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GIO Chairman proposes monitoring of global capital flows
WASHINGTON, Sept 24 : US Treasury Secretary Nicholas Brady proposed here Wednesday that the Group of 10 undertake an analysis of global capital flows, their size and their movements, to help strengthen cooperation, reports AFP.
Dally transactions In the world foreign exchange markets were now approaching one trillion dollar. Brady told the annual meetings of the International Monetary Fund(IMF) and World Bank In Washington.
This isroughiy double the total reserves of the major Industrial countries and well beyond the resources governments can bring to bear tn the markets." he added.
As chairman of the Group of 10. 1 am proposing the G10 undertake analysis of global capital flows, their size and their movements, and their
Implication for the International Monetary System."
This analysis would complement the work of the IMF. and "could serve as the basis for Group of Sevcn(G7) finance ministers to consider propos als and recommendations to fulfil the mandate of the heads of state and government to strengthen their cooperation and to Intensify their efforts to remove obstacles to growth," he added
Brady took over the chairmanship of the G IO for a year on Sunday. His proposal on Tuesday was essentially a revival of an idea first discussed within the group several months ago.
At the time, the United States was said to be reluctant to undertake such a project, but apparently the current turmoil on the foreign exchange markets helped change Washington’s mind.
The Group of 10 actually numbers 11 countries — G7 members. Britain, Canada, France, Germany. Italy, Japan and the United States, plus Belgium, the Netherlands. Sweden and Switzerland, the latest entry
Brady also reiterated that the United States did not intend to raise interest rates
"When growth occurs, the world's money ts attracted to projects which produce jobs, thereby reducing poverty and creating a higher standard of living.
"On the other hand, when interest rates remain high for whatever reason, the returns on Investment remain sterile in the banking system. The choice is clear," he added.
He noted that US rates were at their lowest level in 25 years, and that Germany had finally made its first cut in hi terest rates in five years.
The major Industrial coun tries dre committed to strengthen world growth We stand ready to lake appropri ate additional actions Io achieve sustained growth ancK greater currency stability
The industrial countries have come under strong criticism here for their (allure to belter manage their economies to achieve growth, and for allowing the current crisis In the European foreign exchange markets, with damaging effects for les* developed economies.
Brady said Tuesday that the current world economic situation "highlights the need to strengthen our .economic policy coordination efforts'
In the 198Os coordination efforts had helped reduce a wide divergence in economic policies and performance, and cronomies prospered. •