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The head of the International Monetary Fund said the global economy needed to move to a 'full-speed' recovery.
IMF Managing Director Christine Lagarde said Thursday the global economy needed to move to a “full-speed recovery” to ensure balanced and lasting growth.
Lagarde said it was a "critical moment" for the global economy that requires well-calibrated "customized" responses by different economies – stagnating Europe and Japan, the sluggish United States, and quicker-moving emerging economies – to get back in sync with each other and strengthen global growth.
The current “three-speed” economy was not healthy, Lagarde told a news conference at the start of the IMF and World Bank spring meetings.
“In all of this, cooperation remains essential. That is why the IMF was founded in the first place and – in a world of vast interconnections ¬it is more important than ever,” Lagarde said.
Lagarde’s comments came hours after she received a summons to appear in a Paris court to answer questions about her role in a financial scandal during her time as French finance minister.
The investigation centers on businessman Bernard Tapie – a wealthy supporter of then President Nicolas Sarkozy – who was awarded EUR400 million compensation in a financial dispute with state-owned bank Credit Lyonnais.
Lagarde had referred the case to an arbitration panel which later awarded Tapie damages. She has denied any wrongdoing.
“There is nothing new under the sun,” Lagarde said at Thursday’s news conference.
“I will be very happy to travel for a couple of days to Paris. I look forward to it.”
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