MEXICO CITY, Mar 22, 2004 (El Economista/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- Robert Rubin, former Treasury secretary of the United States under President Bill Clinton, has warned that the country could be left behind if it does not make progress with the pending structural reforms.
"Mexico must keep going with the reforms in many areas to continue to be competitive and to make the big changes that have been established at world level, such as in India and China," said Rubin. He added that globalization meant that more efficiency was needed. He also mentioned that the reforms were needed to incorporate more poor people into the economy because social costs were very high.
Rubin said that the Mexican banks had sufficient financial solidity to be able to support fluctuations in the market. He confirmed that in the case of Mexico, regulations are adapted to international practices, which was necessary because all countries need their banks to be at international level.
"The banks have enough resources and are healthy enough to support the fluctuations of global capital in the market, although there are going to be difficulties that could affect the banks a little," commented the chairman of the Executive Committee of Citigroup.
This abstract is provided by Internet Securities, Inc. as a service to its customers. Internet Securities, Inc. makes no representation or warranty regarding the accuracy or content of the translation.
URL: www.securities.com
Copyright 2004 Internet Securities, Inc., all rights reserved. A Euromoney Institutional Investor Company.
News Provided by COMTEX (http://www.comtexnews.com)
No comments:
Post a Comment