{
  "title": "Managing Director’s Global Policy Agenda",
  "publication": "Policy Papers, October 13, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/managing-directors-global-policy-agenda-pp4806",
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  "summary": "The global recovery has suffered new setbacks with uncertainty weighing heavily on confidence and prospects. Output is contracting in the euro area and growth has decelerated in many other advanced economies and major emerging markets.",
  "sections": [
    {
      "heading": "Summary of global outlook",
      "content": "- The global recovery has suffered new setbacks with uncertainty weighing heavily on confidence and prospects.\n- Output is contracting in the euro area and growth has decelerated in many other advanced economies and major emerging markets.\n- Markets have been buoyed by central bank action in the advanced economies which provides an opportunity to lay the basis for a recovery."
    },
    {
      "heading": "Main vulnerabilities and underlying weaknesses",
      "content": "- Fiscal weaknesses.\n- Financial weaknesses.\n- Structural weaknesses."
    },
    {
      "heading": "Policy priorities and recommendations",
      "content": "- Policymakers must detail, and aggressively implement, measures to address the underlying weaknesses—fiscal, financial, and structural.\n- In the Euro area:\n  - Deploy the ESM and the OMT.\n  - Advance banking union.\n  - National authorities should implement strong policies to credibly ensure fiscal consolidation over the medium-term and to raise growth and employment.\n- In the U.S.:\n  - Immediate priority is to resolve the fiscal cliff and raise the debt ceiling.\n  - Develop an appropriately ambitious medium-term fiscal consolidation plan.\n- For other advanced economies:\n  - The Fund will assess the implications of the underlying policy framework."
    },
    {
      "heading": "IMF role and actions",
      "content": "- The Fund will support Euro area members’ efforts by:\n  - Assisting in the development and monitoring of well-designed adjustment programs.\n  - Providing analysis and advice on options for banking and fiscal union.\n- For other advanced economies, the Fund will assess implications of their policy frameworks."
    },
    {
      "heading": "Publication details",
      "content": "- Publication date: October 13, 2012\n\nManaging Director’s Global Policy Agenda (web landing page).\n\n---\n\n Content in this bundle\n\n- IMF Managing Director's Global Policy Agenda, IMFC; October 13, 2012\n  - IMF Managing Director's Global Policy Agenda, IMFC; October 13, 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - IMF Managing Director's Global Policy Agenda, IMFC; October 13, 2012 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/managing-directors-global-policy-agenda-pp4806"
    }
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    "Published: October 13, 2012",
    "Series: Policy Papers",
    "The global recovery has suffered new setbacks with uncertainty weighing heavily on confidence and prospects.",
    "Output is contracting in the euro area and growth has decelerated in many other advanced economies and major emerging markets.",
    "Markets have been buoyed by central bank action in the advanced economies which provides an opportunity to lay the basis for a recovery.",
    "Fiscal weaknesses.",
    "Financial weaknesses.",
    "Structural weaknesses.",
    "Policymakers must detail, and aggressively implement, measures to address the underlying weaknesses—fiscal, financial, and structural.",
    "In the Euro area:",
    "In the U.S.:",
    "For other advanced economies:",
    "The Fund will support Euro area members’ efforts by:",
    "For other advanced economies, the Fund will assess implications of their policy frameworks.",
    "Publication date: October 13, 2012",
    "**IMF Managing Director's Global Policy Agenda, IMFC; October 13, 2012**"
  ],
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