Australian Prime Minister Kevin Rudd, on a European tour this week, has expressed concerns that the global economy has not yet recovered and requires a coordinated policy approach by world leaders.
“While collectively we may have responded effectively to the worst period of the immediate financial crisis, we will not be out of the woods until together we have built a credible path back to sustainable economic growth for the long term,” said Rudd.
“We must remember that the challenge of recovery could be at least as great as the challenge of the crisis itself at its absolute height at the end of 2008.”
Rudd’s remarks came following a meeting with German Chancellor Angela Merkel and German Finance Minister Peer Steinbrueck.
Merkel’s position is that developed countries will not be the only key to the credit crunch problem, that emerging economies such as India, China and Brazil need to play an important role too.
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