HIGHLIGHTS: Comments from G20 finance chiefs meeting in Mexico



    MEXICO CITY, Feb 26 (Reuters) — Following are comments
from policymakers attending the meeting of Group of 20 finance
ministers and central bankers in Mexico City on Sunday. 
        
    U.S. TREASURY SECRETARY TIMOTHY GEITHNER 
    ON EURO ZONE CRISIS
 
    «The most important thing we've seen is the progress in
Europe towards laying out a more credible foundation for
stability.»
     «I'm very encouraged by the impact so far of the combined
actions of new governments in Italy and Spain doing a very good
job of laying out reforms to meet their very formidable economic
challenges.»
  
    ON IMF RESOURCES 
    «I think you're seeing a very welcome indication from the
major shareholders of the IMF that they'll do what is necessary
to make sure the IMF continues to have the resources it needs to
deal with the pressures emanating from Europe,» 
    «We will not go to Congress to seek the authority necessary
for a contribution from the United States. We don't think that's
necessary or desirable.»
      
    ON EUROPEAN FIREWALL
     «To be credible and to serve its intended purpose, a
firewall has to be large relative to the plausible claims on
those resources.» 
     
    BANK OF CANADA GOVERNOR MARK CARNEY 
    ON ECB LIQUIDITY OPERATIONS

    «In the end, central bank actions are liquidity provisions.
Liquidity doesn't solve issues, it creates the opportunity for
funding measures that have to be taken by governments and by
institutions themselves in order to solve the underlying issues.
So the banking system needs to be appropriately capitalized and 
there are various ways to adjust it… and very important
European governments have started to initiate very significant
fiscal and structural reforms.» 
    «The LTRO buys some time for that to be put in place but in
our opinion, and I would say in the opinion of the G20 as
reflected in the communique, what is also required and what is
also advisable is an adequate firewall.» 
     
    CANADIAN FINANCE MINISTER JIM FLAHERTY, AFTER THE G20
MEETING: 

    «I'm a little bit more confident, modestly more confident,
but there are still a lot of obstacles.» 
     
    CHILEAN FINANCE MINISTER FELIPE LARRAIN 
    «In no way did anyone ask Europe to fix its problems by
itself. We are all aware that Europe has to make an effort but
we are willing to cooperate so that Europe can recover...Germany
has emphasized that countries must meet their obligations. It's
not that Germany is unwilling, but it emphasizes that this is a
process and there is conditionality, it is not an unconditional
surrender.» 
       
    BRAZILIAN CENTRAL BANK GOVERNOR ALEXANDRE TOMBINI 
    «The central bank has signalled recently of the high
probability that the monetary policy rate in Brazil will be in
single digits in the future. That strategy has not changed until
today.» 
     "(The price of) oil is a worry for all central banks at
this moment."   
     
    GERMAN CENTRAL BANK PRESIDENT JENS WEIDMANN ON THE G20 MEETING AND RESULTS: 
    «We have made some progress in the different issues.»
    «The conference was a typical working meeting to prepare the
G20 summit in Los Cabos.»

  
    GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE  
    «There is no diverging view that we're on the right path
with our stability measures.»
    «I assume we'll get the necessary approval for it (the Greek
rescue package) on Monday in the Bundestag. We know that we
still need the decision of the IMF board for this on the IMF's
contribution for a second programme for Greece. We appreciate
the IMF's contribution and I assume that we will also get the
necessary support for it within the IMF.»
    «As the heads of government have agreed, we will make our
decision in Europe in the course of the month of March. But the
month of March goes from March 1 to March 31. It will be
reviewed again, also in the light of the developments that have
since occurred, whether the stated dimension of the mechanism is
enough or not. And it's going to be in time for the IMF to be
able to make a corresponding decision at the spring meeting in
Washington on the firewall — not on the participation on the
second Greece package.»
    «For all of the decisions the German government has made in
this context, it's got the necessary approval in the German
Bundestag. And so you can definitely assume that if the German
government makes these decisions, it will get the necessary
approval for them in the German Bundestag.»
     
   
     BRITISH FINANCE MINISTER GEORGE OSBORNE 
    «We are prepared to consider IMF resources but only once we
see the colour of the euro zone money and we have not seen the
colour of the euro zone money,» Osborne told Sky TV. «I think
that quid pro quo will be clearly established here in Mexico
City.» 

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