What have you always wondered about the economy? Tell us

Separate solutions for global problem?

Stephen Beard Feb 8, 2008
HTML EMBED:
COPY

Separate solutions for global problem?

Stephen Beard Feb 8, 2008
HTML EMBED:
COPY

TEXT OF STORY

Doug Krizner: Finance ministers from the G7 nations meet in Tokyo tomorrow. They’ll be talking about threats to the global economy. But as Stephen Beard reports, there seems little chance of a coordinated plan to combat a worldwide slowdown.


Stephen Beard: As the G7 ministers get together, one of them is stressing their differences: U.K. finance chief Alistair Darling.

He says economic conditions in the seven member countries are not the same. Therefore they call for separate solutions. Steep cuts in interest rates and a stimulus package might be the right move in the U.S., he said, but not necessarily elsewhere.

Guy Ryder is the head of an international labor union organization. He says concerted global action is required:

Guy Ryder: It does look like the G7 finance ministers are going to fail in this crisis situation. And that’s even though the International Monetary Fund, for example, is warning just how bad the situation is.

Last month, the IMF called for more rich countries to follow the U.S. example and pump more public money into their economies. Britain, Germany and Japan rejected that call.

In London, this is Stephen Beard for Marketplace.

Marketplace is on a mission.

We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.

Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?

Your donation is critical to the future of public service journalism. Support our work today – for as little as $5 – and help us keep making people smarter.