English 中文网 漫画网 爱新闻iNews 翻译论坛
中国网站品牌栏目(频道)
当前位置: Language Tips > Normal Speed News VOA常速

IMF Chief: status quo could sow seeds of next crisis

[ 2011-02-14 13:08]     字号 [] [] []  
免费订阅30天China Daily双语新闻手机报:移动用户编辑短信CD至106580009009

IMF Chief: status quo could sow seeds of next crisis

The head of the International Monetary Fund warns that another financial crisis could arise if the international monetary system is not reformed.

IMF chief Dominique Strauss-Kahn said that even though the global recovery is underway, the international monetary system still needs to be reformed.

"Global imbalances are back. Large and volatile capital flows, exchange rate pressures, rapidly growing excess reserves - all this is on the front burner once again. And, I do believe that left unresolved, these problems could even sow the seeds for the next crisis," said Strauss-Kahn.

Panelists, including Fred Bergsten, the director of the Peterson Institute for International Economics, discussed a movement toward developing regional entities that could work with the IMF to prevent future crises.

"I think it's fair to say that Europe's response to its current crisis will lead to the creation of a European Monetary Fund. It probably won't use those words to describe it, but if it walks like a dog, you know, call it a dog," said Bergsten.

Bergsten said the IMF's cooperation with Europe has been exemplary. And he added that Asia also is moving toward something akin to an Asian Monetary Fund, but at a slower pace.

Strauss-Kahn acknowledged that there has been "fair criticism" that the IMF failed to provide an early warning for the global financial crisis. In response, he said, the body has strengthened its surveillance system.

But he also defended the IMF, saying that when it does raise concerns, governments do not want to hear them because governments tend to think in the short term.

"In most cases, what we say is 'we see problems down the road,' but what is 'down the road' for the IMF is a century away on the political timeline," said Strauss-Kahn.

The IMF director also said unemployment levels remain an issue, despite the fact that the global economy is recovering. At present, he said, the United States, North Africa, Europe and elsewhere are dealing with high unemployment rates. But, Strauss-Kahn stated, this will shift in the long term.

"In 10 years or 15 years from now, the real problem of unemployment will be the tens of millions of young people coming [or] trying to come into the labor market in Asia and Latin America and part of the Middle East. So, of course, that's very far away, but we have to face this and to try to build a system that is able to address this kind of problem, too," said Strauss-Kahn.

The panel also discussed the role the IMF's own currency can play in stabilizing the world economy. The IMF's international reserve asset is called the SDR (Special Drawing Rights), and its value is based on a basket of four international currencies - the euro, Japanese yen, pound sterling and US dollar. IMF officials theorize the SDR could facilitate diversification and reduce the impact of exchange rate volatility among major currencies.

surveillance: the act of carefully watching a person suspected of a crime or a place where a crime may be committed (对犯罪嫌疑人或可能发生犯罪的地方的)监视

Related stories:

IMF 'Blind to Crisis' 国际货币基金组织受批评

International Monetary Fund debates internal reforms, global economic growth

IMF 'needs reform' to raise more funds

France's Strauss-Kahn chosen to head IMF

(来源:VOA 编辑:崔旭燕)

 
中国日报网英语点津版权说明:凡注明来源为“中国日报网英语点津:XXX(署名)”的原创作品,除与中国日报网签署英语点津内容授权协议的网站外,其他任何网站或单位未经允许不得非法盗链、转载和使用,违者必究。如需使用,请与010-84883631联系;凡本网注明“来源:XXX(非英语点津)”的作品,均转载自其它媒体,目的在于传播更多信息,其他媒体如需转载,请与稿件来源方联系,如产生任何问题与本网无关;本网所发布的歌曲、电影片段,版权归原作者所有,仅供学习与研究,如果侵权,请提供版权证明,以便尽快删除。
 

关注和订阅

人气排行

翻译服务

中国日报网翻译工作室

我们提供:媒体、文化、财经法律等专业领域的中英互译服务
电话:010-84883468
邮件:translate@chinadaily.com.cn