HIGHLIGHTS-IMF, World Bank 2014 fall meetings in Washington on Friday
WASHINGTON Oct 10 (Reuters) - The following are highlights from the International Monetary Fund and World Bank meetings on Friday in Washington, where finance ministers and central bankers from around the globe are gathered.
Many of the comments come from texts that were prepared for delivery to the IMF's steering committee, the International Monetary and Financial Committee, on Saturday.
CHINA'S VICE FINANCE MINISTER ZHU GUANGYAO
ON FED POLICY AND COMMUNICATION
"Most likely from early next year there is the possibility of the Federal Reserve beginning the process of normalization. However, one thing we learn from history: if the Fed begins the process of normalization of interest (rates), that means not only one time 25 bp in history it never stops just once, so there should be real process. So ... the impact of the Federal Reserve policy on the U.S. economy and the global economy should be very closely watched. Of course the spillover issue should be given high consideration ...
"It's a very crucial time that communication should be more emphasized and that policy be transparent and let the market understand what will happen and what the spillover impact will be to other countries, particularly emerging economies
"It's time we work together, particularly G20 members, and policy coordination, cooperation becomes really more important."
ON THE DOLLAR Continued...