President Felipe Calderon criticized its powerful neighbour, United States during a speech in which he outlined the G20 agenda for the next twelve months, including the summit, which is under the presidency of Mexico.
On the closing of a seminar on the challenges for global economic growth, Calderon emphasized on financial misbalances and said it was crucial for economies such as the European and the US “to assume their responsibilities and adopt clear actions to balance their public finances”.
Other misbalances are originated in countries with an apparent current account surplus but caused by a “degree of intervention”, said Calderon at the meeting attended by Deputy Ministers from G20 members.
“We know the most relevant cases, the usual suspects let us say…such is the case of United States… and other nations”, said Calderón.
He said it was urgent to address and discuss all these problems in the G20, but “with full honesty”.
Calderón also referred to the strengthening of the international financial architecture, particularly the IMF to reinforce its finances both short and long term in such a way that “it can act efficiently and on time during severe crisis periods such as those we are going through”.
“Mexico has authorized the expansion of resources for the IMF, in accordance with our commitments with G20, and I really regret that countries such as the US, for example have yet to provide the funding needed by the IMF, available”, said the Mexican president.
During the twelve months as head of G20, Mexico will promote food security and promote sustainable growth.
Calderón said that food prices have gone up 25% and even when this is because of many factors, financial speculation can not be discarded.
“An increase in the basic food basket means an increase almost mechanic, almost automatic of poverty levels around the whole world”, he added.
Mexico is head of G20 which brings together the main economies, developed and emerging since last December first, when Calderon received the post from his French peer Nicholas Sarkozy.
The next G20 summit is scheduled for June 18/19 in the seaside resort of Los Cabos, Lower South California.