Rousseff and Merkel exchange ideas on ‘monetary tsunami’ and ‘protectionism’

Mercopress, 03/06/2012

President Dilma Rousseff and German Chancellor Angela Merkel on March 5, 2012. (AFP)

German Chancellor Angela Merkel replied on Monday to Brazilian president Dilma Rousseff claim that Europe is involved in a “monetary tsunami” arguing that developed countries are very concerned with Brazil’s protectionist measures.  Merkel and Rousseff met at Hannover where the Brazilian president was invited to open a high technology event.

Rousseff had slammed expansionary monetary conditions in Europe saying her government may take more measures to stem currency gains being fueled by “protectionist” policies in rich nations, but dismissed it would impose capital inflow controls.

“We will discuss the crisis and the concerns each of us has. The president mentions a “liquidity tsunami” that is worrying Brazil, on our side we are concerned with the protectionist measures imposed by Brazil”, said Merkel in reference to additional taxes on the import of cars.

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President Dilma Rousseff in Germany for meetings with Angela Merkel to discuss international crisis

Renata Giraldi – Agencia Brasil, 03/05/2012

Saturday evening (March 3) president Dilma Rousseff left for Germany where she will stay until Tuesday, March 6, in the city of Hannover. Dilma will be accompanied by a committee of 200 people, including ministers and business leaders.

Today, Monday, March 5, Dilma and the German chancellor (prime minister), Angela Merkel, will have a working lunch and then a private meeting to discuss the international crisis and bilateral cooperation. There is a full agenda: the strategic partnership agreement of 2002 between Brazil and Germany, the upcoming Rio+20 meeting in June on sustainable development, the G-20, the reform of political and economic institutions of global governance and bilateral relations.

Germany is Brazil’s fourth biggest trade partner, with total volume reaching $24 billion in 2011, an increase of 17.4% over 2010.

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