IMF, World Bank 2014 spring meetings in Washington on Saturday

Reuters
Financial leaders (front row, seated L-R) Mexico's Finance Minister Luis Videgaray, Nigeria's Finance Minister Ngozi Okonjo-Iweala, Brazil's Finance Minister Guido Mantega, South Korea's Finance Minister Hyun Oh-seok, Turkey's Deputy Prime Minister for the Economy Ali Babacan, Australia?s Treasurer and this year's chairman of the G20 Joe Hockey, IMF Managing Director Christine Lagarde, Singapore's Finance Minister Tharman Shanmugaratnam, U.S. Federal Reserve chair Janet Yellen, Germany's Finance Minister Wolfgang Schauble, Japan's Finance Minister Taro Aso, Gabon's Economy Minister Christophe Akagha-Mba and Saudi Arabia's Finance Minister Ibrahim Al-Assaf join other International Monetary and Financial Committee (IMFC) finance ministers, bank governors and other ministers from around the world for a family photo during the IMF and World Bank's 2014 Annual Spring Meetings in Washington, April 12, 2014. REUTERS/Mike Theiler
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Financial leaders (front row, seated L-R) Mexico's Finance Minister Luis Videgaray, Nigeria's …

WASHINGTON (Reuters) - The following are highlights of the International Monetary Fund and World Bank meetings on Saturday in Washington, where finance ministers, central bankers and other top officials are gathering.

EUROPEAN CENTRAL BANK PRESIDENT MARIO DRAGHI

ON DEFLATION CONCERNS RAISED:

"It was not only the IMF, no, we heard concerns about this low inflation also from other advanced countries ... It has to be placed in perspective, but at the same time I said we shouldn't be complacent."

ON EURO ZONE ECONOMY:

"The recovery is proceeding, it's modest and the recent survey data seem to say that even the first quarter of this year will show positive growth."

"Low inflation is supporting the real disposable incomes of a part of the world where the percentage of retired people is high."

SPANISH ECONOMY MINISTER LUIS DE GUINDOS

ON DEFLATION:

"Our view in Spain is that there really is no risk of deflation, not in Europe or in Spain."

CHINESE VICE FINANCE MINISTER ZHU GUANGYAO

ON UKRAINE:

"This is a geopolitical issue too. We hope that event of geopolitical risk won't cause a big shock for the global economy, particularly for ... Europe's economy."

"That's why we support any action necessary to calm down the tension and to stabilize the economy, including Ukraine's economy."

ON IMF REFORMS:

"During the period before the end of the year, we are certainly continuing very full cooperation with the IMF and we hope this difficult time - particularly Ukraine - the IMF plays quick and strong action ... We support that."

BRITISH FINANCE MINISTER GEORGE OSBORNE

ON THE GLOBAL ECONOMIC OUTLOOK:

"Significant downside risks remain and some new risks have emerged, including an increase in geopolitical tensions, notably with the situation in Ukraine. In order to safe-guard the global recovery, policymakers must continue to build their economies' resilience by implementing much needed reforms, tackling underlying vulnerabilities and ongoing efforts to reduce public debt."

ON GLOBAL MONETARY POLICY WORLDWIDE:

"As part of the global recovery, policymakers should communicate their expectation of higher financial market volatility, which is currently below historical norms. This should help ensure a common understanding and a reflection in market prices."

ON EMERGING MARKETS:

"The immediate priority for EMs is to address policy and institutional weaknesses where they exist and strengthen macroeconomic fundamentals. Strong macroeconomic policy frameworks and structural reforms can support sustainable growth and build resilience to economic shocks."

(Compiled by Reuters' G20/IMF team)

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