Lagarde calls for urgent G7 action on global recovery

Head of the International Monetary Fund Christine Lagarde has called for the G7 leaders to take urgent action at their upcoming meeting to safeguard the global economic recovery.

At the Royal Institute for International Affairs, on her way to a G7 leaders meeting to be held in Marseille this weekend, Lagarde set out specific recommendations to enable the recovery, including advice on fiscal consolidation. "Countries must act now, and act boldly, to steer their economies through this dangerous new phase of the recovery," she said. Lagarde said the world is suffering from a crisis of confidence as the outlook for economies remains weak and concerns mount over the health of sovereigns and banks. "All this is happening at a time when the scope for policy action...