## Strong Leadership, Collective Action Key to Economic Recovery

_IMF Blog, September 23, 2011_

## Source details

**Canonical URL:** [Strong Leadership, Collective Action Key to Economic Recovery](https://www.imf.org/en/blogs/articles/2011/09/23/strong-leadership-collective-action-key-to-economic-recovery)

## Other formats

- [Markdown version](/en/blogs/articles/2011/09/23/strong-leadership-collective-action-key-to-economic-recovery/index.md)
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## Bibliographic details
- Authors: iMFdirect
- Published: September 23, 2011

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### Financial sector stability
- 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."

### Meetings overview (IMF-World Bank Annual Meetings)
- 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.

### Leadership and policy messages
- 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.

### Events, seminars, and program highlights
- 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).

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

### Institutional context and disclaimer
- 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*

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## References

- [2011 IMF-World Bank Annual Meetings](http://www.imf.org/external/AM/2011/)
- [vowed collectively to do whatever it takes](http://www.imf.org/external/pubs/ft/survey/so/2011/POL092411A.htm)
- [world](http://blogs.imf.org/2011/04/11/global-recovery-strengthens-tensions-heighten/)
- [economic outlook](http://blogs.imf.org/2011/09/20/strong-policy-action-the-essence-of-restoring-global-economic-hope/)
- [global financial stability](http://blogs.imf.org/2011/09/21/the-danger-zone-financial-stability-risks-soar/)
- [government debts and deficits](http://blogs.imf.org/2011/09/21/fiscal-glass-is-half-full-some-reasons-for-optimism/)
- [speech last week at the Woodrow Wilson Center](http://www.imf.org/external/pubs/ft/survey/so/2011/NEW091511A.htm)
- [https://www.imf.org/wp-content/uploads/2011/09/md-ams-speech_sept2011.jpg](https://www.imf.org/wp-content/uploads/2011/09/md-ams-speech_sept2011.jpg)
- [opening press conference](http://www.imf.org/external/pubs/ft/survey/so/2011/NEW092211B.htm)
- [speech to delegates](http://www.imf.org/external/np/speeches/2011/092311.htm)
- [low-income countries manage volatile commodity prices and achieve inclusive growth](http://www.imf.org/external/pubs/ft/survey/so/2011/CAR092311A.htm)
- [podcast](http://www.imf.org/external/pubs/ft/survey/so/pvcast.aspx)
- [on-the-ground training](http://www.imf.org/external/pubs/ft/survey/so/2011/NEW092211A.htm)
- [interview](http://www.imf.org/external/pubs/ft/survey/so/2011/NEW091911A.htm)
- [Watch this video](http://www.imf.org/external/mmedia/view.aspx?vid=1168419078001)

_Source: https://www.imf.org/en/blogs/articles/2011/09/23/strong-leadership-collective-action-key-to-economic-recovery_