Emerging markets concerned about slow resolution to euro crisis — Purisima

The ongoing euro crisis is “the business of everyone,” as it affects everyone, including emerging economies where “we still have a lot of poverty to address,” said Finance Secretary Cesar Purisima.

Purisima attended the International Monetary Fund-World Bank Annual Meetings where, he said in an interview, “There were a lot of discussions about the global economy, especially [among] ministers from emerging markets who were a bit concerned that issues in Europe were not being resolved and addressed directly. We had a lot of discussions in that area.”

The Finance chief added that the IMF must be as “forceful” about the euro crisis as it was when it was confronted with the Asian financial crisis in 1997.

At the meetings, which were held from Oct. 9 to 14 in Tokyo, there was also talk about Asia and Latin America’s contributions to the global economy, with Purisima saying that improving economic ties between the two regions could be advantageous to the Philippines.

“I said that historically, the Philippines was [the] gateway of Latin America to Asia. I think that’s an opportunity for the Philippines, given that from a cultural and religious standpoint, we are close to Latin America. Maybe we can establish ourselves [again as the] gateway of Latin America to Asia,” he said. — BM, GMA News