G20, IMF reflect Argentina’s position

By Liliana Franco, from Washington DC.-

Argentina’s envoy is satisfied because, according to them, the IMF and the G20 are presenting measures that the country has applied in the past, when it was lonely and harshly criticized directly or indirectly by several countries. Economy Minister Amado Boudou highlighted in Washington the paradigm change that is being discussed in the G20 and in the IMF.

• The G20 currently is in an important instance because it is changing its paradigm related to the short-term capital flow control and the recognition of the need of growth to create work station.

• The measures applied up to now by the developed countries had managed to save the financial system, but they still have not had an impact in the growth of work stations. We have been working a lot in this and we have noticed that they have incorporated this issue.

• It was important what the head of the IMD, Dominique Strauss-Kahn, said about the fact that the growth is not worthy if it does not create work stations. It is what President Cristina de Kirchner said in Pittsburgh in 2009, when the ILO was set as the new member of the G20.

• They are listening to the positions of China, Brazil and Argentina, related to the changes proposed for a new international monetary system to continue applying measures to allow the countries to endure the crisis.

• The accumulation of Central Bank reserves and the control of risk capital were measures that two or three years ago were considered as economic heresy and are currently been analyzed to be applied to endure the crisis.