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“We have to go further than what was discussed in Washington,” and she added that everything agreed to in London must come with a guarantee that it will be applied. “There must not be one single place, or one single product or one single institution without supervision and transparency.”
Merkel revealed herself to be on the side of increasing International Monetary Fund funding and stepping up aid to developing countries which are essentially suffering from the impact of the crisis.
Increasing IMF resources already appears to be a reality. The president of Mexico said when he arrived in London that he is negotiating a line of credit with the IMF for 26 billion euros. Yesterday in London John Lipsky, the number-two man in the International Monetary Fund, informed that the IMF would provide Mexico with a line of credit for 47 billion dollars in order to guarantee the availability of cash flow in case the market situation worsens because of the crisis. The figure is larger than that requested by Mexico.
As in the IMF, the United States has the majority of shares, without its support such a credit would not be possible and so this underpins Obama’s influence at the London Summit.
The news cables were announcing that Obama would be meeting with Dimitri Medvédev and Hu Jintao, the presidents of Russia and China, to talk about the tricky problems facing both countries with the United States.
In the superpower’s bilateral encounters with the two great powers, economic problems will surely be tackled, or perhaps agreements that have been patiently discussed and approved through their diplomatic representatives will be announced.
Today, April 2nd, I read a long and detailed dispatch from the Xinhua News Agency, dated the 1st, reporting that “President Hu Jintao of China and President Barack Obama of the United States agreed today that their respective countries will work together to build a positive, cooperative and full relationship in the 21st century.”
“Furthermore, the presidents decided to establish the bilateral mechanism of Strategic and Economic Dialogues.”
“The new commitment, assumed by both heads of state during their meeting in London, will outline the direction and provide a major boost to sustained, solid and stable development of relations between the two nations.”
“The new commitment, assumed by both heads of state during their meeting in London, will outline the direction and provide a major boost to sustained, solid and stable development of relations between the two nations.”
“The relationship between China and the United States continues to be one of the most important bilateral relationships in the world in the 21st century, one in which humankind faces enormous opportunities and challenges. In the new era, the two nations have important responsibilities in regards to world peace, stability and development and they also share wide interests.”
“The two parties ought to maintain the rhythm of the times and always conduct the bilateral ties from a strategic, long-range perspective.”
“They must respect and take into consideration the fundamental interests of the other party and take advantage of opportunities, just as they must work together to face up to the challenges of the century.”
“Establishing the China-USA Strategic and Economic Dialogues Mechanism is an important step to promote the bilateral relationship to an even greater extent. Thus, the earlier strategic dialogue between the two countries has been raised to a new level.”
“At a time when the international financial crisis continues to spread, the two nations must support one another and work together to weather the storm, and this will favor the primary mutual interests of China and the United States”.
“China and the United States should not only improve the exchanges and cooperation in areas such as the economy, the fight against terrorism, proliferation, transnational crime, climate change, energy and the environment, but they must also strengthen communication and coordination in regional and world issues.”
