IMF calls for collective action on global crisis
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Washington - International financial officials called Saturday for collective, decisive action to bring the global economy out of its current dangerous phase both in Europe and worldwide.
"Today we agreed to act decisively to tackle the dangers confronting the global economy," the International Monetary Fund's International Monetary and Financial Committee said in a communiqué after meeting Saturday.
"Our circumstances vary, but our economies and financial systems are closely interlinked. We will therefore act collectively to restore confidence and financial stability, and rekindle global growth."
The policy committee acknowledged that advanced economies are at the heart of the current problems and that they must focus on bringing government finances in order but also promoting economic growth.
"Euro-area countries will do whatever is necessary to resolve the euro-area sovereign debt crisis and ensure the financial stability of the euro area as a whole and its member states," the committee said.
Such measures include implementing an agreement reached on July 21 to expand the eurozone bailout facility's mandate.
"What was very clear is that we know that no one is going to be immune from problems in any one part of the world, and problems in the euro area in particular are problems that will affect all of us," said IMFC Chair Tharman Shanmugaratnam. "It is not a decoupled world."
He said there was also a willingness by those outside the eurozone to have the IMF play a role in resolving the crisis.//DPA
"Today we agreed to act decisively to tackle the dangers confronting the global economy," the International Monetary Fund's International Monetary and Financial Committee said in a communiqué after meeting Saturday.
"Our circumstances vary, but our economies and financial systems are closely interlinked. We will therefore act collectively to restore confidence and financial stability, and rekindle global growth."
The policy committee acknowledged that advanced economies are at the heart of the current problems and that they must focus on bringing government finances in order but also promoting economic growth.
"Euro-area countries will do whatever is necessary to resolve the euro-area sovereign debt crisis and ensure the financial stability of the euro area as a whole and its member states," the committee said.
Such measures include implementing an agreement reached on July 21 to expand the eurozone bailout facility's mandate.
"What was very clear is that we know that no one is going to be immune from problems in any one part of the world, and problems in the euro area in particular are problems that will affect all of us," said IMFC Chair Tharman Shanmugaratnam. "It is not a decoupled world."
He said there was also a willingness by those outside the eurozone to have the IMF play a role in resolving the crisis.//DPA
