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

Repeats Story Initially Transmitted at 18:00 GMT Oct 13/14:00 EST Oct 13
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

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