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Lagarde: Hopeful IMF reforms in place by October

The head of the International  Monetary Fund (IMF) has urged  policy-makers to use recent o...
Newstalk
Newstalk

18.05 24 Sep 2012


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Lagarde: Hopeful IMF reforms i...

Lagarde: Hopeful IMF reforms in place by October

Newstalk
Newstalk

18.05 24 Sep 2012


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The head of the International  Monetary Fund (IMF) has urged  policy-makers to use recent opportunities and take actions to achieve a decisive turn in the economic crisis.

Christine Lagarde has told an Economics Institute in the US that a sustained rebound is needed and not a bounce.

Speaking at the Peterson Institute for International Economics in Massachusetts she described recent initiatives by major Central Banks as “big policy signals in the right direction” – referring to the bond-purchasing program of the ECB.

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She focused on 3 key sets of policy challenges: the unfinished agenda for Europe and the United States; increased pressures in the rest of the world; and commitments on which the IMF also must deliver.

Ms. Lagarde says Europe remains the epicentere of the crisis and where the most urgent action is needed.

She has called on policymakers here to deliver on their commitments including establishing a single supervisory banking mechanism and direct recapitalisation of banks.

Finally Ms. Lagarde said the Fund is making good progress in reaching final agreement on “the most significant governance changes in IMF history”.

She said that the IMF was pushing to pass these reforms, aimed at giving greater representation to emerging market and developing economies, “if not by October, then as soon as possible thereafter”.

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