1. Transcript of a Press Briefing with Christine Lagarde
Tokyo, JapanSaturday, November 12, 2011
2. Il Piano FMI per l'Italia
Maurizio Molinari – La Stampa
Transcript of a Press Briefing with Christine Lagarde
Tokyo, JapanSaturday, November 12, 2011
Stralcio dell'ultima parte dell'intervista
(…..) QUESTIONER: I have two questions. First, do you think that the yen is in line with the medium term fundamentals of the Japanese economy? Secondly, during your meeting with Mr. Azumi, Finance Minister, did you asked any additional bilateral contributions from Japan to the IMF?
MS. LAGARDE: One of you asked a question about the additional support needed for Italy. I think it has to be clear that each of the European countries currently under a program with the IMF, whether it’s Ireland, Portugal, Greece – it is a different situation. They face different difficulties. The economic chemistry is different as well. So I would not want you to go away after this press conference assuming that each and every region of Europe, as you called them, is the same. Each one has different patterns, and each program has to be tailor made.
In the case of Italy, there is no program in place. And if the financing of Italian debt has clearly reached rates that are difficult to sustain in the long run, they have also just recently been lowered as a result of political expected stability and credibility. And I think that those are two key factors – that clarity and credibility which is much need in Italy – that will have an impact on the way in which the Italian economy responds. The second impact that will be needed will be the proper, expedited, solid implementation of the program and reforms that have just been decided by the Italian two houses of parliament. And if that happens, and if the agreement entered among members of the euro zone on October 26-27 are implemented dutifully, then clearly the situation will be clarified and should be improved significantly. But it is going to be a matter of steady, solid, sustained implementation of measures which are sometimes difficult.
That brings me to the second point, of the potential success of what you called the austerity plans. In a currency zone such as the euro zone, for some of the countries to support others, it is going to be very much a question of joint interest and burden sharing. It is in the interest of all members of a currency zone that there is economic stability, that there is economic discipline within the zone. And it is a matter of burden sharing, which is why it is important that each member of the zone complies with the rules, and when the rules have not been respected, or when the thresholds have been exploded, that action be taken to restore the situation.
In the case of Greece, for instance, when at the time, the growth and austerity pact called for deficit not to exceed 3% and public debt not to exceed 60%, the deficit numbers were more than triple those thresholds. So austerity measures decide by Greece are necessary for its own economy, but it is also a factor of sharing the burden of what needs to be done within a currency zone.
As far as currencies are concerned, we do not take a short-term view at the IMF. We take a much longer-term view, and we assess whether currencies are generally in line with the fundamentals of the economy. And I don’t comment on short-term up or down appreciation or under-appreciation of a particular currency.
Did I ask my former colleague, Minister of Finance Azumi for an additional bilateral loan? If I had, I would not tell you, because it would be for him to say so, and second, as I said I think that the adequately current resources of the Fund are adequate at the moment. I know equally that I can rely on my major shareholders, particularly Japan, the second largest shareholder, to be up to the task, if the task were to increase the resources of the IMF.
Okay? Thank you very much to all of you. And thank you for having warmly welcomed me to Tokyo and to Japan; it is a real pleasure to be back in your country. Thank you.
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