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US slowdown on G7 agenda |
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February 17, 2001
Asia and Europe must themselves contribute to economic expansion instead of relying on the US to provide growth, Washington's new Treasury Secretary Paul O'Neill said. I can go into my office and look at my machine and find out what's going on right now in London. I don't need to go to Palermo to find out G7 ministers are expected to discuss the slowdown in the US and attention will be likely to focus on what Japan and Europe can do to ensure the world economy remains on track. "The world must not rely on the United States as the engine of global growth," Mr O'Neill said. "Europe and Japan must tackle challenges in their economies to help contribute to global expansion and a reduction in external imbalances." The meeting in Palermo will be the first bilateral meeting between O'Neill and Kiyazawa It is believed Mr O'Neill made the comments as a counter offensive to anticipated suggestions from G7 partners that the US do more to get its trade deficit under control and to do more to persuade Americans to save more money. In Palermo, Japanese Finance Minister Kiichi Miyazawa will hold his first bilateral meeting with Paul O'Neill. The Japanese minister is expected to come under pressure to ease concerns about the slowdown in the world's second biggest economy. Mr O'Neill has already called on Japan to improve its production of goods and services in order to spur economic growth. "The question of how Japan rises to a higher level of real growth is how Japan can, at the goods and service producing level [better combine] its resources," Paul O Neill said. Some speculation exists that Europe could come under pressure to lower interest rates, following recent rates cuts in the US and Japan. Courtesy: BBC |