The other is to “buy time.” The European Union (EU) and the International Monetary Fund (IMF) need to work together to provide financial support to the problem-stricken countries until those countries’ efforts produce noticeable outcomes. In this regard, Greece, the EU, and the IMF have been taking necessary steps. The Bank has been monitoring the situation carefully.
The growth rates in emerging and commodity-exporting economies are still at high levels, but these have recently been slowing somewhat mainly due to the heightened inflationary pressures and associated monetary tightening. In China, the year-on-year rate of increase in the consumer price index (CPI) was 6.4 percent in June 2011, up substantially from the 2.9 percent exhibited a year ago.