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Home » News » World News

Apr 18, 2011, 10.22 AM | Source: Reuters

Inflation may be future G20 focus: OECD head

World finance leaders must find a way to bring down debt while creating jobs and watching over their shoulders for the threat of inflation, the head of the Organisation for Economic Cooperation and Development said on Saturday.

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Inflation may be future G20 focus: OECD head

World finance leaders must find a way to bring down debt while creating jobs and watching over their shoulders for the threat of inflation, the head of the Organisation for Economic Cooperation and Development said on Saturday.

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Inflation may be future G20 focus: OECD head
World finance leaders must find a way to bring down debt while creating jobs and watching over their shoulders for the threat of inflation, the head of the Organisation for Economic Cooperation and Development said on Saturday.

"It's one of the most difficult policy moments... one of the most complex challenges I've ever seen, certainly in my lifetime," Angel Gurria said in an interview with Reuters Insider.

Gurria, who particated in the Group of 20 and International Monetary Fund meetings this weekend, said policymakers devoted much of their time to discussing the balance between growth and fiscal consolidation.

Inflation "did not take up a lot of discussion now, but it may appear," he said. "Sometime in the fall or this time next year maybe inflation will have a higher profile in discussions."

He downplayed concerns that the United States might struggle to find buyers for government debt once the Federal Reserve wraps up a USD 600 billion bond-buying program in June.

"The market has a lot more room, a lot more space, a lot more time for US debt," Gurria said. "The question is signals, messages that will provide assurance and confidence to the market" that the government is serious about cutting deficits.

Germany opted for a constitutional rule mandating balanced budgets. Britain adopted a package of reforms and spending cuts. The United States will have to find its own answer, he said.

"What counts is there has to be a perception that there is a workable set of options and that the political mood allows for a political solution," he said.

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