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


'Not Without My Daughter' Subject Grows Up, Tells Her Own Story

"Not Without My Daughter" told the story of an American mother and daughter fleeing Iran. Now that young girl is telling her own story in her memoir, "My Name is Mahtob."

Internet Food Culture Gives Rise To New 'Eatymology'

Internet food culture has brought us new words for nearly every gastronomical condition. The author of "Eatymology," parodist Josh Friedland, discusses "brogurt" with NPR's Rachel Martin.

Proposed Climate Change Rules At Odds With U.S. Opponents

President Obama says the U.S. must lead the charge to reduce burning of fossil fuels. But American lawmakers are divided on limiting carbon emissions and opponents say they'll challenge any new rules.

Payoffs For Prediction: Could Markets Help Identify Terrorism Risk?

In a terror prediction market, people would bet real money on the likelihood of attacks. NPR's Scott Simon speaks with Stephen Carter about whether such a market could predict — and deter — attacks.

Leave a Comment

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