Embassy
Embassy Event
DEPUTY CHIEF OF MISSION THOMAS KELLY SPEAKS ON THE U.S. AND GLOBAL RESPONSE TO THE INTERNATIONAL FINANCIAL CRISIS
December 12, 2008
Mr. Thomas Kelly spoke in the December 12 closing ceremony of the fifth annual conference organized by CADECAC (Camera Argentina de Casas y Agencias de Cambio) on "Perspectives and Challenges Facing Casas de Cambio in a Globalized World." He remarked that the world was a different place when he spoke at the CADECAC conference in 2007, during which he focused exclusively on issues related to money laundering and terrorism finance, highlighting the strong bilateral relationship between Argentina and the United States in this and other areas related to law enforcement and security. While noting that this solid bilateral cooperation remains in force today, Mr. Kelly emphasized that "we now face a more daunting challenge...the tremendous financial and economic turmoil that we have experienced in the last 12 months." Given these changed circumstances, Mr. Kelly directed his comments on "the policies that the United States and other governments of the world are pursuing to prevent further economic deterioration."
Mr. Kelly noted that on November 15 "the leaders from twenty of the world's largest advanced and emerging market countries, including Argentina and the United States, met in Washington to discuss actions to stabilize financial systems, promote growth, and assist each other and those less fortunate." He added that the countries also agreed on the tremendous importance of continuing international coordination, implementing meaningful regulatory reform, including of the international financial institutions, and the need to avoid giving in to calls for protectionism.
In closing, Mr. Kelly assured those attending the conference that the incoming U.S. administration is completely and utterly intent -- to quote President-elect Barack Obama -- "on confronting this economic crisis head-on by taking all necessary steps to ease the credit crisis, help hardworking families, and restore growth and prosperity."
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