{
  "title": "IMF Survey : Lagarde Sets Out Global Policy Actions to Stay Ahead of Crisis",
  "publication": "IMF News, April 10, 2013",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/28/04/53/sonew041013a",
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  "summary": "IMF Managing Director Christine Lagarde calls on global policymakers to act to get ahead—and stay ahead—of the crisis. She notes that in many countries, improvements in financial markets have not translated into improvements in the lives of people.",
  "publishDate": "2013-04-10",
  "sections": [
    {
      "heading": "Overview and context",
      "content": "- Publication date: April 10, 2013\n- Speaker: IMF Managing Director Christine Lagarde\n- Event referenced: Speech at the Economic Club of New York\n- Context: Remarks made ahead of the IMF-World Bank Spring Meetings taking place April 19-21 in Washington, involving economic policymakers from the IMF’s 188 member countries.\n- Central message: Global policymakers must act to get ahead—and stay ahead—of the crisis; improvements in financial markets have not translated into sufficient improvements in the real economy and people’s lives."
    },
    {
      "heading": "Assessment of the global economy",
      "content": "- Recent trend: “the global economy had shown signs of strengthening since six months ago”\n- Near-term outlook: “yet, global growth is not expected to be much higher this year than last”\n- Risk environment: “We are seeing new risks as well as old risks.”"
    },
    {
      "heading": "Three-speed global economy (classification)",
      "content": "- Group 1 — Doing well:\n  - Mainly the emerging markets and developing countries.\n- Group 2 — On the mend:\n  - Including the United States.\n- Group 3 — Still have some distance to travel:\n  - Such as the Euro Area and Japan."
    },
    {
      "heading": "Policy priorities and actions by group",
      "content": "- Emerging markets and developing economies:\n  - Concern: potential fallout from exceptionally loose monetary policy in advanced economies.\n  - Recommended actions:\n    - Boost defenses including by rebuilding fiscal policy space.\n    - Step up banking sector regulation and supervision.\n  - Note: “advanced economies also bear some responsibility in terms of delivering a better fiscal policy and more financial repair.”\n\n- United States:\n  - Observation: “While the fiscal cliff had been avoided, the United States needs a more balanced fiscal policy, which is now too aggressive in the short term and too timid in the medium term.”\n  - Recommended action: Put in place a credible medium-term roadmap to bring down the debt.\n\n- Euro Area:\n  - Priority: Clean up the banking system by recapitalizing, restructuring, or—where necessary—shutting down banks.\n  - Complementary action: Make progress with banking union.\n\n- Japan:\n  - Assessment: “Japan’s recently-announced framework of ambitious monetary easing is a positive step”\n  - Recommended complementary actions:\n    - Lower the public debt.\n    - Implement structural reforms to shift the economy into higher gear."
    },
    {
      "heading": "Overarching global issues and cross-cutting recommendations",
      "content": "- Financial sector reform:\n  - Guiding principle: “We simply cannot have pre-crisis banking in a post-crisis world.”\n  - Areas for further progress: regulation of too-big-to-fail, derivatives, and shadow banking.\n\n- More balanced global demand:\n  - Call for action from surplus countries, including:\n    - Strengthening investment in Germany.\n    - Strengthening consumption in China.\n\n- Emphasis on growth, jobs, and equity:\n  - Priority: Job creation as an urgent priority.\n  - Quote: “Job creation is an urgent priority. Without this, we risk a wilderness of wasted potential and ruined ambition—especially for a generation of young people.”\n  - Instruments: Growth-led strategies and targeted labor market policies to spur job creation more directly.\n\nSource: IMF Survey : Lagarde Sets Out Global Policy Actions to Stay Ahead of Crisis (April 10, 2013).\n\n---\n\n Content in this bundle\n\n- New041013aapdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- New041013acpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- New041013ajpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- New041013arpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- https://www.imf.org/en/News/country-focus\n- PRESS CENTER\n- In The News\n- Read the speech\n- Spring Meetings webpage\n- Policy mix on jobs & growth\n- Labor markets and workers\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/28/04/53/sonew041013a"
    }
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    "Published: April 10, 2013",
    "Publication date: April 10, 2013",
    "Speaker: IMF Managing Director Christine Lagarde",
    "Event referenced: Speech at the Economic Club of New York",
    "Context: Remarks made ahead of the IMF-World Bank Spring Meetings taking place April 19-21 in Washington, involving economic policymakers from the IMF’s 188 member countries.",
    "Central message: Global policymakers must act to get ahead—and stay ahead—of the crisis; improvements in financial markets have not translated into sufficient improvements in the real economy and people’s lives.",
    "Recent trend: “the global economy had shown signs of strengthening since six months ago”",
    "Near-term outlook: “yet, global growth is not expected to be much higher this year than last”",
    "Risk environment: “We are seeing new risks as well as old risks.”",
    "Group 1 — Doing well:",
    "Group 2 — On the mend:",
    "Group 3 — Still have some distance to travel:",
    "Emerging markets and developing economies:",
    "United States:",
    "Euro Area:",
    "Japan:",
    "Financial sector reform:",
    "More balanced global demand:",
    "Emphasis on growth, jobs, and equity:",
    "[New041013aapdf (PDF)](/-/media/websites/imf/imported/external/arabic/pubs/ft/survey/so/2013/new041013aapdf.pdf){rel=\"external\" type=\"application/pdf\"}",
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    "[https://www.imf.org/en/News/country-focus](https://www.imf.org/en/News/country-focus)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[In The News](https://www.imf.org/en/news/search)",
    "[Read the speech](http://www.imf.org/external/np/speeches/2013/041013.htm)",
    "[Spring Meetings webpage](http://www.imf.org/external/spring/2013/index.htm)",
    "[Policy mix on jobs & growth](http://www-stg-ext.imf.org/external/pubs/ft/survey/so/2013/POL040413A.htm)",
    "[Labor markets and workers](http://www.imf.org/external/pubs/ft/survey/so/2013/RES032913A.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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