25 July 2001, 08:59 O'Neill praises UK economic performance
LONDON (AFX) - US Treasury Secretary Paul O'Neill said current UK
economic performance is "pretty good," noting the country's low
unemployment rate.
With the UK unemployment rate at around 3.6 pct, O'Neill said in a
press briefing for UK reports: "that's a wonderful condition that
you're in right now."
"It's really great to see you operating at this level ... there's
much to be admired about the UK operation of its economy," he added.
Addressing the economic performance of continental Europe, O'Neill
drew a distinction with the US, noting that structural flexibility in
the US economy has given it the potential for faster growth.
But rigidities in "other economies" make them slower to respond to
real-time signals, prone to longer cyclical corrections, and left with
lower potential growth rates, he said.
Asked whether the global economy would benefit from a stronger
euro, O'Neill said: "There's a presumption underneath your question
that one can will the rates to be different ... that's not how I think
the world works."
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