Kristalina Georgieva

Here in the United States, Secretary Besant says we need to get to 3% deficit.

But acting on these intentions is hard.

where I want to shout bravo to Italy.

Traditionally, Italy was a country that was seen as having real difficulty to tighten up.

Now they are very likely to go below 3% deficit next year.

So there are some bright spots.

Greece is a fantastic story.

There are some bright spots, but still bright spots on a dark horizon.

The price of gold is going up because uncertainty has shot up and it is staying very high.

What do you do at the time of uncertainty?

You try to anchor yourself in something that has proven value.

When we look at the dollar,

Over decades, the share of dollar in reserves globally has gone down somewhat, mostly because other countries have presented a good alternative.

But they are all medium-sized countries.

Australia, Sweden, Switzerland.

Even Eurozone is not that big to present an alternative to the dollar.

And we need to remember, people go for the dollar because of the depth of the capital markets in the United States, the liquidity, the size of the economy, the productivity.

of the American worker, which is unmatched in other advanced economies.

So, yes, it is likely, as the world becomes multipolar, it is likely to see this trend, but it is a slow, slow, slow process.

We work hand in hand with the Argentine authorities and with the partners of Argentina, first and foremost US Treasury because of the size of their support, but also the World Bank, the Inter-American Development Bank, and we do it because we see a genuine change for the better in Argentina.