Dilma Rousseff and Angela Merkel and the international financial crisis

On the eve of her departure for a three-day trip to Germany, president Dilma Rousseff cricitized the European Central Bank’s decision to inject liquidity into financial markets – to the tune of over 500 billion euros.

“Yes, we are concerned with this monetary tsunami. Developed nations have not seen fit to use fiscal policies that could increase investment capacity as a way out of the crisis. Instead, they have literally dumped no less than $4.7 trillion on the world, with adverse, perverse effects mainly in emerging nations,” declared the president.

Dilma went on to say the recent measures adopted in rich nations were “cannibalizing” emerging countries and calling them irrelevant (“inconsequente”) as far as the results produced in money markets were concerned.

“Today we face adverse competition not because Brazilian industry is unproductive, not because the Brazilian worker is unproductive, but because there is a war – an exchange-rate war – due to an expansionist monetary policy that creates unequal conditions of production,” said the president.

Dilma made her comments, on the eve of her departure to Germany, at a ceremony marking the rollout of the National Commitment to Improved Labor Conditions in the Construction Industry (“Compromisso Nacional para Aperfeiçoar as Condições de Trabalho na Indústria da Construção”) that is to give workers in construction better healthcare, safety, professional qualification and labor union representation.

On the trip to Germany, Dilma Rousseff will be accompanied by the ministers of Foreign Relations, Antonio Patriota; Development, Industry and Foreign Trade, Fernando Pimentel; Communications, Paulo Bernardo; Science, Technology and Innovation, Marco Antonio Raupp; and the head of the presidential press office (“Secretaria de Comunicação Social”), Helena Chaves. Also in the presidential committee are the special aide for International Affairs, Marco Aurélio Garcia, and the governors of Bahia, Jaques Wagner, and Rio Grande do Sul, Tarso Genro.

On the eve of her departure for a three-day trip to Germany, president Dilma Rousseff cricitized the European Central Bank’s decision to inject liquidity into financial markets – to the tune of over 500 billion euros.

“Yes, we are concerned with this monetary tsunami. Developed nations have not seen fit to use fiscal policies that could increase investment capacity as a way out of the crisis. Instead, they have literally dumped no less than $4.7 trillion on the world, with adverse, perverse effects mainly in emerging nations,” declared the president.

Dilma went on to say the recent measures adopted in rich nations were “cannibalizing” emerging countries and calling them irrelevant (“inconsequente”) as far as the results produced in money markets were concerned.

“Today we face adverse competition not because Brazilian industry is unproductive, not because the Brazilian worker is unproductive, but because there is a war – an exchange-rate war – due to an expansionist monetary policy that creates unequal conditions of production,” said the president.

Dilma made her comments, on the eve of her departure to Germany, at a ceremony marking the rollout of the National Commitment to Improved Labor Conditions in the Construction Industry (“Compromisso Nacional para Aperfeiçoar as Condições de Trabalho na Indústria da Construção”) that is to give workers in construction better healthcare, safety, professional qualification and labor union representation.

On the trip to Germany, Dilma Rousseff will be accompanied by the ministers of Foreign Relations, Antonio Patriota; Development, Industry and Foreign Trade, Fernando Pimentel; Communications, Paulo Bernardo; Science, Technology and Innovation, Marco Antonio Raupp; and the head of the presidential press office (“Secretaria de Comunicação Social”), Helena Chaves. Also in the presidential committee are the special aide for International Affairs, Marco Aurélio Garcia, and the governors of Bahia, Jaques Wagner, and Rio Grande do Sul, Tarso Genro.