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To: John Mansfield who wrote (22816)	11/10/1998 11:42:00 PM
From: Alex	Read Replies (1) \| Respond to of 116759

Rubin: World economic crisis 'not over' <Picture> Robert Rubin says the world still faces trying times <Picture> It may take years to resolve the global economic crisis, according to Robert Rubin, the US Treasury Secretary. He said that the world's economy faced a "complicated and trying time". Mr Rubin believes that although world financial markets appear to have settled down recently, there could still be tough times ahead. He told the President's Export Council in Washington: "Clearly, there's been a calmer period for the last six to eight weeks." "I still think we're going to have a substantial period ahead during which there is going to be a lot of difficulty and a lot of work to do." He said the world's leading economies should promote growth, while emerging market economies needed to stay on the reform path. Mr Rubin said it was critical that Japan got its troubled economy back on track quickly by implementing urgent banking reforms. He said private-sector forecasts of the Japanese economy tended to be not "enormously encouraging" and that the Japanese government needed to focus on further stimulus. European reform Asked about the impact of the single European currency on the global economy, he said it would "take a long time to see how it all sorts out." He said the single most important step that Europe can take to support the global economy would be structural reform. Europe had a great many laws in place that discouraged economic activity that were the root cause of persistently high unemployment, he said. But it was still an "open question" whether Europe would move ahead on structural reform. Mr Rubin refused to discuss Brazil and the timing of any international aid package, although sources close to the talks said no deal would be announced on Tuesday. Rubin earlier said it was important to help Brazil since a collapse in Latin America's biggest economy "could have very substantial effects on the hemisphere and therefore on us". news.bbc.co.uk