US Treasury Secretary Says Don’t Expect a Crisis Response in Shanghai

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Kamis, 07 Juli 2016

US Treasury Secretary Says Don’t Expect a Crisis Response in Shanghai

US Treasury Secretary Jacob J. Lew downplayed expectations for an emergency response to the turbulence of the global market when the group of 20 finance chiefs and central bankers gather this week in China, calling on nations to do more to stimulate demand without pursuing unfair monetary policies.

"do not expect a response to the crisis in a non-crisis environment," said Lew in an interview broadcast Wednesday with David Westin Bloomberg Television. "This is a time when you have real savings do better than the markets think in some cases. "

Policy makers of the biggest economies of the world are unlikely to make the kind of detailed national commitments to restore growth they did at the height the global financial crisis, Lew said. instead, the group, which meets in Shanghai from 26 to 27 February can put more "meat on the bones" of the principles he defended in recent years, as strengthening the commitment that nations refrain from competitive devaluations, he said.

While the world economy is not in a crisis, Lew said, "I do not think it is unreasonable to have the hope that out of this will be a more stable understanding what the future might look like. "
comments Lew discount the prospect of a coordinated agreement to boost lackluster global growth and restore confidence after a selloff in global stocks to start the year. Some analysts and investors have called for a new Plaza Accord the agreement between the major economies to weaken the dollar and stabilize the money markets 1985

potential response cloudy growth outlook and policy makers dominate the world agenda in Shanghai, according to people familiar with the negotiations. It is unlikely to produce the kind of action that emerged from the G-20 in London in April 09, when the country collectively pledged more than $ 1.1 trillion stimulus to rejuvenate a world economy so hampered.

via Bloomberg

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