Press Release: IMF Managing Director Rodrigo de Rato's Response to U.S. Treasury Secretary's Statement on the Global Economy and Exchange Rate Policies

May 19, 2005

Mr. Rodrigo de Rato, Managing Director of the International Monetary Fund (IMF), issued the following statement today in response to U.S. Treasury Secretary John W. Snow's May 17, 2005 statement on the global economy and exchange rate policies1:

"We agree with Treasury Secretary Snow that the objectives of ensuring strong global growth and a sustainable global pattern of current account balances are a shared responsibility of nations.

"We share his assessment that meeting these objectives requires policies to increase national savings in the United States, further structural reforms in Europe and Japan to boost their growth, and financial sector reform and more flexible exchange rate systems in Asia. Indeed, these policies have been endorsed by the International Monetary and Financial Committee (IMFC) and have been a prominent feature of our recent multilateral surveillance reports and public commentary, and a key theme of our regional and bilateral surveillance.

"Our regional and bilateral surveillance are a part of the continuing and intensive efforts of the IMF to promote sustainable global economic growth. Our work program will continue to give attention to critical regional policy issues.

"In our Article IV consultations with the United States and countries in Europe and Asia over the past year, we have urged them to follow policies needed to ensure medium-term sustainable growth and to contribute to the growth and stability of the world economy. We will continue to do so in the Article IV consultations with these countries this year, including those scheduled over the next few months in the United States, Japan, China, and the Euro area.

"As U.S. Treasury Secretary Snow noted, the IMF is the central international institution for global monetary cooperation. We are committed to doing our part in encouraging countries to follow policies such that global growth remains strong and movement to a sustainable pattern of external current accounts is orderly."

1 The Managing Director issued the statement during an official visit to Chad.


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