IMF External Sector Report Press Conference



Edited Package
Washington, DC – Recent
1. B-ROLL: Exterior IMF

Washington, DC --- 24 July 2018
2. Walk-up news conference
3. Midshot news conference
4. Maury Obstfeld, Research Department Director holds up copy of report
5. Reporters cutaway
6. SOUNDBITE: (English): Maury Obstfeld, Research Department Director
“Excess imbalances remain generally unchanged compared to our last ESR, increasingly concentrated in advanced economies and the persistence of these imbalances in the world is fueling trade tensions between countries. Secondly, the configuration of these imbalances does not pose an imminent danger but if unaddressed could threaten global stability down the road.”
7. Cutaway Reporter
8. SOUNDBITE: (English) Maury Obstfeld, Research Department Director:
“The persistence of these global imbalances, and a mounting perceptions of an uneven playing field on trade are fueling protectionist sentiment. These impulses are misguided. An escalation of protectionist policies would mainly hurt domestic and global growth without much of an effect on current account imbalances as this year’s report also finds.”
9. Cutaway Reporter
10. SOUNDBITE: (English) Maury Obstfeld, Research Department Director:
“Because of the risk foreign lending dries up, deficit countries always face greater pressure to balance their current accounts than do surplus countries. But when the adjustment comes both debtors and creditors lose. The adjustment in the aftermath of the global financial crisis is a not too distant reminder of that. That is why both surplus and deficit countries must work together to reduce global imbalances in a manner that is supportive of global growth and stability.”
11. Cutaway Reporter
12. SOUNDBITE: (English) Maury Obstfeld, Research Department Director:
“I think we are in a position where we are at the top of a slippery slope and countries could draw back and say, ‘okay now it is time to improve the system,’ or they could continue down the path that they are on.”

Washington, DC – Recent
13. B-ROLL: Exterior IMF
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  • Brian Walker
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    United States
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