Brazil's Rousseff raises concerns with Obama on the impact of expansionary monetary policies on developing economies.
WASHINGTON, D.C., UNITED STATES (APRIL 9. 2012) (RESTRICTED POOL) - Brazilian President Dilma Rousseff complained about U.S. monetary policy and failed to make major progress on trade in a White House meeting with President Barack Obama on Monday (April 9), highlighting strains between the Western Hemisphere's two biggest economies.
Rousseff, speaking after meeting Obama in the White House Oval Office, told reporters via a translator, she raised "Brazil's concern regarding the monetary expansion policies."
Rousseff told reporters "expansionist monetary policies in and of themselves, is isolation, regarding the fiscal policies, ultimately lead to a depreciation in the value of the currencies of developed countries thus impairing growth outlooks in emerging countries."
Rousseff previously criticized the United States and European countries for a "monetary tsunami" that she says has caused liquidity to flow into Brazil, pushing up the value of its currency and making its exports less competitive.
Obama told reporters "the relationship between Brazil and the United States has never been stronger. But we always have even greater improvements that can be made, and I feel very fortunate to have such a capable and far-sighted partner as President Rousseff, so that not only Brazil and the United States but the world can benefit from our deeper cooperation."
Rousseff will travel to Boston on Tuesday to speak at Harvard and the Massachusetts Institute of Technology (MIT) to programs geared at training Brazilians abroad.