They are urged to carry out the required structural reforms
The world's leading banks expressed concern about the "excessive accumulation" of reserves in some emerging economies, noting that Brazil and Mexico, despite their progress, continue to struggle to adopt the social and energy reforms they require.
Charles Dallara, managing director of the Institute of International Finance, which groups more than 300 private banks, pointed out that Mexico, Brazil, Argentina, Venezuela, Chile and Peru have been speaking favorably about their large reserves derived from the boom in international prices, mostly of raw materials, a situation that is repeated in Asia and the Middle East.
He indicated that "reserves can be used as an important part of prudent macroeconomic financial management, giving the country the ability to withstand pressures on its monetary composition"; however, he added that these global reserves, in recent years, have been placed at "a point that seems to be above economic rationality."
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