O'Neill -- 2 (developed countries have obligation to world economy)

O'Neill said it is the "obligation of leaders around the world," particularly in developed countries to help boost the world economy and generate improved standards of living in developing countries.If the major economies are not operating at full potential, O'Neill said, "then they are not producing the capital accumulation necessary to fuel growth in the rest of the world.""I think all of us in the developed world have potential to operate at higher levels than now," he said, calling on leaders in each economy "to pay attention to their own facts and circumstances, and take appropriate action.""Here in the U.S., we're on our way with that. (Federal Reserve) Chairman Alan Greenspan has continued to take monetary policy action to provide support and encouragement for the economy," he said.O'Neill also pointed to President George W Bush's proposed tax cut, and expectations of Congressional action on it over the next week to 10 days, as a source of policy stimulus for the U.S. economy.Asked about analysts' remarks that the Q1 GDP growth figure of 2.0 pct masks underlying weaknesses, O'Neill responded that "the figures speak for themselves.""At the end of the day, it's still 2 pct," he said, adding that the figure was at the upper range of expectations, including his own stated assessment that the economy had been growing between 0 and 0.75 pct.Stressing his confidence in U.S. economic fundamentals, O'Neill said the U.S. is "quick to respond to economic signals" and has the ability to adjust quickly.He noted that the decline in inventories registered in the first quarter means "it does appear we are working off inventories", which had been holding down growth.While business capital investment declined 2.1 pct in the quarter, O'Neill said, "There is a stream of longer term investment decisions ... going on," and was optimistic that U.S. businesses are "pushing harder to achieve (higher) productivity levels." 

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