기획재정부 등록일 2018-06-14
□ 기획재정부와 KDI는 6월 14일(목),
서울 신라호텔에서 「2018 G20 글로벌
금융안정 컨퍼런스」를 개최하여
ㅇ 2008년 글로벌 금융위기 이후 10년이 지난 시점에서
최근 국제금융시장 현황, 주요 위험요인 및
이에 대한 대응방안 등을 논의하였다.
ㅇ 금번 컨퍼런스에는 G20 정부 관계자,
국제기구 담당자 및 국내외 석학 등
20여명의 연사를 포함해 약 220여명이
컨퍼런스에 참석하였다.
□ 2018 G20 글로벌 금융안정 컨퍼런스에서는
황건일 기획재정부 국제경제관리관과
최정표 KDI 원장의 개회사를 시작으로
ㅇ ①글로벌 금융위기 이후 G20의 성과와 과제,
②자본흐름과 금융안전망,
③디지털 경제 시대의 자본흐름 변화
(암호화자산 논의 등 포함) 등
3개의 세션에서 발표 및 토론을 진행하였다.
Distinguished guests, ladies and gentlemen,
I bid a warm welcome to everyone
who took time out of their busy schedule
to attend the G20 Global Financial
Stability Conference 2018.
I am honoured to be standing here
before our esteemed guest speakers and audiences.
My special thanks goes to
the KDI President Jeong-Pyo Choi (정표, 최)
and Professor Barry Eichengreen(배리 아이켄그린),
who is our keynote speaker.
A decade has already passed
since the Global Financial Crisis,
and our international cooperation system
has grown strongerover
the course of addressing the crisis.
However, financial crises could evolve
into new forms in the future.
Also, the age of digitization,
broadly characterized by
hyper-intelligence and hyper-connectivity,
could induce many changes in international finance.
Against this backdrop,
I look forward to seeing today’s conference
drawing many realistic solutions
to boost international financial stability.
2 Key Risks in the International Financial Market
During the Global Financial Crisis,
individual governments’ policy efforts
and strong international cooperation of the G20
led to a way out of this unprecedented crisis.
Nevertheless,
the possibility associated with
steep monetary policy normalization
by major economies
and escalating trade conflicts
is remaining risk factors in global financial markets.
At today’s conference,
evaluating these risk factors
would be the key to finding our best ways.
There are three major risk factors
that I currently observe
in global financial markets.
First, let me begin by mentioning
the faster-than-expected
monetary policy normalization.
With the US economy maintaining its solid growth,
rising oil prices and inflation rebound
could accelerate interest rate hikes.
Such rapid rate hikes
coupled with delayed global recovery
could justify concerns over financial
unrest and economic recession.
The second risk is a broad-based conflict over trade.
The risks of trade conflicts
appear not to be resolved any time soon,
considering potential escalation of trade tensions
along with rising attention to global imbalances.
Although market sentiment anticipates a compromise
in the medium to long term,
trade tensions are unlikely to be eased,
at least in the near term.
The last risk is the financial uncertainty
experienced by some economies.
Recently, external vulnerabilities of
some emerging economies have been magnified
due to a strong dollar
and increasing US Treasury bond yields.
In the event of accelerated monetary policy
normalization, or a rapid increase in
US Treasury bond yields,
risk-aversion tendencies may grow
in the market, leading to faster capital outflows
from emerging economies.
3 Responses for Global Financial Stability
Distinguished guests!
Given the remaining risk factors in the markets,
I believe it to be highly worthwhile
to deliberate on our response strategies going forward.
I wish to mention
a number of global financial stability measures
at the country, regional and global levels.
At the country level,
economies must be equipped with
proactive monitoring systems
to promptly recognize potential risk factors
while closely communicating with markets.
It is important to create a buffer against crises,
by accumulating FX reserves, as well as
through implementing macroprudential policies
and currency swap arrangements.
At the regional level,
crisis response capacity must be enhanced
by strengthening the capability of
Regional Financial Arrangements (RFAs).
This can be achieved
by enhancing monitoring capacity of RFAs,
improving their supportive functions.
At the global level,
the IMF should continue to secure
sufficient lending resources
while closely monitoring the markets.
By doing so,
the Fund must serve the central role of
providing financing to the right place at the right time.
4 Crypto-assets and international finance
Distinguished guests,
The dawning of the age of digital economy,
such as the emergence of crypto-assets,
is signalling the possibility of a major transformation
throughout the entire global financial system.
Groundbreaking financial services
based on the blockchain technology
will surely be seen
as appealing opportunity factors.
However,
many challenges regarding
consumer and investor protection, taxation
and financial stability
will continue to pose risks at the same time.
An even-handed approach is called for,
in order to preemptively respond to various risks
and to get the best benefit of underlying technology.
5 Closing
Distinguished Guests,
I think the greatest strength of humankind
lies in our ability
to learn from our past mistakes.
The lesson from the last financial crisis
was that
we need to foresee the signs of crises
and formulate appropriate response measures.
I have no doubt that
today’s conference would provide
a fitting platform
for insightful and meaningful discussions for the future.
Once again, I would like to
extend my gratitude to everyone
for your valuable participation.
Thank you for your attention.
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