G20 members debate over Eurozone debt crisis

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Europe to muddle through current crisis: former British official

CANBERRA, Oct. 14 (Xinhua) -- Former British chancellor of the exchequer Lord Norman Lamont on Friday told National Press Club in Canberra of Australia that he believes Europe will "muddle through " its current crisis.

General view of the G20 meeting of Finance Ministers and Central Bank Governor at the ministry in Paris October 15, 2011. (Xinhua/Reuters Photo)

While G20 finance ministers will gather in Paris of France to discuss ways to get the global economy through its current instability, visiting Lord Lamont said he believed that the Europeans will come up with a package "that is the minimum that they can get away with."

"It will manage to muddle through, and in the end I believe the euro will be saved, and the sooner the better it happens, because this has been so damaging to world confidence," Lord Lamont said.

Lord Lamont said he expected a shift in the economic power of the world after the current crisis, and urged the West to be more like the Asians "to export more, to save more, to consume less and borrow less."

Dr Parag Khanna, who acted as a foreign policy adviser to candidate Barack Obama in his U.S. presidential campaign, agreed on the shifting of economic power to Asia countries, saying that there was very little prospect of a rapid U.S. recovery, with almost all economists predicting as much! as a de cade of slow growth in an economy with a "very, very weak" budget picture.

"You are not going to be able to restore the economic health of the United States without a political consensus," he told the audiences in Canberra on Friday.

Lord Lamont and Dr Khanna were guest speakers to the Institute of Chartered Accountants in Australia's annual public servant awards for excellence.

IMF chief Christine Lagarde (L) embraces France's Finance Minister Francois Baroin (C) as France's Central Bank head Christian Noyer (R) looks on at the "Cite de L'Architecture" prior to a working dinner, on the first day of the G20 meeting of Finance Ministers and Central Bank Governors in Paris October 15, 2011.(Xinhua/Reuters Photo)

Japanese Finance Minister Jun Azumi (C) gestures as he greeted by French Finance Minister Francois Baroin (L) and French Central Bank Governor Christian Noyer, at the start of the G20 meeting of Finance Ministers and Central Bank Governors at the Finance Ministry in Paris, October 15, 2011.(Xinhua/Reuters Photo)

France's Finance Minister Francois Baroin (C) shakes hands with Italian Central Bank Governor Mario Draghi (L) near French Central Bank Governor Christian Noyer at the "Cite de L'Architecture" prior to a working dinner, on the first day of the G20 meeting of Finance Ministers and Central Bank Governors in Paris on October 15, 2011. (Xinhua/Reuters Photo)

Spanish Finance Minister Elena Salgado (L) is greeted by France's Central Bank Governor Christian Noyer (R) and France's Finance Minister Francois Baroin at French Finance Ministry in Paris at the ministry in Paris October 15, 2011. (Xinhua/Reuters Photo)

The Governor of the Bank of England Mervyn King (L) talks to U.S. Treasury Secretary Timothy Geithner (R) before the beginning of a meeting on the second day of the G20 meeting of Finance Ministers and Central Bank Governors on October 15, 2011, in Paris. Finance ministers and central bank governors of the world's leading economies are gathering in Paris to discuss how to save Greece from bankruptcy, beat a path out of Europe's wider debt crisis and restart global economic growth. (Xinhua/AFP Photo)

IMF chief Christine Lagarde (L) chats with Governor of the European Central Bank Jean-Claude Trichet during the G20 finance meeting in Paris, Saturday, Oct. 15, 2011. (Xinhua/AFP Photo)

British Finance Minister George Osborne (L) is greeted by French Finance Minister Francois Baroin (C) and French Central Bank Governor Christian Noyer (R) at the start of the G20 meeting of Finance Ministers and Central Bank Governors at the Finance Ministry in Paris, October 15, 2011. (Xinhua/AFP Photo)

Editor:James |Source: CNTV

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