IMF's Rato on global imbalances
In a speech at the University of California at Berkeley last week the International Monetary Fund's managing director, Rodrigo de Rato, said the United States should "tackle its current account deficit by increasing domestic saving". Reducing the fiscal deficit has an important role to play in this, he suggested. Rato argued that the US administration recognizes the need for deficit reduction, but that its plans are focused almost entirely on proposals for unprecedented cuts in spending
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