Tharman Sees "Greater Global Policy Resolve"

IMF Blog, October 14, 2012

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Tharman Sees "Greater Global Policy Resolve"

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Bibliographic details

• Authors: The Editors
• Published: October 14, 2012

Main assessment

• "Although the economic environment has weakened, the policy resolve has strengthened." — Tharman Shanmugaratnam, Singapore's Deputy Prime Minister and Minister for Finance, and Chair of the IMF's policy-setting committee.
• "Growth is slower than anyone expected." — Tharman on global growth trends.
• Specific regional observations:
  • "It is slower in Europe."
  • "It is not as fast as it should be in the United States, not as fast as it should be to bring unemployment down."
  • "It is slowing in Asia to a greater extent than was expected."
• Tharman is chair of the 24-member IMFC.

Assessment of policy progress and remaining challenges

• Comparative judgment: "But we are now in a much better situation than six months ago when it comes to policy solutions."
• Europe: "There had been major steps forward in Europe 'despite some disagreement on individual pieces.'"
• Enduring problems: "Underlying problems in the Eurozone, budget problems in the United States, and structural problems in global economy are longer term problems and 'cannot be fixed quickly.'"

References

• annual meetings
• unemployment
• IMFC
• head of the IMF's European Department
• implement
• uncertainty
• roadmap
• blog
• slows
• financial sector
• public finances
• Africa
• Asia
• Latin America