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IMF Chief Urges Eurozone Leaders To Implement Agreed Policy Actions

Tuesday, 15 November 2011 | 00:00
International Monetary Fund (IMF) Managing Director Christine Lagarde has stressed the urgent need for the Eurozone countries to implement the policy actions agreed by their leaders in October.
She warned that "without a solution to the Eurozone crisis, the world economy could be swept into a downward spiral of collapsing confidence, weaker growth, and fewer jobs." This would affect all nations and so "we all have a stake in resolving that crisis," Lagarde told the Asia-Pacific Economic Cooperation (APEC) leaders' summit in Honolulu, Hawaii.
Lagarde said the APEC economies were a major engine of growth and a vital contributor to the global recovery at this critical moment for the world. She emphasized the IMF's concern about the current risks to the global economy, with a particular focus on the challenges facing the Eurozone.
She also noted that it is important to avoid other risks to the global economy, especially those related to low growth and unacceptably high unemployment.
the IMF chief called upon all countries to play their part to help re-balance the global economy to meet these difficult challenges.
"For APEC's advanced economies, this means primarily adopting strong medium-term fiscal consolidation plans, which will create space to accommodate growth and jobs now. For APEC's emerging market and developing economies, it means addressing underlying vulnerabilities including better social safety nets; investing in infrastructure, health and education; financial sector reform; and exchange rate appreciation where necessary," Lagarde said.
"We need to work together to support growth that creates jobs, is inclusive, and benefits all. APEC embodies that spirit of shared responsibility and action," she added.
Source: RTT News
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