IMF welcomes pledges by Europeans, G7 on markets

8th August 2011, Comments 0 comments

IMF chief Christine Lagarde Sunday welcomed pledges by the European Central Bank, as well as France, Germany and the G-7, to take all necessary measures to stabilize the financial markets.

"This cooperation will contribute to maintaining confidence and spurring global economic growth," Lagarde said in a statement.

The IMF reaction followed statements by financial chiefs and central bankers of the G7 countries to "take all necessary measures to support financial stability and growth" as nervous global markets re-opened.

"I welcome the statements from the European Central Bank, from the leaders of Germany and France as well as from the G7, and their renewed commitment to take all necessary action in a coordinated way to ensure stability and liquidity in the financial markets," Lagarde said.

"The swift implementation of the commitments by the Euro Area Governments on July 21, 2011, and the recent agreement to reduce the United States' fiscal deficit in the medium term, without undermining growth, are further critical elements for financial stability," she said.

© 2011 AFP

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