HONG KONG: WORLD BANK/IMF SUMMIT: BANK PRESIDENT'S WARNING

Описание: (23 Sep 1997) German/Eng/Nat

The head of the World Bank says it's time to reverse the growing gap between the world's rich and poor.

Bank President James Wolfensohn's warning came during the opening session of the World Bank and I-M-F's (International Monetary Fund) annual meetings in Hong Kong on Tuesday.

Wolfensohn said the world was living with a time bomb that could go off at any time unless the benefits of development were accessible to everyone on an equal basis.

Representatives from 15 nations - in Tuesday's plenary sessions which followed - also touched on the theme of global economic integration, but mostly within the developed world.

The annual World Bank/I-M-F (International Monetary Fund) meeting opened Tuesday with an appeal to close the gap between the world's rich and poor.

World Bank President James Wolfensohn told his audience in the Grand Hall of the Hong Kong Exhibition Center, that the world was sitting on a time bomb that could go off any time.

SOUNDBITE (English):
"We can insulate ourselves from whole sections of the world, for whom crisis is real and daily, but which to the rest of us is largely invisible. But we must recognise that we're living in a time bomb, and unless we take action now, it could explode in our children's faces."
SUPER CAPTION: James D. Wolfensohn, President, World Bank

Later in the day, representatives from 15 countries took the stage at the conference.

While their statements reflected a wide range of opinion on the world economy, the majority appeared to push for greater economic integration.

The U-S, in particular, urged closer financial integration of all markets.

SOUNDBITE: (English)
"We believe the sane end will be advanced by opening financial systems to foreign participation and all the capital and expertise, which comes with that. I don't think that there's any question that there was an almost uniform view at the meetings that I attended here in Hong Kong - both with developed and developing countries - that we must not allow the turbulence which can occur in the wake of crisis to divert us from the crucial goal of closer financial integration."
SUPER CAPTION: Robert Rubin, Treasury Secretary, US

European representatives tackled the question of closer European integration and moves towards a single European currency.

German Finance Minister Theo Waigel put forward the case for a single European currency.

SOUNDBITE: (German)
"The future European currency, the Euro, will not be in any way more unstable than its fellow currency partners. A stable and strong Euro will be a contribution from Europe to a stable international currency market and to a worldwide economic prosperity."
SUPER CAPTION: Theo Waigel, Finance Minister, Germany

Britain's Chancellor Gordon Brown, however, warned against the dangers of E-U isolation due to the formation of a single European economy.

SOUNDBITE: (English)
"At a time when Europe is engaged in important reforms to prepare for monetary union, and to reform our markets, it is crucial that we do not become insular but remain open to the world and outward looking. Indeed, I believe, that the agenda of structural economic reform - upon which Europe is embarked - represents not a retreat from the world but a means by which we play a fuller part in it."
SUPER CAPTION: Gordon Brown, Chancellor of the Exchequer, Britain

While leaders from around the world debated economic issues, a small group of activists brought attention to political repression.



The demonstrators have been assembling outside the venue ever since Li arrived in Hong Kong.



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