International Monetary Fund

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Kurt Viermetz Lecture, The American Academy in Berlin, June 21, 2011

John Lipsky on The Challenges of Economic Policy Cooperation

IMF Acting Managing Director, John Lipsky

The post-crisis global economy is facing new policy challenges, including high unemployment along with high and rising levels of public debt.

The IMF's Acting Managing Director John Lipsky suggests that this new phase of the crisis requires a new set of tools for its alleviation. In particular, he claims that advanced and emerging market economies stand to benefit from a stronger economic recovery if they cooperate in setting their basic economic policy plans. Only if we agree to strengthen the Euro-area’s crisis management framework, accelerate financial sector repair, improve fiscal and economic coordination, and promote high-quality growth, can we ensure a sustainable and even economic recovery.

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