BRIC Leaders Slam West's Response To Financial Crisis

Dilma Rousseff

Photo: YouTube via zimbiorion

The FT’s James Fontanella-Khan reports that Brazilian President Dilma Rousseff attacked The West’s response to the financial crisis in a recent speech.”This (economic) crisis started in the developed world,” Ms Rousseff said at an emerging nations summit in New Delhi on Thursday. “It will not be overcome simply through measures of austerity, fiscal consolidations and depreciation of the labour force, let alone through quantitative easing policies that have triggered what can only be described as a monetary tsunami, have led to a currency war and have introduced new and perverse forms of protectionism in the world.

And in a joint statement, BRIC leaders took western central banks’ policies of “excessive liquidity” to task, saying it had “[spilled] over into emerging market economies, fostering excessive volatility in capital flows and commodity prices.”

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