IMF chief calls for seizing "Washington moment"
时间：2012-04-13 06:50:01
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WASHINGTON, April 12 (Xinhua) -- Policymakers in different countries should seize the moment to strengthen cooperation, bolster1 global financial firewall and address key economic challenges, Christine Lagarde, managing director of the International Monetary2 Fund (IMF), said here Thursday.
In recent months, important policy actions have been taken to confront the global economic challenges, Lagarde said at the Washington-based Brookings Institution, adding that "we have seen some improvement in the economic climate".
"Only a few months ago, we seemed to be staring into the abyss. More recently, some data have indicated that the United States may be beginning to turn the corner. Financial strains in Europe have eased somewhat since December," she said.
However, in a curtain-raising speech prior to the spring meetings of the IMF and its sister agency, the World Bank, scheduled for next week in Washington D.C., the IMF chief cautioned that risks still remained high and the global economic situation was fragile.
She warned against any complacency by stating that "let us make no mistake: the risks and the needs are still sizable, and it would be imprudent to think otherwise."
"The risk that
looms3 largest is that sovereign and financial stresses return with renewed force in Europe," she cautioned.
Recent developments showed that markets remained
volatile4 and that "turning the corner" was never easy, Lagarde stressed.
Global policymakers should deepen
collaboration5 on next steps to keep the global economic crisis at bay and achieve more
lasting6 growth, she suggested.
Europe must continue with their efforts to strengthen their financial firewall and restore market confidence. With today's dazzling array of instant interconnection, a stronger global firewall would help complete the "circle of protection" for every country, she
noted7.
Lagarde
reiterated8 the urgency of boosting the lending capacity of the IMF, adding "the Fund needs to be able to stand behind all its members and meet the needs of all those
affected9 by the crisis. "
She expressed optimism about the proposal to
replenish10 the IMF' s lending coffers, which has by far received a lukewarm response from the United States, its largest
shareholder11.
"I have been encouraged by the expressions of support by many of our member countries to increase our resources. I am hopeful that, during the upcoming spring meetings, we will make progress on this issue," Lagarde said.
Eurozone finance ministers announced last month that the 17 eurozone member countries have agreed to build an 800-billion-euro (about 1.1 trillion U.S. dollar) financial firewall against the current debt crisis.
Amid mounting worries over the two-year-old eurozone debt
turmoil12, the IMF announced earlier this year that it aimed to seek up to 500 billion U.S. dollars in additional lending resources to boost its firepower.
Eurozone countries have
clinched13 the deal of providing about 150 billion euros in additional
bilateral14 contributions to the IMF to step up its lending capacity, putting the ball back in the court of the United States and other member countries.
The former French finance minister coined the phrase " Washington moment" to highlight the importance of upcoming spring meetings which will draw central bankers, finance ministers and other experts to discuss key global economic issues and policy actions.
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