G7 MEETING Snow says high oil prices a ´short-term phenomenon´ UPDATE
Saturday, October 2, 2004 1:34:43 AM
G7 MEETING Snow says high oil prices a 'short-term phenomenon' UPDATE (updating with comments on economic growth)
WASHINGTON (AFX) - US Treasury Secretary John Snow said the economic impact of high oil prices is a "short-term phenomenon"
"Right now, oil prices are causing an economic headwind. The geopolitics of oil, and current uncertainties, are causing a short-term phenomenon," said Snow at the end of the G7 finance ministers and central bank governors meeting
"The finance ministers and I are committed to promoting policy reforms in each of our countries to speed the return of more reasonable (oil) costs," he said
[Is the the biggest full of shit statement you have heard today? - mish]
Snow reiterated his call for China to make the yuan's exchange rate more flexible, after China attended the G7 meeting for the first time
"The G7 has indicated separately and collectively over time our support for greater flexibility in the Chinese exchange rate. Sustained, non-inflationary growth in China is important for maintaining strong global growth, and a more flexible and market-based renminbi (yuan) exchange rate is an important part of achieving this goal," he said
Snow said he has been encouraged by some of the advances that have occurred in China's policy, but said he would like to see China move more quickly to exchange rate flexibility
Snow said the G7 countries depend on each other for sustaining strong economic growth
"It is good for each other to have growth among trading partners. Growth in the US, for example, is terrific for our trading partners...and their growth is essential for our success. As a global economy, we have become more and more symbiotic," he said
But he said the US has led the way for global growth
"The pro-growth policies of President Bush, combined with sound monetary policy from the Federal Reserve Board, have led to strong recovery and growth here at home," he said
Snow said US GDP growth is the strongest in 20 years, and job creation is steady, with 1.7 mln new jobs created over the past year
The unemployment rate is down in 47 states from one year ago, and at 5.4 pct the national jobless rate is lower than the average of the 1970s, 1980s and 1990s.
[More total horeseshit. Kerry is going to crucify Bush in the upcoming rounds - mish] |
