Press Release No. 11/411

Press Release: IMF Managing Director Christine Lagarde Statement at the APEC Leaders Summit

November 13, 2011

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), made the following statement today at the Asia-Pacific Economic Cooperation (APEC) Leaders Summit in Honolulu, Hawaii:

“I am honored to have been invited to participate in discussions at the APEC Leaders meeting today. The APEC economies are a major engine of growth and a vital contributor to the global recovery at this critical moment for the world.

“I emphasized the IMF's concern about the current risks to the global economy, with a particular focus on the challenges facing the Euro Zone countries—and the urgent need for them to implement the policy actions agreed by their leaders in October. Without a solution to the Euro Zone crisis, the world economy could be swept into a downward spiral of collapsing confidence, weaker growth, and fewer jobs. This would affect all nations and so we all have a stake in resolving that crisis.

“I also note that it is important to avoid other risks to the global economy, especially those related to low growth and unacceptably high unemployment. To meet these difficulty challenges, all countries must play their part to help rebalance the global economy.

“For APEC’s advanced economies, this means primarily adopting strong medium-term fiscal consolidation plans, which will create space to accommodate growth and jobs now. For APEC’s emerging market and developing economies, it means addressing underlying vulnerabilities including better social safety nets; investing in infrastructure, health and education; financial sector reform; and exchange rate appreciation where necessary.

“We need to work together to support growth that creates jobs, is inclusive, and benefits all. APEC embodies that spirit of shared responsibility and action.”