HERZILIYA, Israel (Reuters) – International Monetary Fund Managing Director Dominique Strauss-Kahn on Sunday urged the United States, Britain and other countries to cooperate on new policies and regulations in the wake of the financial crisis.
He told the annual Herziliya Conference that at the onset of the crisis, world leaders were “scared” and agreed to work together to end the crisis. But now, countries are formulating policies on their own.
“That doesn’t work. The lesson of co-operation is still necessary,” Strauss-Kahn said, citing U.S. President Barack Obama’s plans to curb activities at major banks, particularly betting in financial markets with their own money.
“It is absolutely impossible to get out of the crisis without global solutions,” he said. “I am not sure that’s the route on which we are.”
He also said Britain was also committed to pressing ahead with financial regulations.
The global economic recovery is recovering faster than expected, leading the IMF to revise its growth estimates higher. But growth is being led by Asia and emerging markets, Strauss-Kahn said, noting that growth in West was being fueled largely by public spending, .
“Until private demand is strong, it is difficult to talk about a real strong recovery,” he said.
Still, Strauss-Kahn cautioned against countries unwinding stimulus measures aimed at combating the downturn. Exiting too late can lead to higher debt but exiting too early may increase the risk of a double-dip recession, he said.
Such a case would pose large problems since policymakers have already used all their tools, he said.
Also, it wasn’t yet clear who would replace the decline in U.S. consumer spending. Strauss-Kahn said that emerging market countries would not be able to compensate for lower U.S. spending as consumers have started to save more.
Strauss-Kahn praised Israel’s response to the crisis, saying the government and central bank reacted quickly with policies that limited the impact of the crisis.
(Editing by Bernard Orr
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
