Il testo dell'articolo è il risultato di una procedura di conversione testuale automatica che può generare degli errori nel testo. Source : Financial Times Page of Review : 1 Page of Document : 1 Page of NewsPaper : 1 Category :ECONOMIA E POL. ESTERA Author : RASSEGNA FLASH Subprime 'just one of many problems Padoa-Schioppa trade deficits, Mr Padoa-Schioppa believes it is time and Pinancia! Committee, he asked thè participants to price rises were a matter not of inflation contro! but of life warns IMF meeting to remind everyone that solving thè present credìt crisis will not solve thè think about thè future and said there was great concern tbat thè path might not be and death, both of people and good governments. "I think thè financial crisis is Global growth is 'unsustainable* worid's economie problema. '•'We have been saying for easy. "Thè adjustment thè worid an episode, it is not a histori-ca] trend, wìlereas tbese By Chris Giles and • years that an economy that needs to accommodate this other phenomèna are part of Krishna Guha in Washington has stopped generating sav-ings needs a fundamental evolution may create enormous problems in price a histoncal trend that needs to be managed in a way that Thè subprime mortgage correction and it has taken stability, exchange rates and makes it sustainable." debacle was not a unique thè form of thè subptime cri- trade," he predicted. problem for thè global econ- sis. Thè contribution of thè Other participants at thè omy but just one of many US economy to global informai meeting said thè points at..whìch an unsus- growth may decrease in thè meeting had been instruc- talnable "global economie next five years compared tive and had made them system couid have shattered, with thè past fìve years - focus much more on issues Tommaso Padoa-Schioppa, Europe is aiready growing such as food prices rather Italy's fmance minister, told faster than thè US, although than simply having more thè Financial Times. I doubt Europe can make up discussions about thè cur- Speaking after chairing for [slower US growth] com- rent financial crisis. thè International Monetary pletely." For rich countries, Mr Fund's governing body, In reflective mood because Padoa-Schioppa said, scarce which included an informai he knows he is likely to be food and energy resources as brainstorming by finance out of a job wifhiri a month - prosperity rises wouid be ministers and centrai bank Italy held elections yester- merely a minor irritation, govemors on thè long-term day in which thè govern- perhaps raising prices or outiook for thè global econ- ment was widely expected to generating unemployment, omy, Mr Padoa-Schioppa lose power - Mr Padoa- but in developing countries insisted that thè path of glo- Schioppa wanted to use his it was much more problem- bal economie growth' had last session at thè IMF to atic. "For some parts of thè been unsustainable and thè make everyone think about worid - Africa and India -- US was uniìhely to be thè longer-term problems if, as food price rises are pushing main motor for growth over he expects, emerging econo- back to poverty large sec- thè coniing decade. mies take up much of thè tions of society." "If we think that solving, rest of thè slack. Emerging Dominìque Strauss-Kahn, or emerging from, thè crisis economies are now large as thè IMF managing director, means going bacii to thè con- well as fast-growing, he saia. said thè discussions made fìguration of growth before "We know how thè worid delegates realise there were thè crisis, we wouid be mak- economy can function, how extremely serious problems ing a mistake because we things can go, with 7bn in thè worid that extended were on an unsustainabie humans and with 15 per cent far past thè current crisis- path," he saìd. of them •with high iiving "Thousands, hundreds of Linking thè subprime cri- standards, but we don't thousands of people will be sis to global imbalances that know how it will function starvìng," he told reporters. built up in years of low when that 15 per cent rises Mr Padoa-Schioppa said interest rates, high US con- towards 50 per cent." how struck he had been lis- sumer spendine, lax lending standards and enormous In an informai meeting of tening to emerging market mous In an informai meeting of tening to emerging market