Gist of draft discussion papers for next July’s G-8 summit
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TOKYO, Dec. 26 — The following is the gist of draft discussion papers for the Group of Eight leaders’ summit to be held next July in Hokkaido.
– Global economic growth will be solid, but risks to the outlook are firmly on the downside.
– Uneven conditions in financial markets sparked by the U.S. subprime woes are likely to persist for some time.
– Securitization and financial innovation have exposed their shortcomings in areas such as liquidity and use of credit rating agencies.
– Surging oil prices are causing inflationary pressures.
– Persistent large global imbalances still remain a significant downside risk.
– Soaring raw material prices negatively affect different markets.
– Compilation of data on base metals could be key to stabilizing volatile metal prices.
– A lack of transparency in new types of investors such as sovereign wealth funds has sparked risks of protectionism in developed nations.
Filed by Catherine Tsalikis under Other