differences.
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