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Last updated on April 16, 2014 at 21:24 EDT

OECD Chief: Large Economies Cannot Afford More Spending

February 15, 2013

MOSCOW, February 15, 2013 /PRNewswire/ –

Angel Gurria, Secretary-General of the OECD discussed pressing economic questions in
an exclusive interview with RT. The interview aired in full on February 15, 2013.

Gurria expressed his skepticism regarding the proposed tax on financial transactions,
which has been widely discussed in Europe. He noted that “only a few countries will adopt
it. And if it’s not adopted by all the countries in the world, at least all the countries
that do a very important volume of international financial transactions, then it can very
easily move to the next country.”

Gurria added that there’s an uncertainty regarding the purpose that the collected tax
would serve: “Do you want it to recover part of the losses incurred by the systems, or do
you want to create a fund to be able to face any future crises? Do you want it just for
general purposes, for the treasury…is it just one more tax in order to generate more
revenue?”

Asked whether in his opinion certain governments are waging currency wars, Gurria
affirmed that “there are no currency wars today. We are further away today from a currency
war than we were two or three years ago when this phrase was coined…What we have today
is a number of countries exploring ways in which they can improve the growth prospects and
improve the job creation. Not necessarily manipulating the currency to gain
competitiveness at the expense of the next person.”

He emphasized that improved economic performance of the United States, Europe and
Japan will benefit global economy as a whole, but with limited options at their disposal
“what we’re seeing is that these large economies are looking for ways in which to
stimulate growth that’s no longer based on more spending, because they cannot afford more
spending”.

Watch the full interview at http://rt.com.

RT is a global international news network that broadcasts in English, Arabic and
Spanish from its studios in Moscow and Washington, DC, and is available to 630 million
viewers worldwide. Pew Research Center’s 2012 study named RT, whose YouTube channel has
passed 850 million views, as the largest provider of news video footage on the world’s
largest video sharing platform. RT is the only Russian TV channel to garner two
nominations for the prestigious Emmy International Award.

SOURCE Russia Today


Source: PR Newswire