Lagarde says it's time to walk the talk

Oct. 11, 2012 at 4:00 PM
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TOKYO, Oct. 11 (UPI) -- The head of the International Monetary Fund attending an IMF-World Bank meeting in Tokyo said it was time for governments to act on their economic strategies.

"We need action to lift the veil of uncertainty. Many of us have debated what actions are needed, many of us understand what needs to be done, but it actually needs to happen," said IMF Director Christine Lagarde in advance of the IMF-World Bank Annual Meeting.

"What is most needed is cooperation," Lagarde told reporters. "The task of securing sustained recovery has become more complex. It involves multiple players, and they are all playing a single game."

"We really need to go through what needs to be done to make sure that recovery is not just a little bounce but is really here for the longer term and is sustainable'" she said.

Lagarde said central banks had taken some positive steps in recent months and urged leaders to seize the moment. "That creates momentum that should be seized as an opportunity, because in and of itself it (central bank action) will not be sufficient," she said.

Lagarde said leaders needed to act on policy decisions or create new policies to safeguard the financial sector, reduce government debt, support job growth and "face up to the fundamental issue of global imbalances," the IMF said in a statement.

"This is not going away and needs to be addressed because, when growth picks up, those imbalances are likely to widen again," she said.

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