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Interview: Currency Protectionism Could Threaten Fragile Global Recovery
Source: worldbank.org
Source Date: Tuesday, October 19, 2010
Focus: Institution and HR Management
Created: Oct 24, 2010

In an interview with Nikkei Weekly, World Bank President Robert Zoellick said, “… ‘At the present moment, we need to make sure that tensions over currencies don't become a derailment in the economic recovery. Similarly, we don't want tensions over currencies to lead to protectionism that derails the economic recovery. So in thinking about the currency issue, it's important to think about the short-term aspects – the need to manage this with care so as not to undermine a recovery….

At a time of fragility in the economic recovery, it's important for all countries to try to work on [foreign exchange] issues in a way that doesn't create dangers to the recovery, doesn't create a danger to the optimism, doesn't create anxiety in the markets that governments are going to be in a trade conflict or a currency conflict. That will undermine confidence, and confidence in the private sector is important to a private sector recovery….

It's a G20 economy, not a G7 economy…. That does pose a challenge. Whether it be climate change or trade or currency, emerging countries understand that they're part of this larger system. But as they're still poor, they may not want to assume some of the roles the developed countries would like them to play….” [Nikkei Weekly (Japan)]
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