VIDEO: IMF Director Lagarde Chats European Economy on CBS
IMF Managing Director Christine Lagarde said that while Europe's economy is improving, the policymakers "really need to get on with it and finish the job," in an interview that was broadcast today, April 10, 2013, on CBS THIS MORNING (7:00 AM - 9:00 AM) on the CBS Television Network. Check out the appearance below!
"First of all, we need corporation," Lagarde told co-hosts Charlie Rose and Norah O'Donnell. "Second, we need policymakers to finish the job because quite a lot has been done since the crisis started, but the job is not finished."
She added that she fears the improved economy could lead to the "fatigue of both governments and the population."
Excerpts from the interview are below.
ROSE: Where are we in terms of recovery globally from what we went through in 2008?
LAGARDE: Well, the economy is recovering, but it is recovering at what we call a so-so-so pace. And I say so-so-so because we see clearly three different groups of countries. Some that are going well - the emerging market economies, the developing countries.
ROSE: But not all of them, I mean, Brazil and some countries -
LAGARDE: Brazil is a little bit lower than a couple of years ago, but it's still going strongly. All of them are going a little less strongly than they did simply because they have less clients. Clients in the advanced economies. And that's where you have two groups as we see it. The U.S., which is picking up a little bit, but certainly a bit more than both Europe and Japan. So that's why I'm saying so-so-so, some are really driving growth at the moment. And they've been producing about three-fourths of total growth in the past five years. The U.S. we're watching very carefully what will be the effect of sequestration on growth. But clearly there is more there than there is in Europe and Japan.
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