Don’t go it alone says IMF chief
Finance ministers from the G7 group of wealthy nations prepare to meet in Washington today.
Friday, 10.10.2008.
10:46
Finance ministers from the G7 group of wealthy nations prepare to meet in Washington today. Meanwhile, the IMF chief has issued a stark warning to countries taking unilateral action to fight the financial crisis. Don’t go it alone says IMF chief Dominique Strauss-Kahn urged countries to act quickly, forcefully and cooperatively to combat the global downturn. ‘‘There is no need for a collective fund. Everyone can act for their country provided that when acting, any decision are made in agreement with others,” he said. “For example, the Irish have recently decided to give a guarantee to depositors. That is, we must give a guarantee to investors. But it must be the same everywhere else. Guaranteed money leaves a country to go to the place where it seems best assured. Instead of solving problems, it only aggravates the problems of its neighbor.’‘ The warning comes after another turbulent week on the world markets. The UK government pledged a further EUR 500bn for British banks. The Dutch government is preparing to inject EUR 20bn of funding to prop up financial institutions such as Fortis. The President of the World Bank Robert Zoellick is calling for a new order in the way the world’s finances are run. He says the current world leadership structure is ill-equipped to deal with the global crisis. He wants the G7 group to be doubled in size to include rising powers such as Saudi Arabia, Russia, China, Brazil, India, Mexico and South Africa.
Don’t go it alone says IMF chief
Dominique Strauss-Kahn urged countries to act quickly, forcefully and cooperatively to combat the global downturn.‘‘There is no need for a collective fund. Everyone can act for their country provided that when acting, any decision are made in agreement with others,” he said.
“For example, the Irish have recently decided to give a guarantee to depositors. That is, we must give a guarantee to investors. But it must be the same everywhere else. Guaranteed money leaves a country to go to the place where it seems best assured. Instead of solving problems, it only aggravates the problems of its neighbor.’‘
The warning comes after another turbulent week on the world markets.
The UK government pledged a further EUR 500bn for British banks.
The Dutch government is preparing to inject EUR 20bn of funding to prop up financial institutions such as Fortis.
The President of the World Bank Robert Zoellick is calling for a new order in the way the world’s finances are run. He says the current world leadership structure is ill-equipped to deal with the global crisis.
He wants the G7 group to be doubled in size to include rising powers such as Saudi Arabia, Russia, China, Brazil, India, Mexico and South Africa.
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