Brussels, 09/10/2008 (Agence Europe) - Following the concerned action by the big international central banks on interest rates, financiers and central bankers from the main industrialised and emerging countries are seeking to coordinate their action a little further, during the G20 meeting on Saturday 11 October in Washington. The G20 will consist of representatives from the seven most advanced economies in the world (Germany, Canada, USA, France, United Kingdom, Italy and Japan) as well as South Africa, Saudi Arabia, Argentina, Australia, Brazil, China, South Korea, India, Indonesia, Mexico, Russia and Turkey. The EU is currently presided over by France, and will also be represented. The meeting will take place at the autumn International Monetary Fund (IMF) and World Bank sessions, where discussions will focus on IMF reform and further efforts needed to tackle the financial crises. On Wednesday, the French secretary of state for European affairs, Jean-Pierre Jouyet, again pointed out the need for the Bretton Woods institution to resume its role of world financial police man, which it has gradually abandoned since it was set up.
On Thursday 9 October, the Commission “took note” of the most recent IMF growth forecasts, revised downwards for the world economy, the previous say. Growth is expected to be around 3% in 2009. Although the US was able to obtain growth of 0.1% (1.6% in 2008) the eurozone is hardly expected to do better with a small 0.2% (1.3% this year). According to the IMF, GDP growth in Germany is expected to reach 1.8% this year but in France this will be 0.8% (0.2% in 2008). Italy is expected to experience negative growth this year (-0.1%) as well as next year (-0.2%). (A.B./transl.rh)