Publications
Partners
Washington - Economic chiefs of the large emerging economies
called on Europe to take action quickly to resolve its economic crisis,
saying it was hurting global growth.
"European countries need to be quick, bold and
cooperative with each other, that's what we recommend," Brazilian Finance
Minister Guido Mantega said after a meeting of the key emerging economies,
known as the Brics.
"It is in the EU where there are major problems. European
countries are delaying finding solutions," he said.
After a meeting of their finance ministers and central
bankers at the annual World Bank-IMF meetings in Washington, the Brics group -
Brazil, Russia, India, China and South Africa - said in a statement that they
recognised need for their own economic reforms to add to growth.
"The current situation requires decisive actions. We
are taking necessary steps to secure economic growth, maintain financial
stability and contain inflation," they said in a statement.
"We are also determined to speed up structural reform
to sustain strong growth," they said.
But, they said, "the immediate problem at hand is to
get growth back on track in developed countries."
"It is critical for advanced economies to adopt
responsible macroeconomic and financial policies, avoid creating excessive
global liquidity and undertake structural reforms to lift growth, create jobs
and reduce imbalances."
The group also said they would cooperate to help Europe out
of its debt problems not bilaterally but through international groupings and
institutions.
"We discussed in terms of cooperation, in terms of mutual work. We're trying to escape from words like aid, assistance and so on. We will work on the issue with the Europeans," said the Russian deputy finance minister, Sergei Strochak.
