Geithner called for the IMF to monitor new investment bubbles
Oct 6th, 2009 | By admin | Category: Main NewsU.S. Treasury Secretary Timothy Geithner urged the International Monetary Fund to ensure the strict observation of the new opportunities in the investment market bubbles and keep the monetary policy of countries in accordance with the objectives to restore equilibrium in the global economy.
In remarks prepared for the report at the summit of the IMF and World Bank, Geithner noted that IMF assistance is needed in monitoring the economic and monetary policies of countries belonging to the group of G20.
For the IMF, which means that strict monitoring should help us shed light on trends that could lead to the next unsustainable boom in the global economy - said Geitner. - A new strategy for the G20 a strong, sustainable and balanced growth , the IMF should provide a prospective analysis of whether the country's major economic policies, including policies that support the exchange rate, consistent with the G20 .
Geithner also urged to accelerate the reform of quotas and votes in the IMF. We urge the IMF to provide scenarios of how the medium term can be implemented redistribution of quotas - the U.S. diplomat said the minister. - G20 leaders agreed on a 5-percentage redistribution of quotas in the IMF in the direction of increasing the share of developing countries. Now, all attention should be paid to the implementation this agreement.
Addressing the World Bank, Geithner called for him to concentrate on the three programs for the transformation to a new model of the world economy: agriculture and ensuring product safety, environmental protection and transition to green energy technologies.
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