We have believed for many years, much earlier than anyone else was talking about this issue, that it was in the interest of China to evolve to a more flexible exchange rate system.

Most cases, I would say, in a huge amount of cases, countries that have worked with us and have used our financial facilities have come out quick… more quickly and in a better shape from a crisis than would have come out otherwise.

And then you might decide that the country can just spend maybe years or decades to regain that credit, or maybe give that county the support, the financial support that the market is not willing not do.

We believe that the Federal Reserve has to carry on with a progressive increase in interest rates as a consequence of the American economy.

And it’s also producing a growth in debt to the United States that will weight very heavily in a country that has to address issues like having more old people to be covered by Social Security or by pension in the future.

We have seen a strong increase in oil prices and up to this year we see that the world has been able to absorb that.

I mean, the world has already done a big, big effort to forget debt to countries heavily indebted and with low income. And that has given good chances to countries to get out of poverty.

So the American economy needs the world, and the world needs the American economy.

Oil prices have certainly become a threat for the world economy.

We also need a fund that can say ‘no’.

What we have achieved is a good example of how the right policies deliver.

We would certainly encourage the Italian government to put forward an ambitious agenda of reform.

There is not an alternative to the US as the engine for growth.

We have believed for many years, much earlier than anyone else was talking about this issue, that it was in the interest of China to evolve to a more flexible exchange rate system.

Masood Ahmed brings to the position of director of external relations extensive experience gained in a range of senior positions in international finance and development.

To try to correct imbalances with trade restrictions is a grave error.