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Global economy in danger zone: WB

14 September 2011 20:10

The World Bank chief warns of a new economic danger zone, urging Europe, Japan and the United States to make hard decisions to avoid dragging down the global economy.

“Unless Europe, Japan, and the United States can also face up to responsibilities they will drag down not only themselves but the global economy,” Robert Zoellick said in a speech at George Washington University.

“They have procrastinated for too long on taking the difficult decisions, narrowing what choices are now left to a painful few,” AFP quoted him as saying.

His remarks come shortly after Moody’s ratings agency downgraded two French banks ratings, Societe Generale and Credit Agricole.

Zoellick said political differences in the US were overshadowing efforts to cut record budget deficits, while European countries were resisting difficult truths about their common responsibilities and Japan had held off on needed economic and social reforms.

“The time for muddling through is over,” Zoellick added. “If we do not get ahead of events; if we do not adapt to change; if we do not rise above short-term political tactics or recognize that with power comes responsibility, then we will drift in dangerous currents.”

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