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The Yomiuri Shimbun
G-7 cooperation key to spurring stable growth of global economy
サミット開幕　安定成長促す協調が問われる

To ensure sustainable global economic growth, it is essential for the Group of Seven major countries to join hands and lead the way.
　世界経済の成長を持続させるには、先進７か国（Ｇ７）が協調して牽引けんいんすることが重要だ。

In a session of discussions about the world economy, regarded as the focal point of the G-7 Ise-Shima summit meeting, which opened Thursday, participating leaders shared the view that there are major risks due to such factors as a slowdown in emerging economies.
　主要国首脳会議（伊勢志摩サミット）が開幕した。最大の焦点だった世界経済の討議では、新興国経済の減速などを背景に、大きなリスクに直面しているとの認識で一致した。

Prime Minister Shinzo Abe, as chair of the summit, said the current situation resembles the circumstances before the 2008 global financial crisis caused by the collapse of U.S. investment bank Lehman Brothers. Abe cited concrete data indicating a slackening of investment and gross domestic product in emerging economies.
　議長の安倍首相は、新興国の投資や国内総生産が低迷している具体的なデータを基に、２００８年のリーマン・ショック前の状況に似ているとの見解を示した。

He noted, “There are risks that, if we make an error in policy response, the situation will go beyond an ordinary business cycle and enter a crisis.”
　「政策対応を誤ると、通常の景気循環を超え、危機に陥るリスクがある」とも指摘した。

Some of the G-7 leaders raised doubts about using the term “crisis” but agreed to “push resolutely for a flexible fiscal strategy and structural reform policy” in accordance with the conditions in G-7 nations.
　他の首脳からは「危機とまで言うのはどうか」という意見も出たが、各国の状況に応じて「機動的な財政戦略と構造政策を果断に進める」ことを確認した。

Abe might have gone so far as referring to the global financial shock in the aftermath of the Lehman Brothers bankruptcy because he wanted to lay the foundation for postponing the hike in the consumption tax rate to 10 percent that is scheduled for next April.
　首相がリーマン・ショックにまで言及したのは、１７年４月の消費税率引き上げを先送りするための布石なのではないか。

Abe defined financial policy, fiscal stimulus and structural reform as a G-7 version of his “three arrows” policy package. His proposal to implement all possible policy measures was approved by other G-7 leaders.
　首相は、金融政策と財政出動、構造改革の三つの政策手段をＧ７版「３本の矢」と位置づけて政策の総動員を求め、了承された。

It is an accomplishment that the G-7 leaders have agreed to implement policies according to circumstances as preemptive steps to deal with any emerging crisis.
　Ｇ７が危機発生に先手を打つ形で、臨機応変に政策対応をとる方針で合意したのは成果だ。

Boosting growth potential

The G-7 nations face the common plight of a lack of demand, which stems from individuals and businesses refraining from consumption and investment amid concern over potentially prolonged stagnation.
　先進各国では、景気の長期停滞への懸念から、個人や企業が消費や投資を控える需要不足が共通の課題となっている。

It is essential to boost growth potential through deregulation and other measures, thereby encouraging private-sector investment.
　規制緩和などで潜在成長力を上げ、民間の投資を促すことが肝心だ。

However, it will take a certain period of time before private demand rises on its own. It would be meaningful if governments flexibly and swiftly implement fiscal stimulus policy in their efforts to create demand.
ただ、民需が自律的に高まるには一定の時間がかかる。政府が機動的に財政出動し、需要の創出に努めることは意義がある。

Participating leaders pointed out, one after another, that slackening growth and the expanding income gap are factors behind the emergence of populism in the political world.
　各国首脳からは、成長の低迷や格差拡大が、政治的なポピュリズム（大衆迎合）の台頭を招く一因だとする指摘も相次いだ。

During the first-day session, the leaders agreed that establishing a society in which the middle class can have hopes for the future will require investments in “high-quality infrastructure” and fields such as education, science and technology. Steady policy implementation is called for.
　会議では、中間層が将来に期待を持てる社会にするには、「質の高いインフラ（社会基盤）」や教育、科学技術分野などへの投資が重要だとの認識で一致した。着実な政策の遂行が求められる。

Regarding the promotion of free trade, the leaders confirmed anew the need for early effectuation of the Trans-Pacific Partnership agreement, in which Japan, the United States, Canada and nine other countries are participants, and steady negotiations between Japan and the European Union over an economic partnership agreement.
　自由貿易の推進については、日米加を含む１２か国が参加する環太平洋経済連携協定（ＴＰＰ）の早期発効や、日本と欧州連合（ＥＵ）による経済連携協定の交渉を着実に進めることを再確認した。

With a presidential election set for autumn in the United States, voices in favor of protecting domestic industries have been gathering strength in that country. As this could threaten free trade, it cannot be brushed aside.
　米国では秋に大統領選を控え、国内産業を守ることを優先する保護主義的な主張が勢いを増している。自由貿易を脅かしかねず、軽視できない動きである。

We want the G-7 leaders to display leadership in moving ahead with domestic procedures, including approval of the TPP by relevant legislatures.
　Ｇ７の各首脳は、ＴＰＰの議会承認など、国内手続きの進展にも指導力を発揮してもらいたい。

(From The Yomiuri Shimbun, May 27, 2016) Speech