“It is customary for the annual IMF/WB meetings to serve in putting peer pressure on a number of countries and regions to confrom with the latest economic and financial consensus. This time it was the Eurozone’s turn to come under fire.” This was stated by Labour MEP Prof Edward Scicluna who is currently attending the Annual Meetings of the International Monetary Fund (IMF) and the World Bank (WB) Group held in Tokyo, Japan between the 9 and 14 October 2012.

prof_tokyo — At IMF/WB Annual Meetings in Tokyo

The meetings are attended by Finance Ministers, Central Bank Governors, leading bankers, economists and delegates from around 188 countries in discussing the current economic and financial issues.

The IMF, together with a number of world experts told European and US economic decision-makers to be more proactive in solving their financial and economic problems in view of the protracted recovery from the crises. Lately the IMF revised its global growth forecast downwards to 3.3 per cent, with the Eurozone predicted to suffer an even worse contraction than was expected.Prof Scicluna who was also a guest of the Institute of International Finance (IIF) and the Group of Thirty at their meetings in Tokyo said ”Even the IMF itself came under heavy criticism for its handling of the global crises.”

He added “What really emerged is that austerity programmes cannot be relied upon during a recession under a fixed exchange rate regime. We need to take a more gradual path to recovery in order to create jobs and avoid further poverty increases.”

Prof Scicluna also held meetings with a number of officials from leading banks, financial regulatory authorities and rating agencies.

L-Ewroparlamentari Laburista Edward Scicluna jattendi l-laqgħat annwali tal-IMF/WB ġewwa Tokyo

“Huwa normali li l-laqgħat annwali tal-IMF/WB iservu biex ipoġġu pressjoni fuq numri ta’ pajjiżi u reġjuni sabiex jiġu konformi ma’ l-aħħar konsensus ekonomiku u finanzjarju. Din id-darba kien imiss liż-żona Ewro li tkun taħt il-lenti”. Hekk saħaq l-Europarlamentari Laburista, l-Professur Edward Scicluna minn Tokyo fejn qiegħed jattendi il-laqgħat annwali tal-Fond Monetarju Internazzjonali (IMF) u tal-Bank Dinji (WB) li saret bejn id-9 u l-14 ta’ Ottubru 2012.
Dawn il-laqgħat ilaqqgħu taħt saqaf wieħed Ministri tal-finanzi, Gvernaturi tal-Banek Ċentrali, bankiera, ekonomisti u delegati minn 188 pajjiż biex jiddiskutu is-sitwazzjoni kurrenti f’dak li għandu x’jaqsam ma’ ekonomija u finanzi.

L-IMF, flimkien ma’ numru ta’ esperti dinjija qalu lil leġislaturi Ewropej u Amerikani li hemm bżonn li jkunu iktar proattivi biex isolvu il-problemi finanzjarji u ekonomiċi fid-dawl ta’ ekonomiji li qed jirkupraw b’mod wisq kajman minn din il-kriżi. Dan l-aħħar l-IMF irrevediet il-tbassir tagħha dwar il-tkabbir ekonomiku dinji għal 3.3%, biż-Żona Ewro mbassra li ssofri tnaqqis iktar minn dak li kien oriġinarjament maħsub.

Prof Scicluna, li kien ukoll il-mistieden ta’ l-Istitut tal-Finanzi Internazzjonali (IIF) u tal-grupp tat-Tletin fil-laqgħat tagħhom ġewwa Tokyo qal, “Anke l-IMF innifisha kienet taħt kritika kbira għall-mod li mxiet bih tul din il-kriżi globali.”

Huwa żied, “Li ħareġ minn dan kollu huwa li wieħed ma jistgħax jiddependi fuq programmi ta’ awsterita’ waqt riċessjoni taħt reġim ta’ rata ta’ kambju fissa. Hemm bżonn li nieħdu triq iktar gradwali biex noħorġu mir-riċessjoni sabiex nkunu nistgħu noħolqu iktar xogħol u nevitaw li jikber il-faqar.”

Prof Scicluna kellu wkoll numru ta’ laqgħat ma’ numru ta’ uffiċjali minn banek ewlenin, awtoritajiet tar-regolazzjoni finanzjarja u rating agencies.

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