Marcó del Pont dismisses IMF's warning on overheating economies

Central Bank Governor Mercedes Marcó del Pont dismissed the IMF’s warning on the risk of overheating economies in developing countries.

“In Argentina the increase in consumption is linked to the recovery of wages, jobs growth and the redistribution of income,” Marcó del Pont said in Washington, where she is participating in the IMF’s and World Bank’s assembly.

“We don’t have a consumption bubble triggered by the entrance of short term capital, like there was in other countries, because we have the right regulation for those kind of funds. The expansion of credit in Argentina, unlike what happened in other countries in which the crisis was originated in, has the support of the recovery of income and of jobs,” Marcó del Pont stated.

The Central Bank Governor met with her Brazilian, Mexican, Chilean, Peruvian and Colombian counterparts. During the meeting, the officials evaluated the international financial situation and analyzed the behaviour of capital flow. They agreed to face a regular monitoring of the global crisis development and do it in a coordinating way between all the regional Central Banks.