Last quote by Christine Lagarde
Christine Lagarde quotes
Overall, it probably won't be net positive.
With lower growth, more inequality and much more transparency, I think you have the good ingredients of what is defined now as a crisis of the middle class in the advanced economies.
It did not get much traction.
Well, I hope people will listen now.
I am not satisfied with it, but there's a point in time when one must stop, turn the page and move on.
So I'm very happy to not appeal this decision and to focus all my attention, all my time, all my efforts, all my energy and enthusiasm to my mission as head of the IMF.
These five days of trial put an end to a five-year ordeal.
Negligence is a non-intentional offence. I think we are all a bit negligent sometimes in our life. I have done my job as well as I could, within the limits of what I knew.
These include a balance-of-payments problem manifested in an overvalued exchange rate and foreign exchange shortages, large budget deficits that led to rising public debt and low growth with high unemployment. The authorities recognise that resolute implementation of the policy package is essential to restore investor confidence.
I will recommend that the board approve Egypt's request.
The way in which it is handled is welcomed and it's a decision clearly that the Egyptian authorities have matured and deliberated and are putting in place for the Egyptian economy and for the Egyptian currency.
If we really want jobs and higher income, if we care about poverty reduction and economic fairness ... if we care about growth, then we need to be serious about fostering global trade and about making sure that global trade works for all.
It's fertile ... ground for political dynamics that can depress global growth even more.
I don't comment on U.S. elections. I simply note that trade has been ... a great engine for growth.
A settlement would ... would deliver some certainty as to what weight the bank will have to carry and whether it matches with its provisions or not. So the sooner, the better.
It has to look at its long-term profitability - given the lower-bound interest rates we have around the world and probably for longer than many expect - and decide what size it wants to have and how it wants to strengthen its whole balance sheet.
It's not just about Germany, let's face it. Every country can do something.
Adding it all up, the good and the bad, we continue to face the problem of global growth being too low for too long, benefiting too few.
Peace is affordable.
There's nothing like setting standards. There is nothing that I would hope for more than Canada succeeding in that three-pronged approach. It seems to me that Canada can actually lead that process.
The prime minister's enthusiasm, passion and very articulate indication at the G20, for instance, of what the policy mix is going to be is a good step in that direction.
I draw a lot of strength and determination from the very strong support from the board. And I rely on good and solid lawyers who have to do their jobs, so it's not a distraction for me. I focus my energy and time on the mission of the IMF and what I have to do to serve that mission.
The fact that Egypt has now reached an agreement with the IMF is an indication that they are taking their economic restructuring, their economic objectives seriously, and that should encourage either friendly neighboring countries or other bilateral partners to actually participate in the funding.
You could argue that Brexit is not really delivering the massive crisis that we had expected, you could argue that the Chinese transition is proceeding reasonably well, and you could argue that low commodity prices have gone up a little bit. So this is on the surface.
This is something that all countries and all governments should be concerned and mobilized about.
It is easy to blame trade for all the ills afflicting a country, but curbing free trade would be stalling an engine that has brought unprecedented welfare gains around the world over many decades.
Our first and immediate recommendation is for this uncertainty surrounding the terms of Brexit to be removed as quickly as possible so that we know the terms of trade and the ways in which the United Kingdom will continue to operate in the global economy.
I hope it is not a 1914 moment and I hope that we can be informed by history to actually address the negative impact of globalization in order to leverage the benefits that it can deliver. Because it has historically delivered massive benefits and it can continue to do so.
We want to see clarity sooner rather than later because we think that a lack of clarity feeds uncertainty, which itself undermines investment appetites and decision making.
I think it would be quite disastrous, actually. Well I don't think I should say disastrous because that is an excessive word and I should refrain from excessive words. But it would certainly have a negative impact on global growth.
We take note of the decision by the people of the United Kingdom. We urge the authorities in the U.K. and Europe to work collaboratively to ensure a smooth transition to a new economic relationship between the U.K. and the EU, including by clarifying the procedures and broad objectives that will guide the process.
I go with the betting odds, that's the better indicator.
There is a risk that middle class families and the poor actually remain behind, which would embolden the voices of protectionism and fragmentation.
We have reached our determination and certainly concluded that the economic risks of leaving are firmly to the downside.
I certainly hope that from our neutral position we can at least shed some light on the economic value of one choice or the other.
It has been said that 'it takes great courage to see the world in all its tainted glory, and still to love it.' So I wish bon courage to our fellow Europeans from the United Kingdom!
There has been a huge focus on the downside and not much on the benefits and upside. There have been significant benefits (for the U.K.) arising from being part of a single market.
The U.K. has been, is, and I hope will continue to be a champion of (doing things in a) faster, quicker, less bureaucratic and more efficient (way). she hoped Europe would continue to try to perfect itself.
It's a concern not just for the U.K., by the way, it's a concern for the world.
Negotiations on new arrangements with the European Union and other trading partners could in our view take years, leading to a protracted period of uncertainty, and the longer this uncertainty goes on, the more heavily it will weigh on investment and growth.
Wherever discretion is granted to an official regarding the approval of an economic activity, there is a risk that this discretion will be abused.
While the direct economic costs of corruption are well known, the indirect costs may be even more substantial and debilitating. Corruption also has a broader corrosive impact on society. It undermines trust in government and erodes the ethical standards of private citizens.
There is more work to be done. We are determined to continue the work. We're not there yet.
That programme has to walk on two legs. There has to be sufficient reforms and we are making progress on that front, some progress, and there has to be debt sustainability at the end of the day and on that front we have not yet started the discussion.
There is more to be done and a debt sustainability to be agreed upon as well. It's critically important.
There is more to be done in terms of coherent, cohesive supervision. And a clear delineation between who does what, when in that area, and I think the political union clearly warrants more efforts.
There was not exactly the same level of anxiety but I think there was an equal level of concern, and a collective endeavour to identify the solution and the responses to the global economic situation.
There's plenty of work to do so don't expect any immediate outcomes because those things take time. Our position on the Greek economic sustainability and stability has not changed.
We are not on alarm, we are on alert. Because, as I said, the economy is growing – there is no acute crisis – but equally we see risks on the horizon that could materialise and that could compound each other. So China is clearly changing its business model. China's growth has declined, and it's a legitimate move considering the level of development where China is at the moment. It is a big player and it has have ripple effects around the globe. It has an impact on the Chinese supply chain. It has an impact on the price of commodities. But it is a force to work with and a country that is contributing still a significant amount of growth to the global economy.
Well, they better change things, because they only go to show that the initial work that was started back in 2010/2011, under the French presidency of the G20 for that matter, is not mission accomplished – far from it – and a lot more work needs to be done and it needs to be constantly upgraded and continued because there is no limit to imagination by some.
We have done some really serious work studying the impact of the refugee crisis and the flow of refugees to some of the European countries. It is clear that if the right measures are taken to integrate them – by way of language skills, by way of labour skills, by way of housing support – it is a net positive for those countries that host the refugees. It's first and foremost a humanitarian and humanistic imperative. And I really want to salute (German) Chancellor (Angela) Merkel for the courage that she has demonstrated in this instance. It is respected around the world, history will remember what the German people have done and are doing.
I anticipated it.
We are clearly not where we want to be and particularly where Greece should be in order to be stable, in order to be prosperous, in order to respond to the Greek population needs.
Cyprus on Monday canceled its International Monetary Fund loan program, which was not set to expire until May 14.
Removing fossil fuel subsidies would go a long way to cutting consumption. If subsidies were removed and carbon prices set properly now and taxed that would go a long way in addressing the climate change issues the world is facing.
Because there is uncertainty, as to what the terms would be under which the UK would be out of the European Union, it's difficult to assess exactly the consequences of it. But most likely it will be less fluid, and not more fluid. We are bound to conclude without having yet done the study, and we will try to do as fair and thorough a study as we can, that it will be a negative if it was to succeed.
We think they should go bold, they should go broad and they should go together. There has to be action on all fronts.
Policymakers do not need to invent yet another trick, but they need to deliver steadily on the commitments they have made. There has to be action on all fronts.
The G20 I think, is going to have to focus on spillovers, on spillbacks and on the combination of various policies in play at the moment.
One could think about strengthening and broadening the global precautionary financing instruments that work for everyone. One could also increase the size of the safety net. Over the next few months, the IMF will be considering with our members these and other issues related to the international monetary system.
China itself has embarked on an ambitious multi-year rebalancing of its economy, toward slower and more sustainable growth. This is a positive endeavor that, in the long run, will benefit everybody. In the short run, however, this transformation generates spillover effects – through trade and lower demand for commodities, and through financial channels as well.
What should be Asia's response?.It is safe to say that structural reforms are key – to boost competitiveness, growth, and jobs.
It is critical that your authorities ensure an environment that respects the privacy of their internal discussions and take all necessary steps to guarantee their personal safety.
Besides the heartbreaking suffering from conflict and forced migration, there is a human toll from economic dislocation and low activity: More than 200 million people are actually looking for a job and declaring that they are unemployed.
The FED has had not raised interest rates in such a long time that it should really do it for good if I may say, in other words not give it a try and then have to come back.
It will require sufficient financing so that the program is actually credible and the element of debt restructuring, which will allow the Greek economy to walk on, not necessarily two legs as I have said, but four legs. It takes fiscal, structural reforms, financing, debt restructuring.
The second leg is that of the lenders, which entails supplying financing and restructuring the debt to ease its burden.
I'm very realistic and we try to be. What we heard loud and clear is that euro area members are not particularly keen to do haircuts.
I think we are here to make a lot more progress.
We have always advised that (rescue programmes) walk on two legs, if you will. One leg is about significant reforms and fiscal consolidation and the other leg is debt restructuring, which we believe is needed in the particular case of Greece for it to have debt sustainability.
We certainly hope that they will take place. But it needs to add up and there will be trade offs – trade offs between reforms on the one hand and debt operation on the other hand.
I don't take political views. I don't have to face that choice because I don't vote in the United States and even if I did I wouldn't tell you anyway. It is for the people to determine. The IMF is engaged with countries, the IMF is serving the people. The people will decide who their political leaders will be. We have to adjust. We have one focus – it is stability, it is prosperity.
We don't think that Central Banks are running out ammunition. What we believe is that they cannot do that on their own. Kickstarting economies, improving growth, having a real solid recovery will not be achieved by monetary policies alone. It will require the monetary policies, but it will also need structural reforms, it will require fiscal measures. And it is the three together that will actually help restore the economic situation of the European Union and particularly the euro area because you talk of monetary policies. This is imperative.
What we hope is (for) is progress and removing uncertainty, so I don't think that we should combine the two. It has never been, neither our negotiation approach nor our tactics, to aim for that at all. The other debate concerning the exit of the UK is hopeful something that will be resolved favourably for Europe, for the United Kingdom. I don't want to interfere with the voting processes and all the rest of it, because we are doing some work a the moment to determine the economic impact of any of the two options would be.
You should say the panda, not the elephant.
That I don't know. Clearly, the investigators will have to continue their work to identify what is legal from what is illegal, and decide where the balance should fall and whether changes are needed. But there is clearly more work to be done.
It does not affect my job at all. Lawyers are doing their job, the appeal is being lodged, and the process will take its course.
I have repeatedly said we need a programme for that country that adds up, that reaches the objective of restoring economic stability and where debt is sustainable in the long run and those three parameters are still there, as alive as ever. Work has been done, progress has been made, but there is a lot more work that needs to be continued and sustained, so that we are not in the realm of quick fix to pretend, but real reforms that will sustain and will support the Greek population in the long term.
So far I don't know because we are doing as detailed and precise independent work as we can. I have my personal views, which are irrelevant in the context of our discussion. The economic impact is something that we need to determine and we will come out in May with the outcome of that work.
The institutions have put together some very sensible proposals that are a clear easing from whatever was previously considered. And we are waiting… The key emergency in my view is to restore a dialogue with adults in the room.
Unfortunately, the contingency mechanism that Greece is proposing does not include such reforms.
Brazil, for instance, is flat, and forecast to be slightly negative this year. China is slowing down, and foreseeably so, and I think it's a determined approach and policy determination. Russia is not doing well at all, and is in negative territory for obvious reasons – oil, sanctions and the like.
It's done by actually looking at measures, committing to reforms, measuring what the outcome will be. It's the tedious work of financial ministers, wherever they are, and the lenders.
It's clearly not a course of action that would actually fit or be recommendable in the current situation. We have never had an advanced economy asking for payment delays.
The main risk of course relates to the geopolitical developments that may affect market and investor confidence.
The Ukrainian authorities are demonstrating a determination and a courage to reform like we have never seen. They have, for instance, not only reached their targeted deficit for this year but they have exceeded the objective.
He was a great leader who implemented a lot of reforms at home and in a very discreet way was a strong advocate of women. Saudi Arabia is for traders, a place where women don't play quite the same role, but his Majesty was determine to actually change the situation.
You know the combination of the relatively gradual and slow recapitalization over time; the fact that there is very, very low inflation going forward is clearly having an effect on growth potential and therefore on the level of confidence and you are into that sort of dangerous loop that needs to be exited from in order to restore confidence, in order to kick-start investment again and in order to restore the growth.
If I look at the numbers, clearly the Irish recovery is quite extraordinary because when you look at growth …it is up and the highest in the eurozone. if you look at unemployment..it is down by almost 3 percentage points. If you look at debt; it is declining. If you look at deficit, it has been halved almost. So almost all those numbers are really solid and give the direction of a good recovery.
Which is the reason why I might not tell you very much about it.
Yes, you got the answer!
Now, there is still over 10 percent unemployment and there is still over 20 percent young people unemployed. So we are not there yet. Although Ireland is off to a good start, it still has work to do to continue that unemployment decline and that job creation. Those will be the key tests to actual and full success of the Irish recovery.
From a very very hypothetical question of a member exiting the eurozone, which to my knowledge is not allowed under the eurozone articles of partnership if you will, that would be a massive financial cost as a result.
This is not for me to decide. It's a matter for the euro partners and for Greece to discuss, but I have heard many comments made and I am sure you have too.
I think we need to wait until Friday. See what the result of the election will be and then figure out what kind of coalition is put in place and then remind that country that it has made commitments to its European partners. To its creditors. And that's of the structural reforms that were to be implemented to restore the situation of the Greek economy.
In terms of tax collection, for instance, hardly any of the benchmarks have been respected. When i said that all Greek people – including the wealthy ones – had to pay the tax, that's what I meant. Tax collection is an objective that needs to be delivered upon.
Because this is not my task, this is not my mission, this is not my interest.
You know, I think in the case of Ireland there was clarity of purpose. There was focus on financial and fiscal? There was determination. There was ownership by the authorities, as well as by many people in Ireland. That they wanted to get out of the very deep financial crisis they were in. There was also extraordinary human competence to try and carry it through and deliver the results and the performance and the jobs that are being created now.
We try to be respectful.
If I did, I wouldn't tell you anyway. Thanks for trying, but no.
I'm not going to comment on French politics because….
By the way, the IMF is a contingency plan almost every day when we are called upon helping any of our members in the membership.
I told you, I would not respond.
Growth and jobs and that's not vastly different from what it was in 2014, except that we are concerned about the growth potential of many of the advanced economies, the United States excluded. The United States is clearly having a recovery. It is getting deeper stronger, but we are not seeing that in either the eurozone or in Japan for instance. We are seeing it in the UK, but not in….
You know, it is like any election. It is for the people to decide democratically what they want, what they expect and what's the future for the….
We'll see about that when we continue the review work and the negotiations with the authorities, as soon as the election is over and as soon as the coalition is in place if it takes a coalition.
There's an issue of reliability on the financial markets, which has to be taken into account. From our perspective the country has made commitments. The country for its own sake and for its own economic recovery has to do structural reforms that are critically called for and we certainly hope that it honours its commitments.
Let me preface anything that I will say with one presentation, which is what I am wearing here on the side of my jacket. It says: Isolate Ebola, not Countries (…). If more is needed, we will be there, we will partner with those countries, there is no question.
It is taking a very long time for the global economy to climb out of the hole dug by the Great Recession. We are stuck in a painful job crisis with 200 million people unemployed and looking for work around the globe. You know that if the unemployed people were to form a country it would be the 5th largest country in the world.
This new momentum – with hopefully more growth, more jobs, better growth, better jobs – is what we would certainly call upon the [IMF] membership to produce. More growth-friendly fiscal policies can be put in place. Potential labour reforms and fiscal policies adjusted to support job market reforms, which we believe could make a lot of sense.
We see prospects looking up for the US but we also believe that attention must now turn to the kinds of policies needed to lay the foundation for growth that will be sustainable.
We have revised downwards our growth forecast and that is largely attributed to the poor results of Q1, which are largely but not entirely weather-related. We believe that this slowdown is temporary and better prospects lie ahead.
I am not a candidate and the reason I am not a candidate is that I have a job (…) and which I intend to complete. As my young son would have said: 'Mum when you start something you've got to finish the job.
We are concerned about this potential risk of advanced economies in general, in the euro area in particular, that prolonged low inflation will hurt both growth and jobs. In this context, it is encouraging that the ECB reiterated its commitment to use unconventional measures as needed.
You know, there have been consequences to the Ukrainian situation, as you call it. For instance, the currency has gone down by about 30 per cent, so that was a market adjustment of significant nature. It followed the decision by the central bank to no longer support a pegged currency, as it was. Equally, there has been a significant outflow of capital from Russia to other parts of the world. So investors actually recognise when it's time to move.
Instability, uncertainty, geopolitical fragility do not facilitate that necessary recovery job that policymakers have on their hands. But nothing comes without opportunities, you know. And although what's happening there is a challenge, it also requires that countries re-examine their energy policy mix and the established routines they are operating under. It requires that Ukraine restores its economic policy, restores the rule of law, deals with governance, eliminates its corruption. All of that are positive factors that could result from something which is full of uncertainty.
There have been consequences to the Ukrainian situation, as you call it. There has been a significant outflow from Russia to other parts of the world. So investors actually recognise when it's time to move.
More monetary easing, including through unconventional measures, is needed in the euro area.
In 2013, global growth was about 3 percent; we project modest improvements in 2014 and 2015, although still remaining below past trends. The risk is that without sufficient policy ambition, the world could fall into a medium-term low-growth trap.
We need to rely on facts, we need to rely on the situation as it is, we do not see anything that is critical, that is worthy of panic at the moment. We would certainly hope that the (Ukrainian) authorities refrain from throwing lots of numbers which are really meaningless until they've been assessed properly.
There is a palpable sense of optimism in some quarters that the European crisis is over. But can a crisis really be over when 12 percent of the labor force is without a job? When unemployment among the youth is in very high double digits, reaching more than 50 percent in Greece and Spain?
This crisis leaves behind the legacy of too little growth and too few jobs. More of our work is focusing on reforms to promote competitiveness, to create growth and jobs. Is that right? Well, this resonates of course with the first of our Articles, which embeds concern for employment in our very mandate.
We have seen a global crisis and we will be seeing global transitions. We are probably moving from the Great Depression [to] the 'Great Transition'. All these transitions, all these massive changes are not going to be fast, are not going to be easy, and the countries will likely spend the rest of the decade adjusting to the new reality.
There would be very negative consequences for the US economy, and there would be very negative consequences outside the US economy. We are likely to see, if that matter is not resolved, volatility, uncertainty, and consequences for the rest of the world.
It is 'mission-critical' that this be resolved as soon as possible.
The ongoing political uncertainty over the budget, over the debt ceiling, does not help. The government shutdown is bad enough, but failure to raise the debt ceiling would be far worse – and could very seriously damage not only the US economy but also the entire global economy.
While we are seeing some signs of recovery, global growth remains subdued.
The private sector is yet again proving to be the primary growth, the primary engine of growth and job creation, and the main reason for weak growth this year… is really caused by the very large ongoing fiscal adjustment.
These 'quota' reforms need the support of all our member countries, including the United States.
I think what the European partners conveyed was a sense of collective determination to reinforce coordination.We all hope that the eurozone is about to turn the corner, that there is stabilisation of the situation and hopefully a recovery that will really take roots and create jobs much needed in Europe.
I'm certainly looking forward to an excellent G7 meeting, good discussions on recovery and moving from a three-speed recovery to a full speed recovery.
We've also said that should growth abate, should growth be particularly low, then there should be consideration to adjusting by way of slowing the pace.
We believe that for most European countries, fiscal consolidation is a must. Cyprus was, as I said and I'm happy to repeat it. It's no template. It doesn't set standards because it was not a standard itself. It was vastly different from many banks in other regions and in other countries in Europe.
With public debt so high, in many of the euro area and European countries, the direction has to be down, and not up. But how fast should it go down? We believe that the pace should be measured and steady; measured and steady also means coming up with credible, medium-term durable measures and sticking to them, rather than focusing exclusively and predominantly on the headline deficit targets.
The current talk of currency wars is overblown.
I truly hope that Europe does it its usual way, that is deal with the hurdles, overcome the obstacles, have arguments and debates and eventually come out of it all together and stronger. I really hope that's what happens.
It's critical in the world, not just in a man's world and I hope the world is more and more a world for all, and not just a world for men, or just a world for women. We are all together in this, and we have to pull together and not take ourselves too seriously and keep that little sense of humour and that little voice inside ourselves that keeps calling on being sensible humble and attentive to others. But sense of humour is absolutely key.
Geographically East! (laughs) But in terms of contribution to global growth as a driving force. You know, China is expected to deliver anywhere between seven and eight percent growth in 2013. It has now a new leadership team, which has made it very clear that they will deliver on the 12th continual plan of theirs, that they will continue to rebalance the economic growth model to be more domestically focused. So China is clearly going to be one of the driving forces of global economic economy going forward.
The difference between death and uncertainties is you can do something about uncertainties, and certainly it's our hope that policymakers will address the uncertainties and will try to remove them as much as they can in 2013 so that confidence can be restored and investors can invest and corporations can launch new projects and can begin to hire again.
I think we should all be extremely attentive to bubbles, wherever they are likely to originate, and particularly when it comes to real estate, because I believe that real estate coupled with financial bubbles can be devastating, as we have seen for the last five years. But I would say that China is clearly mindful of that and is clearly attentive to having, I would say, much more balanced growth.
Europe is much stronger when it is all together and when it is striving and more competitive. I think that's a debate that will be initiated as a result of that UK initiative. Clearly the chancellor from Germany has indicated her determination to discuss competitiveness; and as we know competitiveness is at the heart of many reforms that are currently considered or are being implimented, they have to do it.
We are going to work very constructivly to see if we can find a solution for Greece, thats what is really our goal, our purpose and our mission.
On the fiscal cliff and the debt ceiling, whoever is going to be elected and re-elected tomorrow will be faced with that challenge, and will have to tackle that issue up front, very shortly. Because the beginning of 2013 is in two months time.
If you were to ask me what we expect from this IMF annual meeting: we expect action and we expect courageous and cooperative action on the part of our members.
This time, we need a sustained rebound, not a bounce. If this time is to be different, we need certainty, not uncertainty. We need decision makers to be real action takers. We need delivery. Europe remains the epicentre of the crisis and where the most urgent action is needed.
The review process is underway and just began a week ago, so I think it's really premature to already pass judgement on the timing issue. Greece has already produced a huge effort, but will have to continue to do so. There are various ways to adjust – time is one that needs to be considered as an option.
As far as the IMF is concerned, we shall certainly be ready to help and to assist in the design and monitoring of eventual programmes of all conditions that would be part of the solutions.
The IMF's forecasts are likely to be lower than our previous forecasts.
The stresses in the euro area affect the UK through many channels, growth is too slow and unemployment – including youth unemployment – is too high. Policies to bolster demand, before low growth becomes entrenched, are needed.
We at the IMF have to be technically prepared for anything, because it is our job. But I'm not suggesting that this is a desirable solution. I'm just saying this is within the range of multiple options, one that we have to technically look at, obviously.
On the consequences in southern Europe, or more extensively eastern and central Europe and the large periphery of Europe, it is clearly this immediate circle that is potentially exposed, which is why it's so important that the Europeans do what they're committed to do and that they deliver on their programme.
We are seeing a light recovery, blowing in a spring wind, but we are also seeing some very dark clouds on the horizon – which is another way of saying there is a bit of recovery, timid and a fragile situation with still high risks.
The recovery is still very fragile, the financial system in Europe is still under heavy strain, debt is still too high, both public and private, stubbornly high unemployment is really straining the seams of society, and – to add to the list, as if it wasn't enough, oil prices are clearly another cloud on the horizon.
The country needs a stronger push to fix its public finances in the years ahead, including by curbing the growth of entitlement spending and raising more revenue.
It's a combination of the European partners reducing the interest that they charge Greece for lending to Greece, it's the private sector that is the banks and pension funds and the insurance companies that have bought Greek debt, accepting a haircut on their Greek debt.
It's an important step along the way for all G20 members to actually determine their participation in the increase of the firepower of the fund.
We begin the day today at a debt to GDP ratio of 120.5 per cent, so significant progress has been made overnight that will put Greece in a better position to address a very ambitious programme that it has negotiated over the last few weeks.
Let me just offer my perspective on what remains to be done, and in my view there are three imperatives: One is stronger growth, two is larger firewalls, three (is) deeper integration.
It is a time for realistic assumptions, but also a time for action, and a time for bold collective action. We could face a downward spiral of uncertainty, of financial instability, and a collapse of global demand – that really is the dark scenario and it could happen.
I hope that this whole thing can be closed and completed before mid December. I think it's important from a cash point of view.
If anything, the situation is more likely to have worsened than to have improved over the last three weeks and if markets have straightened up a bit in the last few days, certainly the overall economic situation has not improved. We heard loud and clear that the emerging markets in particular were very concerned about the risk of contagion from advanced economies to emerging markets and to low income countries.
I'm very moved, very happy and proud to have served France for the past four years, and to have had a lot of energy and enthusiasm to try to do what we really need to achieve for the best in difficult circumstances.
We're all making efforts on Greece because it's important for the eurozone.
I am coming here to obviously explain my candidacy to the position of managing director of the International Monetary Fund and I am also here to listen to what the Brazilian authorities expect from the fund and from the managing director.
It's an immense challenge that I'm approaching with humility and in the hope of achieving the broadest possible consensus. If I'm elected, I'll bring to the IMF all my experience as a lawyer, a company director, a minister and a woman.
I am convinced that Europe is the way to go as far as we are concerned and any kind of decision should have European support, whatever it is.
The guidelines operate a little bit like a net which actually holds those of the countries that violate or do not respect the guidelines and the net is a little bit tighter for those countries that are considered of systemic importance because they represent more than five percent of the GDP of the G20.
Everyone has their job….there are those who play football brilliantly, I wouldn't risk that….I think each person should stick to their own speciality.
It is technically feasible, which is what the IMF has said. Practically it would be difficult. Politically it's desirable, while financially it's unpredictable.
In my view, the test was tough, it was inclusive, it was very comprehensive, it included macroeconomic components, as well as debt crisis components, and as a result I would suggest that those results should be very credible and should certainly raise the confidence in European banks.
Not only do I understand the anger, I share the anger. And I certainly hope that now and going forward, banks and financial institutions will have learnt the lessons, and will have digested it, so that they do not repeat the kind of behaviour, the kind of compensation schemes that applied in the past.
The euro countries' message is clear: 'no to the attack on a country within the euro zone. We in the euro zone are sticking together in solidarity. When one member is in difficulty, we come to its support – and we ask it to take certain measures.
I think we're agreed that the amount and type of tax must be determined according to the risk posed by the individual financial institutions.
An amendment was signed that allows the exchange of information. Banking secrecy no longer constitutes a response or defence that would not allow the supply of this information.
This crisis has three stages, the financial one, the economic one, and finally the social stage, and that's obviously the one that leaves the deepest scars, and hurts our citizens more than any other.
In times of stress and in times of difficulty, we all agreed that it should be sustainable public finance.
We believe that we need to go much further and use the current momentum to bring about long term solutions that will deal with the sustainability of the system.
I believe that one of the most important events sanctioned during this meeting has been Slovakia's entry to the euro zone. It's the first time that a country which was on the other side of the Iron Curtain has joined the euro and congratulations are due all round.
Board members are there to decide if the person in charge is the best placed to run the ship when it is pitching a bit, or whether they should change the captain.
Having significant stakes in two major energy players is a good thing which will give the state much more bargaining power when it comes to negotiations.