Dilma,
a presidente do Brasil, hoje no FINANCIAL TIMES.
We are living in turbulent days. The financial crisis
of 2008 is not over, especially in advanced economies. With growth still weak,
these countries have been adopting extremely expansionary monetary policies,
rather than a more balanced mix of monetary and fiscal stimulus. Emerging
economies are sustaining the pace of growth, but cannot assume the role of
global powerhouses unaided.
Economies that issue reserve currencies are managing
international liquidity without a sense of the collective good. They are
resorting to undervalued exchange rates to ensure their share of global
markets. This wave of unilateral, competitive devaluations creates a vicious
cycle that leads to trade and exchange rate protectionism. This has devastating
effects for all but especially for developing countries.
The great challenge for the coming years is to address
sovereign debt and fiscal imbalances in some countries, without stopping – or
reversing – the global recovery.
Only economic growth, based on income distribution and
social inclusion, can generate resources to pay the public debt and cut
deficits. The experience of Latin America in past decades shows what recession
brings in loss of output, rising social inequalities and unemployment.
If they are to overcome the crisis, the world’s major
economies should give clear signs of political cohesion and macroeconomic
co-ordination. There will be no recovery of confidence or growth without
greater co-ordination among the Group of 20 countries. It is vital – for Europe
in particular – that they regain the spirit of co-operation and solidarity
shown at the height of the crisis.
That is why Brazil supports the G20 Framework for
Strong, Sustainable and Balanced Growth, which must be managed by all and for
all, without exception.
Other initiatives are needed in the international
field: further regulation of the financial system, to minimise the possibility
of new crises; reduced levels of leverage. We must proceed with the reform of
multilateral financial institutions, increasing participation of emerging
countries that now bear primary responsibility for global economic growth.
It is urgent to combat protectionism and all forms of
currency manipulation, which give spurious competitiveness at the expense of
trading partners. The G20 can offer a co-ordinated response, in which all big
economies can adjust fiscal, monetary and/or exchange-rate policies, without
fear of acting alone. An open global trade system requires this sense of mutual
confidence.
Meanwhile, threatened by large speculative capital
flows as well as by a rapid and unsustainable currency appreciation, developing
countries that adopt a floating exchange rate regime, such as Brazil, are
forced to take prudential measures to protect their economies and their
national currencies. We will not succumb to inflationary pressures coming from
outside. With firmness and serenity we will keep inflation under control,
without having to give up the economic growth that is essential if we are to
promote social inclusion. Our commitment to sustainable development with price
stability is not negotiable and the economic policy fine-tuning will always work
towards this goal.
As to long-term policies, Brazil has regained planning
capacity in fields such as energy, transport, housing and sanitation by
redefining the role of the state with a focus on developing social
infrastructure.
The discovery of large offshore oil reserves will open
a new cycle of industrialisation, especially in the naval, petrochemical and
capital goods sectors: it will also enable Brazil to create a special fund to
invest in social, scientific, technological and cultural policies.
The country has strengthened state-controlled
companies such as Petrobras, Eletrobras and the public banks, to induce
development. Through active trade defence mechanisms, supported by WTO rules,
it will not allow its industry to be jeopardised by unfair competition.
Brazil is also committed to fight deforestation,
especially in the Amazon; to promote sustainable agriculture; and to strengthen
its energy mix. I am convinced of the need to consolidate these achievements,
just as I am sure that we all bear responsibility for rebalancing the world
economy. It’s time for global leaders to act with determination and boldness. This is what the world expects from
us.
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