Mexico, 24 feb (EFE).-the Institute of international finance (IIF), which brings together 450 international banks, it is asking the G20 deal with the debt crisis in the euro zone, revise regulations and implement fiscal reforms to maintain the credit.
Press Conference, the director of the IIF, Charles Dallara, noted that the financial crisis in Europe affects business confidence, the flows of capital in the financial markets, slows the growth of credit and trade in the world.
Prior to the opening of the meeting of Finance Ministers and Governors of central banks of the Group of twenty last weekend in the Mexican capital, Dallara stressed the need to ease the crisis of sovereign debt through discounts programs.
“We are here to promote a dialogue between the leaders of the financial community and the countries of the G20, as with a communication, collaboration and coordination between the public and private sectors can only be face and deal with the economic difficulties,” said Dellara.
To boost global growth, the IIF suggested the reduction of the debt in the euro zone, reassess the goals of reform regulatory for sustaining the growth of credit, as well as promote a solid framework for the coordination of policies and financial stability.
Dallara insisted that countries must make fiscal adjustments to reduce public spending and promote policies that foster growth and job creation.
The steering of the IIF stressed the need to sustain efforts to deal with the debt crisis in the euro area and mentioned the agreement reached with Greece for the cancellation of more than 100 billion euros of its debt.
Also noted that countries such as Italy, Spain, Portugal and Ireland have made great efforts to deal with the deficit, debt and structural problems.
Dallara noted that several countries could learn from the experience of Mexico for the management of their debt and said that the country’s economy is “an example” with regard to restructuring of sovereign debt.
For its part, the President of group BBVA, Francisco Gonzalez, recalled that he has travelled from 20 years ago to Mexico and has seen enormous changes that have developed in the country to strengthen its financial system and its economy.
, “The Mexican banking system is one of the most effective, efficient and stable”, said Gonzalez and added that Mexico is a mature, already consolidated democracy that solves their problems.
Spanish banker said that all issues should be discussed regulation to achieve healthy development of financial systems.
Will “in the case of BBVA, we meet fully the requirements of Basel, both made in Spain regulatory amendments”, indicated.
For his part, the head of consumer banking for Citigroup, Manuel Medina Mora, noted that one of the major current problems is a balance between regulations on the financial sector are being implemented in countries and at the international level to suit each country’s growth goals.
Explained that it requires a “deep discussion among international financial system regulatory frameworks and projects growth for everyone”.
