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Posts Tagged ‘Lagarde’

Estimating Cyber Risk for the Financial Sector

Posted by hkarner - 23. Juni 2018

June 22, 2018

Average annual losses to financial institutions from cyber-attacks could reach a few hundred billion dollars a year 

Cyber risk has emerged as a significant threat to the financial system. An IMF staff modeling exercise estimates that average annual losses to financial institutions from cyber-attacks could reach a few hundred billion dollars a year, eroding bank profits and potentially threatening financial stability.

Recent cases show that the threat is real. Successful attacks have already resulted in data breaches in which thieves gained access to confidential information, and fraud, such as the theft of $500 million from the Coincheck cryptocurrency exchange. And there is the threat that a targeted institution could be left unable to operate.

Not surprisingly, surveys consistently show that risk managers and other executives at financial institutions worry most about cyber-attacks, as in the graphic below. Den Rest des Beitrags lesen »


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Creating a Better Global Trade System

Posted by hkarner - 30. Mai 2018

May 29, 2018

Trade in services has risen dramatically and the use of technology is changing how countries trade with each other 

Recent news on global trade has tended to focus on protectionist measures and diplomatic tensions. These challenges have raised concerns over growth and jobs across the world.

Yet what is often lost in the current discussions is that we are entering a new era of trade—an era in which data flows are becoming more important than physical trade.

The new era

Think about it: between 1986-2008, global trade in goods and services grew at more than twice the rate of the global economy. In recent years, however, growth in this more traditional type of trade has barely exceeded global GDP growth. Den Rest des Beitrags lesen »

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Shining a Bright Light into the Dark Corners of Weak Governance and Corruption

Posted by hkarner - 24. April 2018

By Christine Lagarde, IMF Blog

April 22, 2018

Anti-corruption strategies require broader regulatory and institutional reforms (Kritchanut/iStock).

The IMF Executive Board has just endorsed a new framework for stepping up engagement on governance and corruption in our member countries. Let me talk about why this is important and what it means for our work.

Costs of corruption

We all know that entrenched corruption is economically pernicious, undermining the ability of countries to deliver inclusive and sustainable economic growth. Den Rest des Beitrags lesen »

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IWF-Finanzministertreffen in Zeiten der Mega-Nervosität

Posted by hkarner - 14. April 2018

„Das System fester Regeln und einer gemeinsam getragen Verantwortung im Welthandel droht zerrissen zu werden“, warnt die Chefin des Internationalem Währungsfonds.

Selten fanden Tagungen von Internationalem Währungsfonds (IWF) und Weltbank in den vergangenen Jahren in einem derart angespannten Umfeld statt wie die Frühjahrstagung in der kommenden Woche in Washington. „Die Nervosität ist zum Greifen“, merkt ein langjähriger Teilnehmer an. Dabei scheint, wenn man allein die Wachstumszahlen der Weltwirtschaft betrachtet, alles im Lot. Das sagt auch IWF-Chefin Christine Lagarde. „Aber die Jubel-Stimmung von vor einem Jahr ist verflogen“, beschreibt ein Insider. Viel zu bedrohlich sei, was in der Welt geschehe. Die Liste ist lang: vom massiven US-Handelsstreit mit China und anderen Staaten über die Unsicherheiten durch einen völlig unberechenbaren US-Präsidenten, das drastisch verschlechterte Verhältnis des Westens zu Russland bis hin zu militärischen Konflikten, insbesondere dem in und um Syrien. Den Rest des Beitrags lesen »

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It’s Time to Let Women Thrive

Posted by hkarner - 25. Januar 2018

Erna Solberg

Erna Solberg is Prime Minister of Norway.

Christine Lagarde is Managing Director of the International Monetary Fund. She previously served as France’s finance minister from 2007-2011, and in 2009 was named by the Financial Times as the best finance minister in the eurozone.

At the start of 2018, the #MeToo movement has given global efforts to empower women new momentum, and provided an opportunity for governments to take concrete steps to boost female workforce participation. In fact, that, as much as anything else, may be what is needed to sustain today’s global economic recovery.

DAVOS – In public debates around the world, women’s empowerment is increasingly being recognized as a top priority. The question of how to provide more economic opportunities for women is firmly on the agenda at the World Economic Forum’s annual meeting in Davos this year. And longtime advocates for women are feeling energized, as countless others – men and women alike – have come to recognize the urgency of the task.

Affording women and girls the opportunity to succeed is not just the right thing to do; it can also transform societies and economies for the good of all. For example, bringing women’s labor force participation up to the same level as that of men would boost GDP by as much as 9% in Japan and 27% in India. Den Rest des Beitrags lesen »

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Fintech: Capturing the Benefits, Avoiding the Risks

Posted by hkarner - 21. Juni 2017

By Christine Lagarde, IMF Blog

June 20, 2017

A signboard at a store in Guangzhou, China, lists various forms of mobile payment (photo: Imagine China/Newscom)

When you send an email, it takes one click of the mouse to deliver a message next door or across the planet. Gone are the days of special airmail stationery and colorful stamps to send letters abroad.

International payments are different. Destination still matters. You might use cash to pay for a cup of tea at a local shop, but not to order tea leaves from distant Sri Lanka. Depending on the carrier, the tea leaves might arrive before the seller can access the payment.

All of this may soon change. In a few years, cross-border payments and transactions could become as simple as sending an email.

Financial technology, or Fintech, is already touching consumers and businesses everywhere, from a local merchant seeking a loan, to the family planning for retirement, to the foreign worker sending remittances home. Den Rest des Beitrags lesen »

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Maintaining the Positive Momentum of the Global Economy

Posted by hkarner - 15. März 2017

Posted on by iMFdirect

Lagarde.2015MDPORTRAIT4_114x128By Christine Lagarde

Versions in: عربي (Arabic), Français (French), and Deutsch (German)

Baden-Baden, the German spa town built on ancient thermal springs, is a fitting venue to discuss the health of the global economy during this week’s meeting of the Group of Twenty finance ministers and central bank governors.

Policymakers will likely share a sense of growing optimism, because the recent strengthening of activity suggests that the world economy may finally snap out of its multi-year convalescence. 

Economic prescriptions have played an important part in the recovery, and will continue to do so for some time. Maintaining the positive growth momentum continues to require supportive macroeconomic policies. And the participants at the meetings will need to take action, individually and collectively, to make growth more inclusive and resilient.

Have we reached a turning point? The short answer is yes—at least for now. Growth outturns in the second half of last year were generally solid. Manufacturing and confidence indicators are picking up, and there are signs that global trade volumes are rising along with them. Den Rest des Beitrags lesen »

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No, Robots Aren’t Killing the American Dream

Posted by hkarner - 22. Februar 2017

Date: 21-02-2017
Source: The New York Times

Defenders of globalization are on solid ground when they criticize President Trump’s threats of punitive tariffs and border walls. The economy can’t flourish without trade and immigrants.

But many of those defenders have their own dubious explanation for the economic disruption that helped to fuel the rise of Mr. Trump.

At a recent global forum in Dubai, Christine Lagarde, head of the International Monetary Fund, said some of the economic pain ascribed to globalization was instead due to the rise of robots taking jobs. In his farewell address in January, President Barack Obama warned that “the next wave of economic dislocations won’t come from overseas. It will come from the relentless pace of automation that makes a lot of good middle-class jobs obsolete.”

Blaming robots, though, while not as dangerous as protectionism and xenophobia, is also a distraction from real problems and real solutions. Den Rest des Beitrags lesen »

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Neue Töne in Davos: Lösungen für Krise der Mittelschicht suchen

Posted by hkarner - 18. Januar 2017

Alexandra Föderl-Schmid aus Davos, 18. Jänner 2017, 18:40 derstandard.at

Beim Weltwirtschaftsforum wird verstärkt über die Schattenseiten der Globalisierung diskutiert und darüber, was gegen Ungleichheit getan werden kann

Ein bisher kaum benutzter Begriff ist heuer in Davos plötzlich in aller Munde: die Mittelklasse. Auch US-Vizepräsident Joe Biden nahm in seiner Abschiedsrede darauf Bezug und rief dazu auf, dass man etwas tun müsse: Immer mehr Reichtum konzentriere sich auf immer weniger oben und immer mehr Menschen müssten kämpfen, um überhaupt im Mittelstand zu bleiben.

„Ausgepresst und zornig: Wie kann man die Mittelklassenkrise lösen“, lautete der Titel einer Podiumsdiskussion am Mittwoch, bei der rasch Einigkeit darüber herrscht, dass es diese Krise gebe. Die Chefin des Internationalen Währungsfonds, Christine Lagarde, machte die Politik dafür verantwortlich: „Die Menschen trauen der Regierung nicht mehr, haben keine Hoffnung und sind desillusioniert.“ Den Rest des Beitrags lesen »

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The Challenge of Economic Inclusion

Posted by hkarner - 12. Januar 2017

Christine LagardeLagarde CC

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