MNI: Schaeuble: Must Focus on Int Coop Not National Interests

By Christian Vits and Tara Oakes

     WASHINGTON (MNI) - It is of crucial importance to focus on international

cooperation instead of pursuing national interests, German Finance Minister

Wolfgang Schaeuble said after the G20 meeting on Friday.

     "There is the temptation to focus on your own country's interest, but

multilateral cooperation is the only way to achieve stability and inclusion,

Schaeuble said in a joint press conference with Bundesbank head Jens Weidmann,

Argentina's Finance minister Nicolas Dujovne and the country's central bank

chief Frederico Sturzenegger in Washington. Argentina will take over the G-20

presidency from Germany.

     "We have to be patient: it's the small steps that matter. Step-by-step

continuity is crucial to achieve our goals," Schaeuble added. He said "close

coordination" on tax measures is needed and that "substantial progress" had been

made on tax transparency.

     Weidmann pointed out that the global economy had firmed over the past

twelve months. However, "growth rates are still modest from a long-term

perspective. During the next downturn, there will be smaller buffers," he added,

saying it would be important to use the current economic recovery to achieve

structural reforms.

     Both Dujovne and Sturzenegger underlined the priorities during their

presidency will be the future of work and infrastructure finance. 

     Given the pressing need for infrastructure investments in developing

countries, Sturzenegger said that it would be Argentina's aim to "develop

infrastructure into an asset class." The idea is to create a standardised

framework for infrastructure investments, he added.

     --MNI Frankfurt Bureau; +49 69 97782671; email:

christian.vits@marketnews.com

--MNI Frankfurt Bureau; +49 69 97782671; email: christian.vits@marketnews.com