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00:00First and most urgent, for countries to work constructively to resolve trade tensions as swiftly as possible,
00:12preserving openness and removing uncertainty.
00:17A trade policy settlement among the main players is essential.
00:22And we are urging them to do it swiftly because uncertainty is very costly.
00:30I cannot stress this strongly enough.
00:34Without certainty, businesses do not invest, households prefer to save rather than to spend,
00:41and this further weakens prospects for already weakened growth.
00:47Among major economies, some countries like China need to act to boost private consumption and embrace a shift to services.
00:56Others, like the United States, need to reduce fiscal deficits.
01:02And in Europe, it is time to complete the single market.
01:06Banking union, capital market union, removing internal barriers to intra-EU trade.
01:14Get it done.