Miscellaneous Quotes from week to 14th October 2016

Christine Lagarde, IMF MD at the 2016 IMF-World Bank Annual Meetings Plenary

Global growth stuck in a rut

“Advanced economies remain stuck in a low-growth, low-investment, low-inflation cycle. And while growth in emerging markets is picking up, low-income commodity exporters are struggling with low prices. We project global growth at 3.1 percent this year, with only a modest acceleration to 3.4 percent next year. Putting it simply: growth has been too low, for too long, and benefiting too few.”

 

Elvira Nabiullina, Russia’s central bank governor on Bloomberg

On Brexit

“The long-term consequences will be far more significant. A lot will depend on the terms that Brexit will be implemented…Everyone is worried about the fallout, about whether a repeat of another country wishing to exit the European Union is possible. That could, of course, have serious consequences.”

 

Philip Hammond, U.K. Chancellor of the Exchequer on CNBC´s “Squawk on the Street”

On the need to spread the benefits of capitalism

“Capitalism is clearly the system that delivers a rising standard of living for people across the globe. And it’s doing that job. But we have to make sure we spread the fruits of capitalist success in a way that is sensible and fair…the benefits have become too concentrated among a small elite…And that’s what we intend to correct.”

 

William Coen, Basel Committee Secretary General, at European Parliament’s economic affairs committee via Reuters

On Basel III

“We hope to publish final revisions early next year, but {on} actual implementation of those rules, we are several years away”

 

Michel Sapin, French Finance Minister, on Reuters

On the impact of Brexit on location of businesses

 

“While in Washington I spoke to large American businesses and banks. Until now their question was whether Brexit will happen or might it take longer than expected. That’s over. They are telling us clearly that there will be a transfer of activity. It’s no longer a question of if but when. I don’t know to what extent or which ones. That’s the inevitable consequence whatever the outcome of the Brexit negotiations”