-
improve communication channels,
information flow, and coordination between domestic and foreign regulators and
policymakers;
-
continue the ongoing
international harmonization and alignment of financial reporting standards,
corporate governance, and best practices.
12 The
severity of the global financial crisis and ensuing Global Recession, the
effects and repercussions of which are still being acutely felt by advanced
countries, gave rise to a growing movement towards macro-prudential
regulations, greater transparency and oversight, and active monitoring and
management of systemic risk, with higher liquidity requirements and a more
restricted role for leverage. Nevertheless, despite these positive steps, the
great deleveraging and growing disintermediation of the
13 In
the past, accumulated currency reserves were often passively held by some
emerging countries as an insurance policy for times of distress. Today, given
significantly diminished reliance on external debt for funding and vastly
improved debt profiles, many emerging market central banks have become more
active in managing reserves, for the purpose of judiciously providing market
liquidity as, when, and where required and reducing exchange rate volatility.
The latter, as a major determinant of local yields, carries significant
implications for domestic price-, market-, and financial-system stabilities.
14 As
such and in light of these new macroeconomic realities as well as past and
recent experience, reserve formation and prudent management, with clear and
responsible objectives and guidelines and appropriate frameworks, today have at
least supporting roles to play in the prevention and mitigation of crises, especially
as part of coordinative efforts. Recently, emerging market central banks have
begun to establish direct, cross-currency swap lines in yet another indication
of growing concerns about and diversification away from the US dollar and other
major advanced reserve currencies. Deeper liquidity in and the potential coming
of age of local currency bond markets, the increasing growth and importance of
intra-emerging trade, greater intra-emerging collaboration and policy
coordination, and generally lower net financing costs ("negative carry") of
reserves, all suggest a potential for the growing use of local currency bonds
as reservable assets by emerging central banks as part of future reserves
management, with positive implications for domestic growth.
15 Despite
significant exchange rate adjustments since the global recession in 2009,
current account imbalances remain an ongoing, long-term problem for the
assurance of sustainable growth of the global economy. Greater efforts must be
made towards internal rebalancing, by encouraging and promoting savings in
deficit countries, and finding new, innovative, productive, and equitable
solutions to meet the investment needs of surplus countries.
16 We
vigorously urge and strive for the reduction of social inequality for all
children, women and men, by enhancing social safety nets, tirelessly providing
for the welfare and well-being of our citizenry during good and bad times,
assisting in the promotion of their personal growth and development so they can
lead happy, healthy, fulfilling, productive, and enriched lives.
17 Education
is a key driving factor of individual, social, and economic development and
growth. We uphold that it constitutes a basic human need and fundamental right,
and acknowledge and affirm our responsibilities and engagement to provide the
best possible education for our peoples, so that individuals and society as a
whole may enjoy the benefits productivity, with higher quality jobs and income,
as well as extensive, positive externalities.
18 Similarly,
we strongly and actively support, encourage, and promote collaborative
scientific research, as a means of fostering innovative solutions to long-term
problems. The significant productivity gains derived from potentially
revolutionary technological advances, in addition to enormous positive
externalities, constitute not only tremendous economic benefits, but also
significant advancement of human knowledge and achievement.
19 Finally,
scientific observations and evidence corroborating global warming imperatively
impose pressing challenges on humanity. Past neglect of the negative
externalities bore out of environmentally-abusive economic and business
practices must be immediately rectified, and we call for a commitment for
greater research into "greener" practices and technologies, and increased
efforts in formulating practical, effective, and sustainable adaptation
strategies, in particular with regards to pragmatic applicability for emerging
and developing countries.
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