The world’s top policy makers must be more aggressive in handling the unfolding emerging markets crisis, the finance minister of Africa’s biggest economy has warned, calling for greater action on global capital flows and currency volatility.
Pravin Gordhan, South Africa’s finance minister, told the Financial Times there was an “inability to find coherent and cohesive responses across the globe to ensure that we reduce the volatility in currencies in particular, but also in sentiment”.
Countries such as India and Indonesia were badly hit last week by weakening currencies and falling markets, while South Africa’s rand has plummeted against the dollar this year, making it one of the worst-performing currencies.
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