Strong Leadership, Collective Action Key to Economic Recovery

IMF Blog, September 23, 2011

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IMF members vowed collectively to do whatever it takes to tackle a “precarious situation” and restore both confidence and financial stability.
Singapore Finance Minister Tharman Shanmugaratnam: “We face a confluence of sovereign debt and banking risks, with the epicenter of that being the euro area. But it is underpinned and complicated by the fact that we also face a weakening global economy, especially in the advanced economies, including the United States."

Event: 2011 IMF-World Bank Annual Meetings in Washington DC.
Context: Global economy entering a “dangerous new phase” with financial markets jitters and risks to the recovery.
IMF released: latest assessments of the world economic outlook and global financial stability, and an updated look at the outlook for government debts and deficits.
Managing Director Christine Lagarde set the scene for the meetings in a speech at the Woodrow Wilson Center.

Core message from Managing Director Christine Lagarde: policymakers must “act now and act together.”
Framing: Strong leadership and collective action are presented as key to achieving economic recovery and stability.

Program kickoff: day-long seminar on how low-income countries manage volatile commodity prices and achieve inclusive growth (podcast available).
Scheduled events over the week:
- Press conference on Saturday afternoon following the meeting of IMF ministers and governors.
- Annual Per Jacobsson lecture on Sunday.
- Conference on Monday about on-the-ground training as countries struggle to deal with the crisis.
Interview highlight: Reza Moghadam—head of the IMF’s Strategy, Policy and Review Department—previewed main issues up for discussion (video available).

Podcasts and videos referenced for deeper discussion of topics raised at the meetings.
Embedded video link referenced in source content.

IMFBlog described as a forum for the views of IMF staff and officials on pressing economic and policy issues of the day.
The IMF is based in Washington D.C. and is “an organization of 191 countries, working to foster global monetary cooperation and financial stability around the world.”
Disclaimer: “The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board.”

Source: iMFdirect, September 23, 2011