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By Mick Krever, CNN
IMF Managing Director Christine Lagarde told CNN’s Christiane Amanpour on Monday that things are looking up for Europe, and she expects economic growth next year.
“From having had quarters and quarters of negative growth, we are seeing progress next year,” she said. “I don’t want to use the green shoots analogy, but we’re seeing some positive news on that front.”
Many people have suggested that the IMF itself is partially responsible for the long-lasting European recession, and that it was too slow to respond to the crisis in Greece among other Southern European countries.
Yet Lagarde told Amanpour that she did not think they had dropped the ball.
“It was a question of when and how do you cut the arm,” she said, “and how do you stop contamination from possibly putting the whole system down.”
In other words, in a nose-diving plane, please put on your own oxygen mask before helping those around you.
“The choice was made to make sure the Europeans built their firewall first before anything very serious was done about the Greek debt,” Lagarde told Amanpour. “So in hindsight, yes it would have been nicer to recommend earlier. But it would have been a possible major, major exposure for the whole of the Euro Zone.”
Just as Europe struggles to recover, many are once-again raising concerns about the world’s post-crisis economy.
Last week, Sheila Bair, a former top U.S. regulator, told Amanpour that another crash could happen.
“Exactly the same thing? I’m not sure,” Lagarde said. “But we could still face major issues because the financial system is not yet fixed as it should.”
She said that world “absolutely” needed to be done on three areas: banks that are still too big to fail, increasing transparency of the derivatives market, and regulation and opening up the shadow banking system.
In the United States economists are closely watching the machinations at the Federal Reserve Bank, where a new chairman is due to be chosen by President Obama.
The role, widely considered the most powerful economic position in the world, is expected to go to Janet Yellen, currently the vice-chairman of the Bank. She is the favorite after Larry Summers a former economic adviser to the president, dropped out.
“She’s my friend,” Lagarde said of Yellen. “I’ve always supported her and I’m very pleased to see the turn of events. … I’m very sure the president will make the right decision.”
Yellen, Lagarde said, is “as good as you can get.”
If chosen by Obama and approved by congress, Yellen would be the first female chairman of the Fed.
A new report by the IMF says that women are critical to the growth of an economy.
“You can spend your money in a wise way that will help women access the job market,” Lagarde said. “Watch out how you design your tax system, because that can be an incentive for women to access the job market and contribute to the creation of growth.”
“Who at the moment is not asking for good, solid, sustainable growth?” Lagarde asked rhetorically. “No one.”
Some France-watchers say that Lagarde has political ambitions, and may want to run for the French presidency; Amanpour mentioned that she will be interviewing President Francois Hollande on Tuesday.
“I wish him the best of luck,” Lagarde said, and added nothing.
Whether she meant in the interview, with the economy, or in an election against her, was not clear.
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no any human knows how to treat the growing of ecomics in all country, because the glowing of economics is not came from the human ability or in inviroment this are only instrument or material ,the glowing of ecomics is came from the black hole or god particles,,, with your memory to command the other god particles to teach all the people how to make a good wor to create a money,,,, glowing of ecomics not means you are educated or finish or graduated in many universies or expert,,,, NO and i can prove a million times and i use this in phillipines and working better,,,, the problem of this country are the people or govt or law ,too much high,, cannot accept anything herself is look like a finest and dangerous if you are giving some help ,because to this country if you giving an help this is a kind of terrorism,,,,,the question of the people here why you have an intention to help our govt,, prison is your reward here,,,, the people here are much good than to american,,, the difference are too much high,,,like a king,,,,, suicide if you trying to help the europe dangerous, the person like me with a key for glowings of economy i cannot try,, i dont want to destroyed my life,,,,,,, all the ethnics came from arab and chinese i cannot trust
i repeat it again miss amanpour, if you have plan to teach this country your work are always fail and no serve,,,, no any human knows how to arrest the god particle and how to command this,,
her weak analogies translate poorly to english, making her sound like a condescending dolt
Interesting that you say "her" weak analogies translate poorly to English....... Your English is questionable since you write "her" instead of writing Lagarde's name. The word English is always capatilized. Maybe you couldn't understand her analogies but most of us did. Time to pay better attention in class and learn something.
I imagine her forecasts will be just as accurate as those of previous economists who never saw the train coming but can always see tiny, green shoots when asked by reporters!
We need realistic, honest, incorruptible people to get us out of this mess. If some (or all) of them are female, I really don't care. But with the current batch of knaves and fools, this, my friends, is as good as it gets.
Madame Lagarde was such an efficient Minister of Economy & Finance in France... that led to 12% of the population unemployed and the greatest deficit ever.
The IMF needs to understand the struggles people in developing economies really are facing and ignore the padded truths being packaged by the PR consultants of the ruling elites as to the actual and specific needs of these people on how empowerment and capacity-building could best be achieved. Africa doesn't need all these loans and aids but accountability and transparency. It's only those who hurts that know where it hurts: http://www.scribd.com/doc/165571963/Hawkers-Sans-Frontieres-Chapter-One-Chapter-Two-Chapter-Three-and-Chapter-Four
Mrs Lagarde is doing very well, but she is forgeting the real paper IMF should play in Africa. It is not enough to turn rich countries into poor countries and simply call them poor because we are the world greatest thieves. It is time to look at things as gthey are. I think everyone will love Christina Lagard much much more the day she take a month where she only concentrate on the problem Poverty in Africa and start solving the problem from another prespective. I`m certain that the day that happens EU economy will look much better. Why? Because European are hidding themselves behind the crimes against humanity they have commited to turn Europe to rich and wealthy. By the way. Insulin is now attacking Emeritas. Have anybody asked why isit, that the precentage of people with diabets is growing? Danish Television announced lost month that, Economical growth is looking good again because Novo Nordic Industry is now doing well in Dubay. Salg and production of Insulin in Emeritas, alone is the factor behind the raise of the country`s economy . This information is given to people trhough Radio and TV, what the world do not know is how some illnesses are distributed.
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