HIGHLIGHTS: Remarks from officials at IMF/World Bank meetings

Sat Apr 12, 2008 5:12pm EDT
 
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WASHINGTON (Reuters) - Finance ministers and central bankers from around the globe are in Washington this weekend for the Spring meetings of the International Monetary Fund and World Bank.

Following are highlights from comments made on Saturday.

International Monetary Fund Managing Director Dominique Strauss-Kahn at a news conference:

"I certainly share what has been written in the (G7) communique."

UK finance minister Alistair Darling in an interview with Reuters:

"The announcement by the Bank of England this week that it is cutting interest rates will reduce pressure and I hope banks and building societies will pass that on."

"What I am saying to the banks is we have helped them. ... Therefore it is time to ensure that the banks themselves help both individual businesses and mortgage holders by ensuring they pass on these interest rate reductions."

Communique from the IMF's International Monetary and Financial Committee:

"The challenges facing the world economy are of a global nature, requiring strong action and close cooperation among the membership."

"Risks to the outlook come from the still unfolding events in financial markets and from the potential worsening of housing and credit cycles. Inflationary risks -- notably from higher food, energy, and other commodity prices -- have also risen."

Japanese Finance Minister Fukushiro Nukaga in statement to the IMF steering committee:

"Overshooting frequently occurs in financial markets, and we have not yet found definite answers on an appropriate policy response capable of preventing its negative effects,

French Economy Minister Christine Lagarde to reporters after meeting with U.S. Treasury Secretary Henry Paulson:

"The markets will tell us if it is enough," she said of the G7's language on currencies. Lagarde said the first two quarters appeared pretty somber for the U.S. economy, but that U.S. authorities were hoping for a rebound at the end of the year or early next year.

Bank of Italy Governor Mario Draghi, head of the Financial Stability Forum, at briefing on FSF report:

"We call them, with a gentle word, recommendations. Some of them are (actually) policy decisions."  Continued...

 

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