Japan Calls for “Greater Efforts” from Europe
January 23rd, 2012
Before attending the G20 meeting to be held in Mexico over the weekend, Japan reiterated the need for Europe to make its “best efforts” to resolve the debt crisis in the eurozone.
“As we have said many times, Japan is prepared to support European efforts to stabilise the financial markets, including the loans from the International Monetary Fund (IMF),” said an official source at the Kyodo agency.
In the two day meeting, the deputy ministers of finance and central banks’ representatives of the G-20 discussed the expansion of IMF resources to address global challenges, and the debt crisis in the eurozone.
Japan is expected to agree to cooperate in the expansion of IMF funds to aid in the European debt crisis, as long as community leaders make sufficient efforts to tackle the problem by themselves, the source said.
The financial institution, based in Washington, said that $500,000 million in additional loan resources needs to be gathered in order to tackle the growing global challenges, especially the European debt crisis.
Japan, the country with the second largest share of representation in the institution after the United States, “has not made any specific commitment” to assist in expanding the IMF, said the source, who requested anonymity.
According to Cinco Dias, last Thursday in Tokyo, finance ministers of the United Kingdom, George Osborne, and Japan, Jun Azumi, urged European leaders to make greater efforts to solve the fiscal problems in the eurozone.
In the G20 summit held in November in Cannes, France, the IMF was strengthened after the authorisation of the launch of a new line of credit, the increase of its supervisory authority and the expansion of its resources without preset limits.
The G-20, consisting of the G8, the European Union, Saudi Arabia, Argentina, Australia, Brazil, China, South Korea, India, Indonesia, Mexico, South Africa and Turkey, was established in 1999 to promote dialogue on issues such as economic growth and stability of the financial system.
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