5 new economies loom in debt deal

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5 new economies loom in debt deal

The finance ministers and central bank governors of the Group of Seven countries are not in the limelight for this year’s meetings of the International Monetary Fund and the World Bank in Washington. Instead, in the spotlight are officials from the BRICS nations, a term for Brazil, Russia, India, China and South Africa. They are expected to be aggressive in offering support to tame the financial woes now boiling in the euro zone.

Finance ministers of the five countries met on Thursday in Washington, one day before the IMF-IBRD meetings, to discuss ways to complement efforts to help financially troubled European countries by purchasing bonds or providing other funding.

Hopes had been low that the BRICS nations would be able to speak with one voice and support Europe. They had been reluctant to offer financial help without strings attached, but the atmosphere cleared recently when China’s Commerce Ministry said it would have no preconditions for China’s help to the European economy.

One major step that China seeks is acceptance as a market economy. International trade rules allow differential treatment of centrally planned economies in such areas as protective tariffs and retaliation for selling goods internationally below cost, and Chinese officials have berated Europe for categorizing it as a planned economy.

Beijing decoupled the two issues. “Recognizing China’s market economy status and supporting Europe to help tackle its debt crisis are two different things,” said Shen Danyang, the Chinese ministry’s spokesperson. “China usually does not set preconditions when offering a hand to others. We only want respect for our sincere help.”

China faces its own problems domestically, in particular trying to control rising inflation. Concerns about the global economy have grown recently, however, especially after Standard and Poor’s downgraded Italy’s sovereign debt rating. Italy is the European Union’s third-largest economy. A continuation of problems in Europe could deal a heavy blow to Chinese exports.

Brazil, one of the world’s fastest-growing economies, has proposed a specific resolution to the European debt crisis. It will suggest during the G20 finance ministers’ meeting Friday in Washington that the BRICS nations buy several tens of billions of dollars worth of European bonds through the IMF.

Yesterday, Korea and the World Bank agreed to strengthen their work to help developing countries pursue green growth, the ministry said. A memorandum of understanding signed by World Bank President Robert Zoellic and Finance Minister Bahk Jae-wan said Korea will launch a “Korea Green Growth Partnership Trust Fund” and commit $40 million to the fund over the next four years.


By Lee Eun-joo, Kang Nam-gyu [angie@joongang.co.kr]


한글 관련 기사 [연합뉴스]

브릭스 "IMF 등 국제기구 통해 유로위기 지원"

신흥대국 그룹인 브릭스(BRICs)는 22일(현지시간) 국제통화기금(IMF)과 다른 국제기구를 통해 유로 재정위기 해결을 도울 준비가 돼 있다고 밝혔다.

브라질, 러시아, 인도, 중국, 남아프리카 공화국 등 브릭스 국가 재무장관들은 이날 워싱턴에서 열린 'IMFㆍ세계은행그룹(WBG) 합동 연차총회'에 참석, 별도 모임을 가진 후 성명을 통해 "금융 안정에 대한 현재의 과제를 해결하기 위해 필요할 경우 IMF 또는 다른 국제 금융기구를 통해 지원하는 방안을 고려중"이라고 밝혔다.

이들은 국가별로 구체적으로 어떤 지원을 제공할지에 대해서는 언급하지 않았다.

기도 만테가 브라질 재무장관은 "유럽 국가들은 신속하고 대담해야 하며, 서로 공조할 것을 권고한다"며 "주요한 문제들은 유럽에 있지만 유럽 국가들은 해결책 찾기를 미루고 있다"고 지적했다.

공동성명에서도 "현재의 상황은 단호한 행동을 요구하고 있다"며 "우리는 경제성장과 금융 안정을 유지하고 인플레이션을 억제하기 위해 적절한 조치들을 취하고 있다"고 밝혔다.

이들은 또 "강한 성장을 지속하기 위해 구조개혁에 박차를 가해야 한다"고 말했다.

그러면서 "당면한 문제는 선진국들의 성장을 정상궤도에 다시 올리는 것"이라며 "선진국가들이 과도한 글로벌 유동성을 피하고, 구조개혁을 추진하기 위해 책임있는 거시경제정책과 금융정책을 채택하는 것이 중요한 시점"이라고 말했다.

BRICs 국가들은 유로 재정위기 해결을 위해 양자 차원의 직접 지원은 논의하지 않았다고 밝혔다.

세르게이 토르착 러시아 재무차관은 "우리는 상호 협력, 공조라는 관점에서 논의를 했고, 원조나 지원과 같은 단어를 사용하지 않으려 한다"고 말했다.

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