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G-7 statement

I need official Japanese translation.  I've got it.

G-7 Finance Ministers and Central Bank Governors
Plan of Action

Washington— The G-7 agrees today that the current situation calls for urgent and exceptional action. We commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth. We agree to:

1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.

2. Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.

3. Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.

4. Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.

5. Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary.

The actions should be taken in ways that protect taxpayers and avoid potentially damaging effects on other countries. We will use macroeconomic policy tools as necessary and appropriate. We strongly support the IMF’s critical role in assisting countries affected by this turmoil. We will accelerate full implementation of the Financial Stability Forum recommendations and we are committed to the pressing need for reform of the financial system. We will strengthen further our cooperation and work with others to accomplish this plan.

WSJ noted (underlined by me):

Among the guidelines, countries agreed to "use all available tools" to prevent systemically important financial institutions from failing; to ensure that bank deposit insurance programs are solid; to ensure that banks can raise capital from government as well as private sources "in sufficient amounts to reestablish confidence and permit them to continue lending to households and businesses;" to take steps to unfreeze credit and money markets, and ensure that financial institutions have access to liquidity.

The principles are vague enough that they could be interpreted in many ways, which for some countries may include more dramatic action such as guaranteeing bank debt, as the U.K. has already done.
More

But the G-7 decision to stick to generalities Friday raised the risk of further market chaos. Many investors and traders had been hoping for a dramatic G-7 accord, such as a concrete agreement to guarantee bank debt.

This is interesting:

Another of the principles: No country should take a step that worsens financial conditions in another country. During the 1930s, countries raised trade tariffs in a desperate effort to protect their own industries, but ended up worsening the Great Depression instead.

During the current crisis, Ireland chose to guarantee all bank deposits in an effort to reassure savers. Germany followed suit, out of concern that deposits would flow out of German banks and into Irish ones. Denmark and Greece have also agreed to cover all bank deposits, while Spain, Sweden, Italy, the U.S. and the U.K. raised their insurance caps.

I'm afraid this principle works both ways: good and/or bad.  It looks good, but it could prevent actually policy move of one country.  For example, WSJ (Oct.8) noted:

The U.K. wants to keep deposits from flowing to countries such as Ireland and Germany that have moved to guarantee all deposits. European Union finance ministers also agreed Tuesday to raise minimum deposit insurance across the bloc.

So, I wonder if the principle of not harming other country's financial condition can prevent Ireland-like unilateral policy action on the ground that the action will cause damage on U.K. That would be a topic of elementary game theory.

[Update] I got this from Reuters:

●G7の行動計画
 G7は本日、現下の状況は緊急かつ例外的な行動を必要としていることに同意する。われわれは、世界経済の成長を支えるため、金融市場を安定化させ、信用の流れを回復するために共同して作業を続けることにコミットする。われわれは以下のことに同意する。 
 1.システム上の重要性を有する金融機関を支援し、その破綻を避けるため、断固たるアクションをとり、あらゆる利用可能な手段を活用をする。 
 2.信用市場および短期金融市場の機能を回復し、銀行およびその他の金融機関が流動性と資金調達に広範なアクセスを有していることを確保するため、すべての必要な手段を講じる。 
 3.銀行やその他の主要な金融仲介機関が、信認を再構築し、家計や企業への貸し出しを継続することを可能にするに十分な量で、必要に応じ、公的資金、そして民間資金の双方により、資本を増強することができるよう確保する。 
 4.預金者がその預金の安全に対する信認を引き続き保つことができるよう、各国それぞれの預金保険・保証プログラムが頑健であり、一貫していることを確保する。 
 5.必要に応じ、モーゲージその他の証券化商品の流通市場を再開させるための行動をとる。資産の正確な評価と透明性の高い開示および質の高い会計基準の一貫した実施が必要である。
 これらの行動は、納税者を保護し、他国に潜在的な悪影響を与えないような方法で行われるべきである。われわれは、必要かつ適切な場合には、マクロ経済政策上の手段を活用する。われわれは、今回の混乱により、影響を受ける国々を支援する上で、国際通貨基金(IMF)が果たす決定的に重要な役割を強く支持する。われわれは、金融安定化フォーラム(FSF)の提言の完全な実施を加速し、金融システムの改革の差し迫った必要性にコミットする。われわれは、この計画を完遂するため、協力を一層強化し、他の国々と協働する。

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