Clinton seeks to comfort market sceptics
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Your support makes all the difference.PRESIDENT CLINTON, speaking at the opening ceremonies of the International Monetary Fund (IMF) and the World Bank meetings, yesterday redoubled his efforts to convince sceptical markets that concrete steps were being taken to deal with the financial crisis,
He said: "We must take urgent steps to restore growth and confidence to the world economy. We need both an aggressive response to the current crisis and a thoughtful roadmap for the future."
The US President - following private discussions with Gordon Brown, the Chancellor, on Monday evening - signalled his support for the UK proposal for a global regulator, saying that "arrangements for the international economy" needed to be adapted. The G7 group of leading industrial nations are working together to take forward the US proposal for a new emergency fund, according to the President.
Mr Clinton said he "applauded" the report on transparency and accountability co-authored by Mervyn King, the Deputy Governor of the Bank of England. Mr King's report, along with two other reports published on Monday by G22 working groups, are to be sent to international institutions for implementation.
The President repeated key messages in the communique released after the weekend's G7 summit, particularly that all countries had to take responsibility for maintaining growth. He said: "Europe must continue to press forward with growth-orientated policies and keep their economies open."
Michel Camdessus, the embattled IMF managing director, told the meeting that the "pro-growth" stamp of the world's leading economies should lead to a "modest upturn in global growth in 1999" although he warned there remained many "downside risks".
Many bankers have expressed doubts over Mr Camdessus's management of the IMF, which is facing a funding crisis and has come under fire for programmes it implemented in Asia last year.
In his IMF/World Bank speech, Mr Clinton stressed the need for the US Congress to endorse an additional $15bn package for the IMF. "The US must - must - meet our obligations."
James Wolfensohn, the president of the World Bank, argued in his opening address that the turmoil could not be solved by short-term stabilisation. He called for reform that addressed issues of government and social justice, and pledged additional World Bank lending to support crisis-hit economies.
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