It is a beaming Tony Blair which allowed the heads of State and Government of the G8, yesterday at Gleneagles, Scotland, for a summit devoted priority to Africa and climate change. The victory of London for the Organization of the Olympic Games of 2012 is a trophy in addition to British Prime Minister after his third victory in the legislative and the threshold of its EU Presidency. It will be in heart strengthen its leadership by a success of the Summit of the seven richest countries (Germany, Canada, France, Italy, Japan, United Kingdom, USA) more Russia which started last night.
This morning, before talking about the thorny subject of the climate, the eight will begin by stock of places of economic conditions. Concern number one: the escalation of the price of a barrel of oil that has exceeded, these days, $ 60. The heads of State, should call for greater transparency of oil markets, inter alia, limiting the volatility of prices, renew their wish for a better dialogue with the producer countries of black gold, and encourage investment in exploration and refining.
Exchange rates should be hand raised quite briefly. For several months, the euro rose more than 1.30 at less than $ 1.20. A decline that warrants less recriminations of European industry faced weakening of the dollar and Asian currencies that are attached to it, in particular the yuan. The G8 leaders should take advantage of the arrival of Chinese President Hu Jintao to share their desire to see a revaluation of its currency. But Beijing has already said that the Chinese authorities will act at their own pace.
The importance of budget of developed countries and trade imbalances will also be a development, the United States to commit themselves to eliminate their double deficits, euro-zone to foster its growth and the Japan to improve public finances while pushing the fires of the growth.
But world trade will be the strength of this first day dish. On this point, the final communiqué of the g-8 undoubtedly mention the importance of concluding Doha round at the Hong Kong Ministerial in December. Invited to attend a "Summit ghost" yesterday G8 organized by German Marshall Fund, a "think tank", the European Commissioner for trade, Peter Mandelson, was confident that G8 mentioned explicitly, in addition to Doha, the need to progressively liberalize trade through the extension of the "everything but arms" agreement in force between the European Union and 46 African countries. This agreement, "exports of the product concerned increased by 100 in three years," said the Commissioner. Gold, to date, the Canada, the United States and the Japan are not included. Peter Mandelson, the release should devote the commitment of Europeans and their partners to eliminate term the export subsidies and to encourage priority assistance to the development of trade to poor countries. He recalled that the President of the Commission, José Manuel Barroso, announced, Tuesday, that the EU would place crossover support to infrastructure development in poor countries and ensure that they have easier access to global markets.