IMF's Rato says action required on U.S. deficits

[UpInArms]

http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=6859717

WASHINGTON, Nov 18 (Reuters) - The large U.S. current account deficit is a matter of concern, and policy changes are needed to address existing global imbalances, International Monetary Fund Managing Director Rodrigo de Rato said.

"The United States needs to speed up reduction of its public deficit, and we hope that this will be reflected in the new administration's policies as soon as possible," Rato said in an interview with IMF Survey magazine made public on Thursday.

"The U.S. current account deficit is very large, and it's in everyone's interest that the deficit is reduced in an orderly manner," he said, warning that relying on markets alone to fix global imbalances "could be much more costly and risky" than pursuing policy actions as well.

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