Post date: Sep 22, 2011 3:10:51 PM
World Bank President Robert Zoellick warns Europe, Japan and the United States to act to address their economic issues before they cause bigger problems for the rest of the world.
WASHINGTON, D.C., UNITED STATES (SEPTEMBER 22, 2011) REUTERS - World Bank President Robert Zoellick offered a stern warning to Europe, Japan and the United States on Thursday (September 22): act to address economic problems before they effect the rest of the world.
"The world is in a danger zone. In 2008, many people said they did not see the turbulence coming. Leaders have no such excuse now and dangerous times will call for courageous people. Some developed country officials sound like their woes are just their business. Not so," he said at a news conference in Washington ahead of the semi-annual meetings of the World Bank group and International Monetary Fund.
Zoellick said although he did not think a double dip recession was likely, his confidence was being tested.
"My confidence in that belief is being eroded daily by the steady drip of difficult economic news," he said.
Zoellick called on leaders to have "honest" and "difficult" discussions with their lawmakers and the public, adding that delaying decisions could limit options and have negative repercussions for the world.
"Europe, Japan and the United States must act to address their big economic problems before they become bigger problems for the rest of the world. Not to do so is irresponsible," he said.
The meetings of the IMF and World Bank run through Sunday (September 25) alongside a summit of finance ministers and central bankers of the G20 in Washington, D.C.