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EU's Almunia: euro zone should speak with one voice

Fri Nov 16, 2007 6:00pm IST
 
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BRUSSELS, Nov 16 (Reuters) - Euro zone members should take action to help an orderly unwinding of global savings and trade imbalances by speaking with one voice at international fora, EU Economic and Monetary Affairs Commissioner Joaquin Almunia said.

In a prepared speech to be delivered at the London School of Economics on Friday, Almunia said efforts by the 13 countries using the euro would be more useful than discussions of the independence of the European Central Bank.

"Global imbalances and the possibility of their disorderly unwinding represent a risk to the international economy that will not diminish unless significant action is taken by global partners," Almunia said in the speech.

"Euro area representatives can have an influence in this regard, on the condition that we manage to coordinate our actions and speak with one voice in the international arena," he said.

"Devoting our energies to this worthy goal will prove far more rewarding than sterile debates on the independence of the ECB," Almunia said.

The euro zone is represented in the International Monetary Fund, the G7, G8 and G20 groups of nations by combinations of the Eurogroup chairman, the ECB, the European Commission and the European Union presidency, which changes every six months.

The euro zone's two biggest economies, Germany and France, and European Union member Britain also have national representatives in the IMF and other international forums, without sharing positions on all major issues. (Reporting by Jan Strupczewski, editing by Dale Hudson)

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