In anticipation of Yellen's speech on October 14, which will be able to offer some ideas on interest rates and the relationship between the euro and the dollar, the American electoral events have also entered the halls of the autumn meeting of the International Monetary Fund and the World Bank .
But it wasn't just Trump's long-standing utterances that garnered the attention of those gathered in the buildings: the collapse of the pound and the theme ofBrexodous” the English illusions of a triumphant exit from the EU with easy earnings and position gains are starting to crumble.
Meanwhile, Christine Lagarde, which has taken a stand against the Greek bailout, has seen its mandate at the head of the IMF renewed for another five years. And it could not have been otherwise, considering the support of the Chinese, which had already been the keystone for Lagarde's first election, and has now strengthened thanks also to the green light for the entry of the yuan into the basket of IMF uniforms .
One cannot fail to notice the multiplication of important roles covered by Chinese exponents, which the Fund's number one herself praised in her opening speech. A speech dedicated to the objectives of the work along the SDG Sustainable Development Goals 2030 Road Map, which sees civil society alongside governments as the protagonist, differently from what was done in the past with the Millennium Development Goals 2000-2015, where the banks were Countries that make up the IMF are the real stars.
Now, however, the global crisis has weakened the role of banks, while the emerging countries during the meetings they underlined the need for greater dialogue with multinational and supranational entities, also asking for greater commitment on investments to curb the waves of migration, especially from Africa.
As for the numbers of the world economy, IMF data shows 152 trillion of debt and over 300 trillion of outstanding assets and financial products, against a global GDP of less than half.
Globalization and technological innovation have so far helped growth, but now the pace of reforms is too slow and the European scenario sees a resurgence of nationalism or mere opportunism, as in the cases of Hungary and Poland, which could jeopardize European cohesion and coordination, all the more necessary now that the English question and the unknown Deutsche Bank represent two loose cannons.
There was no lack of intervention during the meeting Draghi, who underlined the shortage of outstanding bonds that will force the ECB to review the stimulus package, perhaps with credit easing. However, the central banker remains confident that the inflation targets will be achieved by 2019.
In the final communiqué of the IMF it is read then that, to strengthen international trade – who have visibly weakened – we will have to quickly put our hands on targeted tax policies. Because it is not by moving the retirement age beyond or raising barriers to immigrants that the EU will emerge from this post-Brexit drunkenness.
It is necessary to change the economic model, because Qe too has had its day, and to put a hand on fiscal measures as well as the missing reforms. There was no lack of them in the meetings in Washington pressure on the Germans so that they make appropriate use of the budget surplus to support demand and, above all, to start the G20 mandate which passes under the German presidency at the end of the year on the right foot.
The news is that Germany is preparing to cut taxes by more than 6 billion euros a year to stimulate domestic demand. The German Finance Minister, Wofgang Schaeuble, presented in Washington the tax plan which will be launched in January, subject to an agreement within the Grand Coalition.
The globe, and certainly not Trump, arrived naked at the meeting in the American capital, with many exposed nerves and evident fragility, but also with a great desire to find solutions to cover up in view of the harsh winter.
