US taper should be ‘wake-up call’

Comment on this story


111us_flag

.

Sydney - The OECD Friday said the winding down of US monetary stimulus should be a “wake-up call” for emerging economies to accelerate reforms, but Indonesia and South Africa stepped up criticism of the Federal Reserve heading into G20 talks.

Countries including Indonesia, South Africa, Argentina, Turkey and India have suffered sharp capital outflows and losses to their currencies as a by-product of the Fed's “taper” Ä the easing back of its mammoth stimulus programme.

The Organisation for Economic Cooperation and Development, which largely comprises richer countries, said the move was inevitable as the US economy perks up Ä and emerging economies should have begun preparing months ago.

“This is not about the tapering issue, the tapering was predictable, it was inevitable and desirable, because it signals normality,” OECD chief Angel Gurria said in Sydney.

“The question really is, is tapering what is causing the turbulence?

“Who are the ones that are suffering the most? The ones that had high current account deficits, the guys who still had reforms on their homework.

“What are we saying? That it is a signal, it's a wake-up call, it's a sputnik moment if you will Ä accelerate reforms.”

Indonesian Finance Minister Muhamad Chatib Basri admitted the Fed's “quantitative easing” had to eventually end. But he said this weekend's G20 meeting of finance ministers and central bankers in Sydney must produce certainty about where the US policy is heading.

“I do understand the normal world is the world without QE, so emerging markets should be ready for a world without QE,” he told the Australian Broadcasting Corporation.

“But I think when we move from one equilibrium into another equilibrium, it is very important to continue to communicate to discuss about the roadmap so that we in the emerging markets can prepare.

“I think it is not just Indonesia,” he added.

“Other emerging markets including India, including South Africa, including Brazil also raised this same issue of the need for coordination.”

New Fed chief Janet Yellen is attending her first G20 as Ben Bernanke's successor, not long after her inaugural testimony to Congress painted a steady-as-she-goes course for Fed policy.

This includes the wind-down of the post-2008 policies that flooded capital markets with cheap cash, with the monthly stimulus reduced by $10 billion to $65 billion and further “measured” reductions at future meetings as long as the US recovery persists.

Yellen said in the February 12 testimony that the Fed was keeping a close eye on market volatility, but offered little sympathy for the plight of emerging economies.

On Thursday, IMF chief Christine Lagarde cautioned the US to be “mindful” of the impact of its stimulus exit on major developing players, although she also said that emerging economies should “mind the shop at home”.

South African Finance Minister Pravin Gordhan is not attending the G20 as he prepares to introduce his 2014 budget. But ahead of the Sydney meeting, he said his delegation would press the case for more communication.

“South Africa will use the meeting to encourage the global economic community to return to more cooperation and coordination through the G20,” a statement from Gordhan's office said.

“Our delegation will draw attention to the need for greater care in ensuring clear and consistent communication of policy actions by the very large economies.

“Recent events have demonstrated how financial markets, as one of the channels through which the interconnectivity of global economies takes place, can affect stability in emerging economies.”

On Thursday, British finance minister George Osborne demanded emerging economies get their own houses in order and refrain from “finger-pointing and distractions”, setting the scene for some testy exchanges in Sydney.

Australian Treasurer Joe Hockey said he expected some “robust discussion in the room, which we welcome”.

In a pre-G20 report, the OECD buttressed Hockey's call for debate on fundamental structural reforms around the world. It warned that declining global productivity risks ushering in a new and extended era of low growth without such reforms. - Sapa-AFP


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks
Enkellopende
I'm a 42 year old woman looking to meet men between the ages of 35 and 43.
View Profile
FoXyLaDy444
I'm a 56 year old woman looking to meet men between the ages of 50 and 65.
View Profile
Authenticity1425
I'm a 39 year old woman looking to meet men between the ages of 34 and 47.
View Profile
capenewbie
I'm a 33 year old woman looking to meet men between the ages of 25 and 45.
View Profile
ContagiousLaughter
I'm a 41 year old woman looking to meet men between the ages of 36 and 44.
View Profile
Crispy990
I'm a 24 year old woman looking to meet men between the ages of 24 and 35.
View Profile
RobzMolecule
I'm a 24 year old woman looking to meet men between the ages of 22 and 30.
View Profile
Angdt
I'm a 21 year old woman looking to meet men between the ages of 23 and 30.
View Profile
chloeeeee
I'm a 44 year old woman looking to meet men between the ages of 35 and 52.
View Profile
Lady_101
I'm a 31 year old woman looking to meet men between the ages of 28 and 38.
View Profile
Bastet_11
I'm a 43 year old woman looking to meet men between the ages of 45 and 48.
View Profile
TuffLove
I'm a 34 year old woman looking to meet men between the ages of 35 and 45.
View Profile
optimistic_36
I'm a 37 year old woman looking to meet men between the ages of 32 and 46.
View Profile
GypseyTraveller
I'm a 54 year old woman looking to meet men between the ages of 50 and 58.
View Profile
Sale_0084
I'm a 58 year old woman looking to meet men between the ages of 55 and 65.
View Profile
Okidoki_63
I'm a 51 year old woman looking to meet men between the ages of 45 and 60.
View Profile
FootballCrazy
I'm a 42 year old woman looking to meet men between the ages of 39 and 50.
View Profile
Sonskyn83
I'm a 31 year old woman looking to meet men between the ages of 30 and 40.
View Profile
Bluebell531
I'm a 46 year old woman looking to meet men between the ages of 40 and 60.
View Profile
0044MJM
I'm a 49 year old woman looking to meet men between the ages of 48 and 61.
View Profile
Kelbels0201
I'm a 34 year old woman looking to meet men between the ages of 35 and 42.
View Profile
Vuurvliegie1974
I'm a 40 year old woman looking to meet men between the ages of 39 and 47.
View Profile
JustChat76
I'm a 38 year old woman looking to meet men between the ages of 35 and 45.
View Profile
LielaZ
I'm a 27 year old woman looking to meet men between the ages of 28 and 35.
View Profile
oceanlover111
I'm a 47 year old woman looking to meet men between the ages of 43 and 53.
View Profile
Warmsmilewarmheart
I'm a 47 year old woman looking to meet men between the ages of 45 and 55.
View Profile
JanieL
I'm a 24 year old woman looking to meet men between the ages of 25 and 32.
View Profile
opsoek23
I'm a 23 year old woman looking to meet men between the ages of 25 and 34.
View Profile
Smurfette
I'm a 36 year old woman looking to meet men between the ages of 25 and 45.
View Profile
MissMoneypenny_13
I'm a 28 year old woman looking to meet men between the ages of 30 and 42.
View Profile
Apple_853
I'm a 35 year old woman looking to meet men between the ages of 35 and 45.
View Profile
PowerPrincess
I'm a 41 year old woman looking to meet men between the ages of 38 and 47.
View Profile
GlasswingButterfly
I'm a 35 year old woman looking to meet men between the ages of 33 and 55.
View Profile
Minky3001
I'm a 30 year old woman looking to meet men between the ages of 32 and 40.
View Profile
LJC777
I'm a 46 year old woman looking to meet men between the ages of 35 and 55.
View Profile
miesies
I'm a 29 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Butterfly_effect
I'm a 38 year old woman looking to meet men between the ages of 36 and 48.
View Profile
Bebe1000
I'm a 53 year old woman looking to meet men between the ages of 49 and 57.
View Profile
Judith78
I'm a 36 year old woman looking to meet men between the ages of 38 and 48.
View Profile
dragonfly86
I'm a 28 year old woman looking to meet men between the ages of 28 and 35.
View Profile
Doeksa
I'm a 33 year old woman looking to meet men between the ages of 33 and 39.
View Profile
Hopeful_dreamer
I'm a 37 year old woman looking to meet men between the ages of 33 and 45.
View Profile
Bienkie01
I'm a 35 year old woman looking to meet men between the ages of 34 and 48.
View Profile
Cathwhite
I'm a 29 year old woman looking to meet men between the ages of 25 and 45.
View Profile
Optimistic2014
I'm a 46 year old woman looking to meet men between the ages of 45 and 55.
View Profile
Isabel_33
I'm a 34 year old woman looking to meet men between the ages of 33 and 42.
View Profile
jinxie_007
I'm a 32 year old woman looking to meet men between the ages of 28 and 38.
View Profile
Dee37
I'm a 38 year old woman looking to meet men between the ages of 38 and 45.
View Profile
Bluelily77
I'm a 37 year old woman looking to meet men between the ages of 34 and 50.
View Profile
meraai_32
I'm a 32 year old woman looking to meet men between the ages of 32 and 45.
View Profile
Unicorn17
I'm a 21 year old woman looking to meet men between the ages of 23 and 26.
View Profile
Lala8610
I'm a 28 year old woman looking to meet men between the ages of 27 and 32.
View Profile
Foreverinhope
I'm a 48 year old woman looking to meet men between the ages of 45 and 56.
View Profile
Tasja_226
I'm a 37 year old woman looking to meet men between the ages of 37 and 45.
View Profile
klouise
I'm a 32 year old woman looking to meet men between the ages of 31 and 39.
View Profile
liefilyf
I'm a 42 year old woman looking to meet men between the ages of 38 and 48.
View Profile
your_wildest_dreams
I'm a 36 year old woman looking to meet men between the ages of 40 and 55.
View Profile
Moze008
I'm a 57 year old woman looking to meet men between the ages of 55 and 70.
View Profile
Rarefind
I'm a 55 year old woman looking to meet men between the ages of 52 and 63.
View Profile
Lesel
I'm a 46 year old woman looking to meet men between the ages of 45 and 55.
View Profile
fabstanious
I'm a 29 year old woman looking to meet men between the ages of 30 and 40.
View Profile
Mickey101
I'm a 25 year old woman looking to meet men between the ages of 25 and 30.
View Profile
Vredelief
I'm a 26 year old woman looking to meet men between the ages of 25 and 34.
View Profile
Denie_28
I'm a 50 year old woman looking to meet men between the ages of 45 and 53.
View Profile
tigerlady28
I'm a 30 year old woman looking to meet men between the ages of 22 and 34.
View Profile
Blu
I'm a 28 year old woman looking to meet men between the ages of 27 and 33.
View Profile
FaiRy9
I'm a 26 year old woman looking to meet men between the ages of 27 and 36.
View Profile
sweets1987
I'm a 27 year old woman looking to meet men between the ages of 32 and 42.
View Profile
SheBear
I'm a 46 year old woman looking to meet men between the ages of 45 and 51.
View Profile
Mo1979
I'm a 35 year old woman looking to meet men between the ages of 29 and 43.
View Profile
Liena
I'm a 26 year old woman looking to meet men between the ages of 26 and 33.
View Profile
Kay_722
I'm a 29 year old woman looking to meet men between the ages of 30 and 40.
View Profile
Girlonabike
I'm a 37 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Plattelandsenooi3
I'm a 32 year old woman looking to meet men between the ages of 33 and 45.
View Profile
Biancs_79
I'm a 35 year old woman looking to meet men between the ages of 25 and 35.
View Profile
EMT2014
I'm a 30 year old woman looking to meet men between the ages of 30 and 40.
View Profile
HenrietteF
I'm a 32 year old woman looking to meet men between the ages of 30 and 42.
View Profile
Chrissi8
I'm a 36 year old woman looking to meet men between the ages of 36 and 50.
View Profile
nirina
I'm a 37 year old woman looking to meet men between the ages of 35 and 50.
View Profile
Maybe70
I'm a 44 year old woman looking to meet men between the ages of 40 and 50.
View Profile
sexyhair
I'm a 42 year old woman looking to meet men between the ages of 35 and 50.
View Profile
Smileawhile
I'm a 45 year old woman looking to meet men between the ages of 40 and 52.
View Profile
Artistixoxo
I'm a 23 year old woman looking to meet men between the ages of 23 and 28.
View Profile
Helene777
I'm a 48 year old woman looking to meet men between the ages of 40 and 50.
View Profile
esk123
I'm a 36 year old woman looking to meet men between the ages of 37 and 45.
View Profile
Leigh1979
I'm a 35 year old woman looking to meet men between the ages of 29 and 40.
View Profile
NotADog
I'm a 42 year old woman looking to meet men between the ages of 35 and 50.
View Profile
Infin8
I'm a 36 year old woman looking to meet men between the ages of 35 and 42.
View Profile
Persephone101
I'm a 31 year old woman looking to meet men between the ages of 25 and 45.
View Profile
Gemima
I'm a 38 year old woman looking to meet men between the ages of 40 and 50.
View Profile
Fire_and_Ice81
I'm a 33 year old woman looking to meet men between the ages of 25 and 45.
View Profile
ShanJo
I'm a 35 year old woman looking to meet men between the ages of 30 and 42.
View Profile
JillieB
I'm a 61 year old woman looking to meet men between the ages of 55 and 70.
View Profile
Dollie81
I'm a 33 year old woman looking to meet men between the ages of 25 and 49.
View Profile
Jenny84
I'm a 30 year old woman looking to meet men between the ages of 33 and 40.
View Profile
KW82
I'm a 32 year old woman looking to meet men between the ages of 29 and 40.
View Profile
LimitlessSoul
I'm a 45 year old woman looking to meet men between the ages of 40 and 50.
View Profile
sonskyn27
I'm a 56 year old woman looking to meet men between the ages of 45 and 55.
View Profile
Chriz_1985
I'm a 29 year old woman looking to meet men between the ages of 18 and 100.
View Profile
CTBLONDE
I'm a 38 year old woman looking to meet men and women between the ages of 40 and 50.
View Profile
dddmelw
I'm a 56 year old man looking to meet women between the ages of 45 and 58.
View Profile
lvebird53
I'm a 54 year old man looking to meet women between the ages of 50 and 65.
View Profile
dinnerfortwo
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
LEANMAN
I'm a 39 year old man looking to meet women between the ages of 25 and 39.
View Profile
Bruce_308
I'm a 47 year old man looking to meet women between the ages of 41 and 70.
View Profile
Ons2alleen
I'm a 30 year old man looking to meet women between the ages of 24 and 29.
View Profile
ekke_706
I'm a 50 year old man looking to meet women between the ages of 40 and 55.
View Profile
HappyEnding
I'm a 49 year old man looking to meet women between the ages of 36 and 45.
View Profile
Lonomor
I'm a 46 year old man looking to meet women between the ages of 25 and 35.
View Profile
Zest4Life021
I'm a 75 year old man looking to meet women between the ages of 48 and 60.
View Profile
Marius_P
I'm a 40 year old man looking to meet women between the ages of 30 and 55.
View Profile
TheDuke_99
I'm a 36 year old man looking to meet women between the ages of 28 and 42.
View Profile
Kiwiana
I'm a 39 year old man looking to meet women between the ages of 25 and 39.
View Profile
JustCallMeBwana
I'm a 47 year old man looking to meet women between the ages of 28 and 45.
View Profile
gavinzn
I'm a 57 year old man looking to meet women between the ages of 50 and 57.
View Profile
FamilyMan72
I'm a 42 year old man looking to meet women between the ages of 30 and 43.
View Profile
KTM1190A
I'm a 59 year old man looking to meet women between the ages of 50 and 58.
View Profile
gentlebutcrazy
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
Stdave
I'm a 38 year old man looking to meet women between the ages of 28 and 42.
View Profile
Officer_Gentleman
I'm a 46 year old man looking to meet women between the ages of 35 and 48.
View Profile
6s6s6s
I'm a 43 year old man looking to meet women between the ages of 25 and 45.
View Profile
rjscm
I'm a 48 year old man looking to meet women between the ages of 30 and 45.
View Profile
DaveB_791
I'm a 49 year old man looking to meet women between the ages of 35 and 45.
View Profile
BossMorne
I'm a 43 year old man looking to meet women between the ages of 25 and 45.
View Profile
goldenhat
I'm a 52 year old man looking to meet women between the ages of 36 and 66.
View Profile
Brend86
I'm a 28 year old man looking to meet women between the ages of 24 and 32.
View Profile
Natureboykie
I'm a 60 year old man looking to meet women between the ages of 43 and 64.
View Profile
CL4ptp
I'm a 28 year old man looking to meet women between the ages of 22 and 28.
View Profile
Guardian_24
I'm a 41 year old man looking to meet women between the ages of 37 and 43.
View Profile
captainkid
I'm a 55 year old man looking to meet women between the ages of 47 and 56.
View Profile
Ironstein06
I'm a 36 year old man looking to meet women between the ages of 25 and 37.
View Profile
Elem_ce
I'm a 35 year old man looking to meet women between the ages of 25 and 35.
View Profile
Smartboy_102
I'm a 60 year old man looking to meet women between the ages of 47 and 57.
View Profile
cccdovy
I'm a 56 year old man looking to meet women between the ages of 48 and 56.
View Profile
JPretoria
I'm a 38 year old man looking to meet women between the ages of 28 and 40.
View Profile
karooboertjie15
I'm a 40 year old man looking to meet women between the ages of 25 and 40.
View Profile
VirgoMan1970
I'm a 44 year old man looking to meet women between the ages of 30 and 50.
View Profile
koolstoof55
I'm a 59 year old man looking to meet women between the ages of 45 and 63.
View Profile
wiedahunk
I'm a 57 year old man looking to meet women between the ages of 50 and 70.
View Profile
Alachison
I'm a 46 year old man looking to meet women between the ages of 30 and 45.
View Profile
ClassicRocker
I'm a 52 year old man looking to meet women between the ages of 42 and 52.
View Profile
cloudhopper
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
Propriety
I'm a 56 year old man looking to meet women between the ages of 35 and 45.
View Profile
ScottRanger1987
I'm a 27 year old man looking to meet women between the ages of 18 and 30.
View Profile
matiekat
I'm a 66 year old man looking to meet women between the ages of 50 and 100.
View Profile
henisright
I'm a 50 year old man looking to meet women between the ages of 37 and 53.
View Profile
stumpjumper
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
Gambino_Family
I'm a 59 year old man looking to meet women between the ages of 42 and 70.
View Profile
breeze001
I'm a 49 year old man looking to meet women between the ages of 40 and 55.
View Profile
OohCharles
I'm a 53 year old man looking to meet women between the ages of 25 and 45.
View Profile
MLACOME0147
I'm a 55 year old man looking to meet women between the ages of 49 and 79.
View Profile
philip_unplugged514
I'm a 62 year old man looking to meet women between the ages of 50 and 68.
View Profile
cknneth111
I'm a 46 year old man looking to meet women between the ages of 41 and 70.
View Profile
SingleNSearching60
I'm a 60 year old man looking to meet women between the ages of 55 and 70.
View Profile
Lockstep
I'm a 50 year old man looking to meet women between the ages of 35 and 49.
View Profile
tommy351
I'm a 61 year old man looking to meet women between the ages of 48 and 59.
View Profile
Suidwester27
I'm a 53 year old man looking to meet women between the ages of 35 and 50.
View Profile
jsetrader
I'm a 58 year old man looking to meet women between the ages of 30 and 45.
View Profile
zachki
I'm a 47 year old man looking to meet women between the ages of 37 and 55.
View Profile
Jericho2010
I'm a 41 year old man looking to meet women between the ages of 25 and 49.
View Profile
willing_915
I'm a 54 year old man looking to meet women between the ages of 55 and 70.
View Profile
brightday111
I'm a 55 year old man looking to meet women between the ages of 48 and 59.
View Profile
BENTLEY292
I'm a 45 year old man looking to meet men between the ages of 45 and 55.
View Profile
Dn212
I'm a 51 year old man looking to meet women between the ages of 45 and 60.
View Profile
Kitchenslave
I'm a 52 year old man looking to meet women between the ages of 35 and 50.
View Profile
Firefox_771
I'm a 63 year old man looking to meet women between the ages of 42 and 56.
View Profile
versl_550
I'm a 55 year old man looking to meet women between the ages of 45 and 60.
View Profile
pinsnow
I'm a 55 year old man looking to meet women between the ages of 45 and 65.
View Profile
Agent_K1
I'm a 46 year old man looking to meet women between the ages of 38 and 40.
View Profile
freddic1
I'm a 52 year old man looking to meet women between the ages of 47 and 55.
View Profile
Peanutbutter1966
I'm a 48 year old man looking to meet women between the ages of 34 and 48.
View Profile
Natural123
I'm a 52 year old man looking to meet women between the ages of 35 and 45.
View Profile
Banker009
I'm a 56 year old man looking to meet women between the ages of 34 and 46.
View Profile
TLS11
I'm a 53 year old man looking to meet women between the ages of 40 and 60.
View Profile
reinor
I'm a 58 year old man looking to meet women between the ages of 45 and 61.
View Profile
Yvard
I'm a 46 year old man looking to meet women between the ages of 30 and 44.
View Profile
jacuwig
I'm a 25 year old man looking to meet women between the ages of 20 and 25.
View Profile
naughty_sporty
I'm a 41 year old man looking to meet women between the ages of 35 and 45.
View Profile
richy10
I'm a 57 year old man looking to meet women between the ages of 49 and 70.
View Profile
Fred58
I'm a 56 year old man looking to meet women between the ages of 18 and 100.
View Profile
plodof
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
cornrlius205
I'm a 46 year old man looking to meet women between the ages of 25 and 50.
View Profile
Ryno_56
I'm a 26 year old man looking to meet women between the ages of 18 and 34.
View Profile
pieterl
I'm a 59 year old man looking to meet women between the ages of 45 and 62.
View Profile
CreativeExplorer
I'm a 50 year old man looking to meet women between the ages of 18 and 100.
View Profile
kannieworrynie
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
Stand64
I'm a 50 year old man looking to meet women between the ages of 36 and 55.
View Profile
Ivanro
I'm a 59 year old man looking to meet women between the ages of 40 and 50.
View Profile
Coolfun
I'm a 52 year old man looking to meet men between the ages of 35 and 55.
View Profile
Denali
I'm a 45 year old man looking to meet women between the ages of 25 and 40.
View Profile
Lastgreatwhite
I'm a 56 year old man looking to meet women between the ages of 40 and 50.
View Profile
virgo5
I'm a 62 year old man looking to meet women between the ages of 45 and 65.
View Profile
Andy_Leo
I'm a 46 year old man looking to meet women between the ages of 25 and 45.
View Profile
DutchDelight_
I'm a 45 year old man looking to meet women between the ages of 30 and 46.
View Profile
5star
I'm a 57 year old man looking to meet women between the ages of 40 and 55.
View Profile
TheRealMrRight
I'm a 43 year old man looking to meet women between the ages of 28 and 42.
View Profile
daniel101
I'm a 44 year old man looking to meet women between the ages of 32 and 38.
View Profile
Lovelyn111
I'm a 53 year old man looking to meet women between the ages of 51 and 63.
View Profile
LovingSerenity
I'm a 38 year old man looking to meet women between the ages of 24 and 45.
View Profile
Dazz7605
I'm a 38 year old man looking to meet women between the ages of 25 and 44.
View Profile

Business Directory