Quantcast

G20, IMF/World Bank meetings in Washington

Sep 24, 2011, 2:33 p.m.

"Emerging market and developing economies, which have displayed remarkable stability and growth, are also key to an effective global response....Surplus economies will continue to implement structural reforms to strengthen domestic demand, supported by continued efforts that achieve greater exchange rate flexibility."

GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE ON ERROR OF PILING UP MORE DEBT

"As far as fiscal policy is concerned, it is my conviction that a strategy built on piling up more debt will stunt rather than stimulate growth in the long run. We will err if we assume that markets will tolerate debt levels as in the past."

SCHAEUBLE ON PRIVATE SECTOR INVOLVEMENT

"The challenge to bring crisis-hit countries back on track must not be left to taxpayers alone - and not only for economic reasons. The way governments will handle the burden-sharing between its financial institutions and its citizens will determine financial markets' stability and western democracies' legitimacy with their citizens for years to come. It is for these reasons that adequate private sector involvement (PSI) has to become an integral part of our efforts to assist countries in adjusting their economic policies."

"Without a substantial contribution of financial institutions, the legitimacy of our western capitalized systems will suffer and with it the legitimacy of its financial institutions."

SCHAEUBLE ON EXCHANGE RATES

"More effort is required since many of the distortions underlying global imbalances remain in place -- including undervalued exchange rates in key emerging surplus economies and insufficient fiscal consolidation in advanced deficit economies."

"China would benefit from a rebalancing of growth toward private consumption and a broad-based appreciation of the renminbi."

GREEK FINANCE MINISTER EVANGELOS VENIZELOS

"Greece is determined to honor all its obligations. No Greek paper will ever go uncovered."

ECB GOVERNING COUNCIL MEMBER ATHANASIOS ORPHANIDES ON POSSIBILITY OF GREEK DEFAULT

"It is surreal that markets do expect a default. This cannot be, this cannot be! Such an event will only be forced by political forces, a political accident... This will actually be a catastrophic event and the Greek government is also realizing that. So if all the players involved want to avoid it, it is weird (that markets are expecting it)."

BRAZIL FINANCE MINISTER MANTEGA ON CONFIDENCE IN EUROPEANS Speaking of European officials: "They are strong and they can achieve the measures they are preparing, and I have a trust in what they are planning." Speaking of the European Central Bank: "They have the instruments enough to give the answer to the European crisis."

DIRECTOR OF THE IMF ASIA AND PACIFIC DEPARTMENT ANOOP SINGH:

"The challenge I think is to ensure overheating pressures are addressed. We see in Asia that the credit cycle is in a very advanced stage, even relative to other regions including Latin America. It's very important that this does not result in a decline in credit quality in the coming years." IMF MISSION CHIEF FOR CHINA, HONG KONG SAR NIGEL CHALK:

"We have seen, in some of the larger cities in mainland China and Hong Kong itself, pretty high valuations on property particularly relative to income. That's clearly a risk for financial stability and a risk for macro stability." Keywords: G20/

Follow Me on Pinterest
  • Print
  • E-mail

Editor's Picks

Most Recent