Europe Should Focus On Policies To Address Crisis, Says IMF's Lipton
Tuesday, 17 January 2012 | 00:00
The pace of global economic activity is weakening and the risks for Europe and the world are high, David Lipton, First Deputy Managing Director of the International Monetary Fund said Monday.
Europe could be swept into a downward spiral of collapsing confidence, stagnant growth, and fewer jobs in the absence of bold action, he told participants at Asian Financial Forum in Hong Kong.
"And in today's interconnected global economy, no country and no region would be immune from that catastrophe," he added. "This is especially true for Asia."
Lipton said Asia looks set to take a bigger role at the IMF. He observed that it is only natural that Asia's voice in the IMF should become increasingly influential, given its rise as an economic powerhouse.
He called for deeper partnership with Asia to lessen the impact of the global crisis on the region and to help promote sounder and stronger growth globally. Although Asia has its own challenges, the region and the IMF can help ensure stability and prosperity by working together, Lipton added.
Source: RTT News
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