二十国集团与国际货币体系改革

International Monetary System Reform under the G20 Framework: Achievements and Difficulties

作为国际经济合作的首要平台,二十国集团在推动国际货币体系改革进程中发挥了积极的作用,通过塑造成员国之间较为广泛的共识,达成国际金融机构改革承诺及出台和实施较为具体的金融监管改革方案。但由于国际货币体系改革的核心议题地位不够持久、承诺兑现水平低下、改革共识流于表面以及美国对国际金融的控制权及其国内的激烈博弈等原因,改革议程的推进面临着重大困难,如储备货币体系改革停滞不前、对美国拖延执行国际货币基金组织改革无能为力、《巴塞尔协议Ⅲ》落实进度不一等。为使G20成为推进国际货币体系改革的有效平台,应将国际货币体系改革作为G20的持续性核心议题之一,在保持G20非正式性的同时充分利用正式机构的强制力,分阶段达成对国际货币体系改革方案的"实质共识",并加强G20成员之间的利益协调。

As the principal forum for international economic cooperation, the Group of 20(G20) has made significant achievements in the process of international monetary system(IMS) reform. G20 members have reached a broad consensus regarding the necessity to reform the current international reserve currency system and its exchange rate arrangement. They have also committed themselves to reforming the international financial organizations, and adopted a series of specific reforms to enhance financial supervision and regulation. However, there are still obstacles in the reform process, such as the slow progress of the reserve currency system reform, the U.S.'s reluctance to ratify the IMF 2010 reform, and the varied devotion of different Basel Accords signatories to implement Basel III. The main reasons are in four strands. Firstly, subject to the presidency's preference in agenda setting, the issue on IMS reform is not always a core priority. Secondly, as an informal regime, G20 has a weak binding force in following the agreed commitments. Thirdly, G20 members have only reached an ostensible consensus on IMS reform. And lastly, the U.S. is reluctant to abandon its dominance of international financial affairs. To become an effective forum for promoting IMS reform, G20 should set it as a lasting priority, keep its overall framework flexible but strengthen its institutionalization via international organizations, call on its members to build a substantive consensus on IMS reform step by step, and enhance coordination among G20 members.