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Posts Tagged ‘Lagarde’

Time to Act on the G-20 Agenda: The Global Economy Will Thank You

Posted by hkarner - 7. Februar 2015

Posted on by iMFdirect

2014MDNEW_04By Christine Lagarde

Implementation, investment, and inclusiveness: these three policy goals will dominate the G-20 agenda this year, including the first meeting of finance ministers and central bank governors in Istanbul next week. As Turkish Prime Minister Ahmet C recently put it: “Now is the time to act” – şimdi uygulama zamanı.

There is a lot at stake. Without action, we could see the global economic supertanker continuing to be stuck in the shallow waters of sub-par growth and meager job creation. This is why we need to focus on these three “I’s”:

  1. Implementation – promises to keep 

The immediate challenge for G-20 economies is to implement the ambitious commitments made at the Brisbane Summit in November. If delivered, they can add more than US$2 trillion to the global economy and create millions of new jobs over the next four years. The IMF has been asked to monitor the implementation of this growth strategy and will do so – country by country, reform by reform.

The upside is tremendous. It comes on t Den Rest des Beitrags lesen »

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The Right Choices for 2015

Posted by hkarner - 21. Januar 2015

Date: 19-01-2015
Source: Project Syndicate


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.

WASHINGTON, DC – As 2015 begins, policymakers around the world are faced with three fundamental choices: to strive for economic growth or accept stagnation; to work to improve stability or risk succumbing to fragility; and to cooperate or go it alone. The stakes could not be higher; 2015 promises to be a make-or-break year for the global community.

For starters, growth and jobs are needed to support prosperity and social cohesion in the wake of the Great Recession that began in 2008. Six years after the eruption of the financial crisis, the recovery remains weak and uneven. Global growth is projected at just 3.3% in 2014 and 3.8% in 2015. Some important economies are still fighting deflation. More than 200 million people are unemployed. The global economy risks getting stuck in a “new mediocre” – a prolonged period of slow growth and feeble job creation. Den Rest des Beitrags lesen »

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It’s Unofficial!

Posted by hkarner - 13. Oktober 2014

Posted on by iMFdirect

DSC_7906By Sabina Bhatia 

I know it might sound odd, but I actually like the IMF-World Bank Annual Meetings. I know the traffic snarls on Pennsylvania Avenue are terrible, Washington cabbies ruder than ever, lots of men in dark suits (and sadly, they are still mostly men), and there is the constant rush from meeting to meeting.

But beyond the long lines, long hours, cold coffee and the constant buzz of communiqués, press releases, and scores of official meetings, I find my place in the  rich and stimulating discussions among the non-official community.

This year, over 600 civil society organizations, including members of parliament, academics, and several youth and labor groups, came to the meetings. They deliberated, discussed and debated some thorny issues. The burning issues close to their hearts? Not that different from what officials are also debating.  Here is some of what I heard:

Jobs, Jobs, Jobs! With the jobless recovery and unemployment persisting in many parts of the world, it was no surprise that this was on the minds of labor and youth.  IMF Managing Director Christine Lagarde noted that if the unemployed formed a country, they would be the world’s 5th largest country (sobering thought). Den Rest des Beitrags lesen »

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Lagarde entfacht Debatte um Stabilitätspakt

Posted by hkarner - 20. Juni 2014

derstandard.at, 20. Juni 2014, 12:28

LagardeIWF-Chefin Christine Lagarde regt Änderungen der Two-Pack- und Six-Pack-Verordnungen zur Verschärfung der Haushaltskontrolle an

Berlin/Luxemburg – Finanzminister Vizekanzler Michael Spindelegger (ÖVP) hat den Stabilitäts- und Wachstumspakt der EU als “so kompliziertes Regelwerk” bezeichnet, “dass man wahrscheinlich den Wald vor lauter Bäumen nicht mehr erkennt”. Es stelle sich die “Frage, ob wir so viele Regeln brauchen und dazu so komplizierte Berechnungen. Da haben wir durchaus etwas zu verändern”.

IWF-Chefin Christine Lagarde hatte zuvor bei der Sitzung der Eurogruppe am Donnerstag Änderungen der schwierigen Two-Pack- und Six-Pack-Verordnungen zur Verschärfung der Haushaltskontrolle der Staaten angeregt. Spindelegger erklärte dazu am Freitag vor Beginn des EU-Finanzministerrats in Luxemburg, es gehe um eine Evaluierung.

Lagarde habe lediglich die Detailliertheit des Regelwerks in Frage gestellt, meinte Spindelegger. “Genau das ist, was wir uns vorgenommen haben”. Gleichzeitig müsse klargestellt sein, dass “die ordentliche Konsolidierung der Staatshaushalte ein ganz wichtiges Ziel bleibt, ohne das es kein Wachstum gibt”.

Lagarde für Vereinfachung Den Rest des Beitrags lesen »

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Lagarde warnt Europa vor „trügerischer Sicherheit“

Posted by hkarner - 12. Mai 2014

12.05.2014, 06:15 Uhr, Handelsblatt.com

Im Kaufhaus der Weltwirtschaft „Die Sicherheit in Europa ist trügerisch“

Für IWF-Chefin Lagarde ist die Euro-Krise noch nicht vorbei. Im Interview warnt sie vor neuen Kreditrisiken und fordert noch mehr Finanzhilfen für die Ukraine.

Lagarde CCEuropa erholt sich, doch die Krise ist nicht vorbei, warnt Christine Lagarde. Deshalb fordert die IWF-Chefin mutige Reformen und eine lockere Geldpolitik von der EZB. Doch das allein würde nicht reichen.

Christine Lagarde: „Einige Länder haben die Hilfsprogramme erfolgreich beendet. Aber das heißt nicht, dass die Krise vorbei ist.“

Washington. Europas Krise ist noch lange nicht vorbei, warnt IWF-Chefin Christine Lagarde im Handelsblatt-Interview (Montagsausgabe). „Die Erholung läuft, das ist richtig. Einige Länder haben die Hilfsprogramme erfolgreich beendet. Aber das heißt nicht, dass die Krise vorbei und unsere Mission erfüllt ist“, sagte Lagarde. Der Kreditfluss im Bankensektor stocke weiter, vor allem in den Südländern des Euroraums hätten es Unternehmen deutlich schwere, Kredite zu bekommen. „Außerdem bringen die dauerhaft niedrigen Inflationsraten zusätzlich Risiken mit sich.“ Den Rest des Beitrags lesen »

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IMF boss Lagarde warns economy ‘too weak for comfort’

Posted by hkarner - 3. April 2014

Date: 03-04-2014
Source: BBC

Lagarde CCIMF managing director, Christine Lagarde
The global economy is “too weak for comfort”, Christine Lagarde said

The global economy could be heading for years of “sub-par growth”, according to the head of the International Monetary Fund (IMF).

Christine Lagarde warned that without “brave action” the world could fall into a “low growth trap”.

She said the global economy would grow by more than 3% this year and next, but that market volatility and tensions in Ukraine posed risks.

Ms Lagarde also urged more action to tackle low inflation in the eurozone.

‘Unconventional measures’
Low inflation in the eurozone has been caused by the presence of a greater level of spare capacity in the economy, meaning it is not growing to its full potential due to underinvestment, ompared to the US or UK. Den Rest des Beitrags lesen »

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IMF Lagarde: Prolonged Low Inflation May Derail Euro Zone’s Recovery

Posted by hkarner - 5. März 2014

Date: 04-03-2014

Source: The Wall Street Journal

Lagarde CCIMF Chief Says More Monetary Stimulus Needed

A prolonged period of low inflation in the euro zone may derail the currency area’s fragile economic recovery, and must be fought with additional monetary stimulus, International Monetary Fund chief Christine Lagarde said Monday.

Ms. Lagarde, who was speaking at a conference in Bilbao, northern Spain, said that while the European Central Bank already has taken a number of strong measures to help the euro area, “even further accommodative policies and targeted measures are needed to address low, below-target inflation and achieve lasting growth and jobs.”

Annual inflation in the euro zone was 0.8% in February, according to European statistics office Eurostat, well below the ECB’s target of just below 2%. The ECB will meet Thursday to decide on interest rates for the area.

Ms. Lagarde also said that Europe needs to complete its banking union and repair bank balance sheets, to reduce financial fragmentation within the euro area.  Den Rest des Beitrags lesen »

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Falling Prices Threaten Fragile Growth, IMF Head Says

Posted by hkarner - 16. Januar 2014

Date: 16-01-2014
Source: The Wall Street Journal

Lagarde Says Growth ‘Stuck in Low Gear,’ Too Fragile

WASHINGTON—The head of the International Monetary Fund on Wednesday warned that deflation in advanced economies threatens to derail a strengthening, but still fragile global recovery this year, requiring central banks in the U.S. and Europe to keep easy money flowing.

“With inflation running below many central banks’ targets, we see rising risks of deflation, which could prove disastrous for the recovery,” IMF Managing Director Christine Lagarde said in a speech at the National Press Club.

“If inflation is the genie, then deflation is the ogre that must be fought decisively,” she said.

The IMF is planning to upgrade its forecast for global growth in its latest economic assessment due out next week. Den Rest des Beitrags lesen »

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Lagarde Warning IMF Concerned about Possible German Austerity

Posted by hkarner - 28. Dezember 2012

Date: 27-12-2012

LagardeInternational Monetary Fund head Christine Lagarde has said that Germany should be the motor of growth in the EU.

Germany should move slower on fiscal consolidation and savings to counteract the economic effects of austerity programs currently throttling growth in Southern Europe, argues Christine Lagarde. Still, the IMF chief remains cautiously optimistic about the euro-zone’s economic prospects for the next year.

International Monetary Fund head Christine Lagarde has said that Germany should not be looking at measures aimed at consolidating its finances, apparently in concern over a SPIEGEL report indicating that the German Finance Ministry is working on a far-reaching package of spending cuts and tax hikes for introduction following general elections next autumn. In an interview with the Thursday edition of the influential weekly Die Zeit, she said that Germany needs to continue to work as a counterbalance to the biting austerity programs passed in crisis-stricken countries in Southern Europe. Den Rest des Beitrags lesen »

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After The Fat Lady Sings

Posted by hkarner - 26. November 2012

Author: Edward Hugh · November 25th, 2012 · RGE EconoMonitor

Financial journalists across the globe were both surprised and puzzled recently when they heard Christine Lagarde using a strange expression. “You know, it’s not over until the fat lady sings, as the saying goes,” she told bemused reporters at a press conference in Manilla. Which fat lady, and what does she sing must have been questions going through the heads of many of those present.

Further investigation would have lead them to discover that far from this being some new piece of feminine wisdom that the IMF DG wanted to transmit, the phrase in fact comes from the rather male world of business deals and contact-sport-commentators and is generally used to describe closely contested matches, or deals which won’t be struck till the final offer is actually made.

Ms Lagarde naturally had other things in mind. She was referring to the state of negotiations surrounding the latest Greek bailout review, prior to the handing over of that long awaited 31.5 billion euro tranche the country so badly needs to meet its ongoing commitments. The curious thing about the holdup in this case is that it isn’t the result of a stand-off between the Troika and the Greek government. Last week the Greek parliament passed the final set of budget decrees required by the international lenders to enable the transfer.

No, in this case the dispute is an “internal affair” between the rival parties which make up the Troika, and in particular between the German government and the IMF. The issue is how to leave Greek finances having at least the appearance of being on a stable and sustainable path, which in this case is defined as attaining a sovereign debt level of 120% of Greek GDP come 2020. Delaying the country’s fiscal objectives by 2 years effectively means putting back the theoretical attainment of that objective by the same amount of time – until 2022. Jean-Claude Juncker was willing, but the IMF is digging its heals in. Any new agreement, Ms Lagarde said as she left Manilla en route for Tuesday’s Brussels EU finance ministers meeting, should be “rooted in reality and not in wishful thinking.” Tut tut, Mr Juncker. Den Rest des Beitrags lesen »

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