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Currency crisis dominates G7 talks
WASHINGTON. Sept 28 Upheaval on world currency markets exposed the limits of coordinating economic policy In Industrial countries and dis traded attention from the Third World at annual meet Ings here of the International Monetary Fund (IMF) and the World Bank, reports AFP
Crisis in the international monetary system was the k»u> of a week of debate among the Group of Seven (07) Industrialised countries and subse quentfy of the IMF. which re suited only in calls for greater cooperation
With Europe struggling to contain the worst wave of for etgn exchange speculation since floating rates were In traduced in the 1970s. the G7 was in disarray over how to consolidate and strengthen a desperately stow revival in the industrial world
Most participants here agreed on what caused the re cent monetary crisis — diver gent economic policies among major players and enormous foreign exchange transactions
exceeding the capacity ol cen tral banks to intervene
They also agreed that rmiwnli were for the moat part 111 equipped to redress existing errors of economic policy
Financial experts said many of those errors could have been avoided if European politicians had been more willing to listen to the advice of the much maligned tech not rats of the European Com mission
But solutions remain elusive largely because they depend on the United States and Ger many both looking Inward tn the midst of electing a new president and reuniting East and West. reaper lively
IMF Managing Director Michel Camdessus urged governments of Industrialised countries Thursday to resist the temptation to resort to a quick fix to solve their economic problems.
Speaking after the close of the IMF and World Bank meet Ings, he reiterated warnings
that governments were puttirM too heavy a burden on inone tary policy and not doing enough to pare thetr budget deficits
In unusually strong terms, the IMF chief - who has often reprimanded developing na lions over laxity or inadequate polk >es — urgco prompt' action by both the US and Ger many to cut their budget deficits.
Camdessus and World Bank President Lewis Preston urged International cooperation and warned that poorer countries must not be let down
Incompatible economic policies among industrialised governments are placing an undue burden on developing countries by slowing the world economy Camdessus said
Those policies arc making a successful conclusion lo the Uruguay Round of world Irwie talks viewed as essential for a full economic recovery, ruorv elusive and they risk stowing the transition to market economics In eastern Europe
With its administrative
council expanded to 24 members. including Switzerland and Russia. the IMF now truly represents a universal Institu Hon. Brunei. Cuba. Liechtenstein and North Korea remain notably absent.
But the IMF still lacks the means cither to meet the needs of its newest member countries or to exert pressure on the richest.
Major facing rifts over Maastricht
Reuter from Ix>ndon adds: British Prime Minister John Major faced growing rifts within his ruling conservative party over the Maastricht Treaty despite attempts by ministers lo rally support
Major gave hts full backing to the Maastricht plan for European Community economic, monetary and poUtkal union al an emergency session of parliament this week following the humiliating withdrawal of sterling from the EC's currency grid
But some conservative par
liamentariana have criticised the treaty pubbefy and a cabi net minister hinted strongly be believed sterling should remain outside the European Exchange Rate Mechanism (ERM)
Chancellor of the Exchequer Norman Lamont said Brl tain would rejoin the ERM when the British and German economies were more in step but. in a sign of growing dis sent. 70 Conservative MPs have signed a motion calling for Britain to stay out of the ERM
Major's government has adopted a "waltsndsec' approach to Maastricht pending a decision by Denmark on how to overcome Ito voters’ rejec-Uon of the treaty In a referen-
But a poll In the Sunday Telegraph newspaper showed opposition to Maastricht among conservative MPs at a record high. Of 89 Conaerva lives polled. 40 per cent said they would vote against the treaty