Global Economy Has Entered 'Dangerous New Phase,' IMF Chief Warns | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

Global Economy Has Entered 'Dangerous New Phase,' IMF Chief Warns

"We are certainly living through times of great economic anxiety," International Monetary Fund Managing Director Christine Lagarde said this morning.

"Exactly three years after the collapse of Lehman Brothers," she cautioned in a Washington, D.C., speech, "the economic skies look troubled and turbulent as global activity slows and downside risks increase."

And now, Lagarde warned, "we have entered a dangerous new phase of the crisis. Without collective resolve, the confidence that the world so badly needs will not return."

She urged "leadership over brinksmanship, cooperation over competition, action over reaction," in confronting the global economy's problems. "Policymakers must ... act together," she said. "They must reclaim the spirit of 2008, or the spirit of 1944. The Wilsonian spirit — the belief that the whole is greater than the sum of its parts."

Lagarde called for coordinated action by the world's leading nations to "repair, rebalance, reform [and] rebuild" global financial systems.

As she spoke, The Associated Press reports, stocks were rising because of announcements by central banks in Europe and the U.S. that "they would provide European banks with dollars in three loan installments.

Lagarde, formerly the French finance minister, took over the top post at the IMF this summer following the resignation of Dominique Strauss-Kahn.

Copyright 2011 National Public Radio. To see more, visit http://www.npr.org/.

WAMU 88.5

Audiences Get A Modern Look At A 19th Century Opera

Opera as seen through the lens of Google Glass? Wolf Trap is giving audiences the chance to mix technology with Bizet’s classic "Carmen" this month.
NPR

Can You Trust That Organic Label On Imported Food?

A new book claims the organic label can't be trusted, especially on food that's imported. Yet there is a global system for verifying the authenticity of organic food, and it mostly seems to work.
NPR

Democrats Make New Bid To Require Donor Transparency

The latest version of the DISCLOSE Act, which would force donor disclosure on outside organizations that engage in election politics, is facing now-familiar opposition from Republican lawmakers.
NPR

A Plan To Untangle Our Digital Lives After We're Gone

In the digital age, our online accounts don't die with us. A proposed law might determine what does happen to them. But the tech industry warns the measure could threaten the privacy of the deceased.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.