23 Jan '12, 1pm

IMF head wants "larger firewall" against crisis: BERLIN: IMF head Christine Lagarde set out on Monday a raft of

IMF head wants "larger firewall" against crisis: BERLIN: IMF head Christine Lagarde set out on Monday a raft of

BERLIN: IMF head Christine Lagarde set out on Monday a raft of proposals to fight the eurozone crisis, including a bigger rescue fund, lower ECB rates and eurobonds as she warned of dimmer world growth prospects. In a wide-ranging speech at the German Council on Foreign Relations think tank in Berlin, Lagarde also called for an additional US$500 billion for the IMF as it seeks to keep afloat countries battered by the crisis. And she had a dire warning for policymakers if they failed to do what was necessary, saying the world could slide into a "1930s moment" of isolationism, which led to the Great Depression and eventually to world war. On the eurozone, Lagarde acknowledged that a great deal had already been accomplished but that the policies agreed so far "form pieces, but pieces only, of a comprehensive solution." She said the crisis-wracked eurozone had to focus on redi...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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