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World Bank Chief Supports US Plan on Current Account

World Bank President Robert Zoellick said on Wednesday that a U.S. plan to consider limiting current account imbalances was a good idea.

Zoellick was speaking at an infrastructure conference organized by the World Bank and Singapore government.

U.S. Treasury Secretary Timothy Geithner has already backed away from a proposal to set targets for current account gaps but Washington may push at least for guidelines on the issue.

Germany and several other nations have criticized the plan, likely to be one of the thorny issues in focus at a summit of G-20 nations this week.

The G-20 groups Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the United States.

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World Bank President Robert Zoellick said on Wednesday that a U.S. plan to consider limiting current account imbalances was a good idea. Zoellick was speaking at an infrastructure conference organized by the World Bank and Singapore government. U.S. Treasury Secretary...
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