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China calls on Europe to ‘beef up’ fiscal consolidation

17 April 2011 No Comment

CHINA said on Saturday that Europe needs to reduce sovereign debt risks and ‘beef up’ fiscal consolidation in its weaker economies.

‘At the current stage, the European sovereign debt crisis remains severe,’ said Yi Gang, deputy governor of the People’s Bank of China.

‘The various countries concerned need to seek political consensus, beef up fiscal consolidation efforts, and make intraregional cooperation mechanisms more effective so as to dispel market mistrust and enable stabilizers to play their role.’

Mr Yi made the remarks in a statement at the opening of the IMF-World Bank spring meeting in Washington.

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