The Managing Director of the International Monetary Fund Mr. Johannes Witteveen warned a worldbanking conference?
The Managing Director of the International Monetary Fund Mr. Johannes Witteveen warned a worldbanking conference in London, United Kingdom, on Tuesday (January 15th) that the world monetary system will shortly be place under very great ???. Only a high degree of international co-operation, he said, could ave???ious economic consequen???.
Mr. Witteveen said that the main reasons were the sharp increase in oil prices and an inevitable world trading recession. He added that the crisis was aggravated by the transitional state of the world monetary system. He expressed the hope that this week's ministerial conference in Rome would make some progress on monetary reform. Mr. Witteveen said that new methods would be needed to cope with the enormous deficits some countries would run as a result of increased oil prices. He stressed that the best method was co-operation and not cut-threat competition.