it was that kid kemal again. the fat turkish kid? yeah. he was stuffing his face, as per usual, in lessons, munching his way through a bag of crisps, and i said to him, purely frivolously, "you could do with ramadan lasting all year round, couldn't you, kemal?" it was quite witty, really. and now his dad has said that i singled him out because of his religion, and apparently i've traumatized him about his weight. which is down to a glandular disorder it seems, which presumably compels him to thrust pies down his throat. and that was it. the governors won't take it seriously. the governors?! he wrote to the l.e.a., so it has to go to the governors. but they'll just kick it into the long grass. i can't believe that you were trying to keep this quiet. i was gonna tell you when it was over. brilliant. so now i've got two members of my family lying to me! i didn't want to worry you. ( thudding, screaming upstairs ) we should be sharing these things, pete. i know, i know. you're right. um... what? there was... an incident that was vaguely simila

now you strobe and you, kemal arcserve tourists who actually decided to embrace that spirit of seizing the day, seizing the moment of carpe diem, you with the extraordinary work that shoot it at the time when the soviet union actually fell into pieces and new, kemal as a courageous, very brave minister of finance in turkey when implemented reforms have helped to be in a much better position in its crisis. in the spirit of seizing the moment has also inspired the g20 leaders at a time and they'll congregated back in washington d.c. and two dozen eight and later on in 2009 in london and those caught at the time, the london moment. they decided to collectively they should seize the moment, address the issues courageously and look a little bit beyond what was the immediate urgency is. it may be another one of those moments. it's possibly a washington moment. in recent months important actions have been taken, particularly out of europe. thank you for being with us today. i'm so pleased you are here. and as a result, we have seen some improvements and economic climate. the risks remain high

. >> well, thank you, kemal. i'm always happy to be linked to leonardo dicaprio in any public setting. mr. secretary, as kemal says, we have the imf and world bank convening here. there's great curiosity about the world economy, but i want to start with the u.s. economy and ask you about the growth picture. the imf latest forecast is for growth this year of 2.1%, consensus estimates all seem to be under 2.5%. we had signs of faster growth in last year's third quarter, but then a slowing. and i'd like to ask you the basic question i think everybody has which is, what's going on? what's your mental snapshot of the u.s. economy right now? >> well, the u.s. economy is gradually healing, gradually getting stronger. growth has averaged about 2.5% since the recovery began. slower than the average of recoveries in the postwar period. why has it been so moderate? really the following reasons: one is the basic reality that when you're digging out of a financial crisis caused by too much borrowing, too much leverage, the ec

>> thank you, kemal dervis. when you talk about a new form of growth that was more inclusive, i was expecting you to address the nature of the energy economy and the need to shift to clean and renewable resources, and although that is not the imf per view, certainly public policy could accelerate that. >> maybe we will take these two because they are quite comprehensive. >> they sure are. the question about the china current account -- what we have seen is clearly a significant reduction on the surface of china's current account, moving from over 10% to a little less than 3% from the latest numbers we have, and in an of itself is a great result, but what is important is to see what the rebalancing is about and what is comprised of. it is subject for further research. it is a deep subject to look into. it is composed of various components. one is an external -- demand has been lower than in prior years. that has had a direct effect. there has also been a portion of that reduction that is attributable to a shift,

>> thank you, kemal dervis. when you talk about a new form of growth that was more inclusive, i was expecting you to address the nature of the energy economy and the need to shift to clean and renewable resources, and although that is not the imf per view, certainly public policy could accelerate that. >> maybe we will take these two because they are quite comprehensive >> they sure are. -- comprehensive. >> they sure are. the question about the china current account -- what we have seen is clearly a significant reduction on the surface of china's current account, moving from over 10% to a little less than 3% from the latest numbers we have, and in an of itself is a great result, but what is important is to see what the rebalancing is about and what is comprised of. it is subject for further research. it is a deep subject to look into. it is composed of various components. one is an external -- demand has been lower than in prior years. that has had a direct effect. there has also been a portion of that reductio

secretary, as kemal says, we have the imf and world bank convening here. there's great curiosity about the world economy but i want to start with the u.s. economy and ask you about the growth picture. the imf's latest forecast is for growth this year of 2.1 percent. consensus estimates all seem to be under 2.5 percent. we had signs of faster growth in last year's third quarter but then slowing, and i'd like to ask you the basic question i think everybody has which is what's going on? what's your mental snapshot of the u.s. economy right now? >> well, the u.s. economy is gradually healing, gradually getting stronger. growth has averaged about 2.5 percent since the recovery began, slower than the average of recoveries in the post-war period. why has it been so moderate? really, the following reasons: one is the basic reality that when you're digging out of a financial crisis caused by too much borrowing, too much leverage, and the economy built too many houses, you face a lot of headwinds as you work through those imbalances and that makes growth slower than