Tags: angela | Merkel | FT | Protectionism | Greatest | Economic | Threat

Merkel Tells FT: Protectionism Is ‘Greatest’ Economic Threat

Tuesday, 09 Nov 2010 08:23 AM

Protectionism is the “greatest danger” to the world economy and nations are not taking sufficient measures to ensure “genuinely free trade,” German Chancellor Angela Merkel told the Financial Times in an interview.

Completing the Doha round of world trade talks would help address the issue and would be a move that “does not cost us much, and does not create any new debts,” Merkel said, according to the FT.

China must be persuaded with “facts and benchmarks” to set a “fair exchange rate” for the yuan instead of being criticized for its currency policy, said Merkel, who also dismissed a U.S. plan to set specific targets for maximum levels of balance of payments’ surpluses and deficits as “too narrowly conceived,” the FT reported.

Exchange rates should reflect the strength of a nation’s economy, Merkel said.

If all members of the Group of 20 leading economies agreed to implement the new Basel III bank capital rules, a “a genuine crisis prevention mechanism,” would be created, Merkel also told the FT.

Merkel does not have a “fear” for a double-dip recession in Germany, and neither for the world economy, based on International Monetary Fund forecasts, the FT also reported.

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Protectionism is the greatest danger to the world economy and nations are not taking sufficient measures to ensure genuinely free trade, German Chancellor Angela Merkel told the Financial Times in an interview.Completing the Doha round of world trade talks would help...
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2010-23-09
Tuesday, 09 Nov 2010 08:23 AM
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