Los Cabos as a declaration

The “Big Twenty” summit in the Mexican resort of Los Kabos ended with the adoption of the final communique, which states that “the participants will take the necessary measures to diagnose economic growth and financial stabilization in order to create worthy jobs for all their citizens.” As for the countries of the eurozone, they undertake to do everything to stabilize a single currency, contrary to the pessimism of financial markets.

But these are declarations, in reality, observers, German Chancellor Merkel and its allies did not make concessions to those who demand from the European Central Bank to undertake credit expansion in order to accelerate the growth and increase the employment or issue of pan -European bonds that could facilitate the debt burden of problematic countries in the south of Europe. There are no so far among the members of the Eurozone and the consent regarding the recapitalization of banks or the establishment of a new unified procedure for bank deposits insurance.

President Obama met at a summit with the leaders of Germany, France, Italy, Spain and Great Britain and expressed concern to the lack of decisive steps of Europe to overcome the credit and budget crisis. According to commentators, in the Obama administration there is an opinion that the inability of Europeans to take effective anti -crisis measures prevents healing and the American economy and thereby worsen the president’s chances of re -election.

The presence of serious disagreements in the European camp was emphasized by the joke that made a lot of noise at the summit of the British Prime Minister Cameron that he would laid out the carpet in front of French firms that would want to leave the country if President Hollande fulfills his election promise to increase taxes on the rich.

““ Big Twenty ”can play a constructive role in a truly crisis situation, this is the purpose of it,” said the expert of the Institute of World Economy named after Peterson Jacob Kirkegaard . - If the severity of the crisis, as now, is not felt equally, then there is no need to wait for breakthrough decisions. The participants only once had a sense of general danger, at the 2009 London summit, which fell on the peak of the current economic recession.

At the same time, Kirkegaard indicates the benefits of a number of bilateral contacts that took place in Los Cabos-the meeting of Obama and Putin or Obama with the leaders of Mexico and Canada, according to which it was announced that these countries are joining the forum of the Asia and Pacific Cooperation.

“Another positive result of the meeting,” says Jacob Kirkegaard , “was the consent of the leaders of developing countries-China, Brazil, India, Russia, the South African Republic-to increase its contributions to the International Monetary Fund, which plays a noticeable role in stabilization of the situation in the eurozone. In return, they apparently gave assurances that in the next round of revision of quotas in the IMF, they would receive additional votes in the leadership of the organization in full accordance with the changed balance of power in the world economic arena.

According to analysts, important decisions on the eurozone should not be expected from the summit in Mexico, but from the upcoming meeting of the European Council, which will consider the changes in the conditions for the provision of credit to Athens, the integration of European banks, as well as, in the long term, creating mechanisms for coordinating the budget and naval policy of the participating countries.