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/.

NPR

Loneliness And Longing — And Woody Allen — In 'Fading Gigolo'

Bob Mondello reviews the new Fading Gigolo, a surprisingly sweet dramedy in which John Turturro plays the gigolo, Woody Allen plays his pimp, and things don't go nearly as wrong as they could.
NPR

In The Land Of Razor Clams, Dinner Hides Deep Within The Sand

Clam-digging satisfies that primeval urge to go out into nature and find free food. And inveterate Washington state clam-diggers admit they compete to get their daily limit of fifteen clams.
NPR

In Virginia, Politicians Fish For Support At Old-Fashioned Event

Even as technology and social media transform politics, some traditions still live on — like the annual Shad Planking festival in Wakefield. It's a must-attend event on Virginia's political calendar.
NPR

Should College Dropouts Be Honored By Their Alma Maters?

From a Top Gun sequel starring drones to Howard University's pick of Puff Daddy as its commencement speaker, the Barbershop guys weigh in on the week's news.

Leave a Comment

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