Zeno
04-24-2004, 01:07 PM
Below is a partial excerpt from a AP news report from the Seattle Times:
Discussing the global economy, the G-7 said in a joint statement that "prospects are favorable, and although risks remain, such as energy prices, overall the balance of risks to the outlook has improved."
The G-7 statement was issued after discussions Friday and Saturday that were led by Treasury Secretary John Snow and Federal Reserve Chairman Alan Greenspan.
Those discussions were a prelude to broader talks at the spring meetings Saturday and into Sunday of the 184-nation International Monetary Fund and World Bank. The meeting was under heavy security at the headquarters buildings of the two institutions only blocks from the White House.
This year's meetings were being held against the backdrop of a global economy that is expected to benefit from the fastest growth in 2004 and 2005 that the world has seen in a decade, according to the latest IMF forecast.
However, the IMF also cautioned that this bright prospect could be derailed if oil prices spike even higher or if the unstable security situation in Iraq begins to weaken consumer and business confidence in financial markets around the world.
The G-7 nations papered over differences they have over how best to promote stronger economic growth. The joint statement alluded to the need for "additional pro-growth reform" in the areas of taxes and labor markets.
The Bush administration resisted criticism from other countries that America's soaring trade and federal budget deficits represented a major threat to future global prosperity because they run the risk of pushing interest rates higher.
Snow said that the administration has a credible plan to cut the budget deficit in half over the next five years. He said the answer to America's trade deficit was for other countries, particularly in Europe, to grow faster and provide stronger markets for U.S. exports.
On the matter of currency rates, the G-7 finance officials repeated the language they adopted at their last meeting in Boca Raton, Fla., - that "excessive volatility and disorderly movements" in exchange rates was not desirable but that in some cases "more flexibility" was needed, a reference to China.
The United States has been campaigning to get China to stop linking its currency, the yuan, tightly to the U.S. dollar, a policy that American manufacturers contend greatly undervalues the Chinese currency and gives Chinese companies a huge competitive advantage over U.S. products.
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Any Comments. Especially about the last paragraph or anything else.
-Zeno
Discussing the global economy, the G-7 said in a joint statement that "prospects are favorable, and although risks remain, such as energy prices, overall the balance of risks to the outlook has improved."
The G-7 statement was issued after discussions Friday and Saturday that were led by Treasury Secretary John Snow and Federal Reserve Chairman Alan Greenspan.
Those discussions were a prelude to broader talks at the spring meetings Saturday and into Sunday of the 184-nation International Monetary Fund and World Bank. The meeting was under heavy security at the headquarters buildings of the two institutions only blocks from the White House.
This year's meetings were being held against the backdrop of a global economy that is expected to benefit from the fastest growth in 2004 and 2005 that the world has seen in a decade, according to the latest IMF forecast.
However, the IMF also cautioned that this bright prospect could be derailed if oil prices spike even higher or if the unstable security situation in Iraq begins to weaken consumer and business confidence in financial markets around the world.
The G-7 nations papered over differences they have over how best to promote stronger economic growth. The joint statement alluded to the need for "additional pro-growth reform" in the areas of taxes and labor markets.
The Bush administration resisted criticism from other countries that America's soaring trade and federal budget deficits represented a major threat to future global prosperity because they run the risk of pushing interest rates higher.
Snow said that the administration has a credible plan to cut the budget deficit in half over the next five years. He said the answer to America's trade deficit was for other countries, particularly in Europe, to grow faster and provide stronger markets for U.S. exports.
On the matter of currency rates, the G-7 finance officials repeated the language they adopted at their last meeting in Boca Raton, Fla., - that "excessive volatility and disorderly movements" in exchange rates was not desirable but that in some cases "more flexibility" was needed, a reference to China.
The United States has been campaigning to get China to stop linking its currency, the yuan, tightly to the U.S. dollar, a policy that American manufacturers contend greatly undervalues the Chinese currency and gives Chinese companies a huge competitive advantage over U.S. products.
************************************************** *
Any Comments. Especially about the last paragraph or anything else.
-Zeno