## Managing Director’s Global Policy Agenda

_Policy Papers, October 13, 2012_

## Source details

**Canonical URL:** [Managing Director’s Global Policy Agenda](https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/managing-directors-global-policy-agenda-pp4806)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2016/12/31/managing-directors-global-policy-agenda-pp4806/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2016/12/31/managing-directors-global-policy-agenda-pp4806/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2016/12/31/managing-directors-global-policy-agenda-pp4806/bundle-manifest.json)

## Bibliographic details
- Published: October 13, 2012
- Series: Policy Papers

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### Summary of global outlook
- 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.

### Main vulnerabilities and underlying weaknesses
- Fiscal weaknesses.
- Financial weaknesses.
- Structural weaknesses.

### Policy priorities and recommendations
- Policymakers must detail, and aggressively implement, measures to address the underlying weaknesses—fiscal, financial, and structural.
- In the Euro area:
  - Deploy the ESM and the OMT.
  - Advance banking union.
  - National authorities should implement strong policies to credibly ensure fiscal consolidation over the medium-term and to raise growth and employment.
- In the U.S.:
  - Immediate priority is to resolve the fiscal cliff and raise the debt ceiling.
  - Develop an appropriately ambitious medium-term fiscal consolidation plan.
- For other advanced economies:
  - The Fund will assess the implications of the underlying policy framework.

### IMF role and actions
- The Fund will support Euro area members’ efforts by:
  - Assisting in the development and monitoring of well-designed adjustment programs.
  - Providing analysis and advice on options for banking and fiscal union.
- For other advanced economies, the Fund will assess implications of their policy frameworks.

### Publication details
- Publication date: October 13, 2012

*Managing Director’s Global Policy Agenda (web landing page).*

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## Content in this bundle

- **IMF Managing Director's Global Policy Agenda, IMFC; October 13, 2012**
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  - [IMF Managing Director's Global Policy Agenda, IMFC; October 13, 2012 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2012/_101312.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/managing-directors-global-policy-agenda-pp4806_