## Press Release: Statement by IMF Managing Director Christine Lagarde on G-20 Ministerial Meeting in Moscow

_IMF News, July 20, 2013_

## Source details

**Canonical URL:** [Press Release: Statement by IMF Managing Director Christine Lagarde on G-20 Ministerial Meeting in Moscow](https://www.imf.org/en/news/articles/2015/09/14/01/49/pr13269)

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## Bibliographic details
- Published: July 20, 2013

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### Meeting context
- Press Release No.13/269
- Date: July 20, 2013
- Issued by: IMF COMMUNICATIONS DEPARTMENT, Media Relations
- Contact: E-mail: media@imf.org; Phone: 202-623-7100
- Event: Group of 20 Finance Ministers and Central Bank Governors meeting in Moscow, with a joint Labor and Employment and Finance Ministers’ meeting also convened.

### Key findings and observations from the statement
- Global economic conditions:
  - "The global economy remains too weak and unemployment is too high in many countries."
  - "Although there are signs of strengthening activity in the U.S. and Japan, the recession in the euro area continues, and many emerging markets are growing at a slower pace."
  - "There has also been an increase in financial market volatility and tightening of financial conditions."
- Issues discussed at the meeting:
  - Spillover effects of monetary policies.
  - Implications of recent market volatility.
  - Need for balanced and credible fiscal strategies.
  - Importance of comprehensive structural reforms to raise productivity, reduce rigidities, and support growth.
  - Financial regulation and international taxation issues, including international spillovers of national tax policies.
  - Employment and job creation programs discussed by the joint Labor and Employment and Finance Ministers’ meeting.

### Policy recommendations and calls to action
- Fiscal and monetary policy:
  - Pursue balanced and credible fiscal strategies in light of tightening financial conditions and market volatility.
  - Consider spillover effects when designing and implementing monetary policies.
- Structural and labor policies:
  - Implement comprehensive structural reforms to raise productivity and reduce rigidities.
  - Combine employment and job creation programs with appropriate macroeconomic and labor policies to foster innovation, promote growth, and high quality jobs.
- Financial regulation and taxation:
  - Continue work on financial regulation reforms and address international spillovers of national tax policies; the IMF will continue to contribute given the significant implications for the global economy.
- Governance and IMF reform:
  - Complete the IMF’s 2010 quota reforms; countries are urged to quickly ratify the measures necessary to implement this important agreement and complete the governance reform agenda as soon as possible in line with IMF commitments.

### Forward-looking engagement
- The statement looks ahead to the G-20 Summit of Heads of State and Government in St. Petersburg in September, where key issues and challenges facing the global economy discussed in Moscow will be reviewed.

*Source: Press Release No.13/269, July 20, 2013, IMF Communications Department.*

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_Source: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr13269_