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G20 summit ends with focus on IMF
World leaders left the G20 summit in Cannes with a plan to boost IMF resources – with more money if necessary – and to rebalance the global economy. However, there was no forthcoming detail on how to save the euro zone other than Italy’s decision to call in the IMF to monitor its economic reforms. In spite of mounting pressure on world economies, IMF chief Christine Lagarde appeared positive about what lies ahead. “The members are saying they will do whatever it takes in terms of resources so that the IMF is fully equipped in case of crisis,” she said. British Prime Minister David Cameron stressed the importance of boosting the IMF, at the same time restating that the UK will not contribute any more to a euro zone bailout fund. A plan to move towards greater exchange rate flexibility was welcomed by US President Barack Obama, who took time to praise President Nicolas Sarkozy on French TV. “Nicolas has consistently been a partner who is open minded, who is engaged, who is energetic and whether it’s the economic issues that we have been discussing or security issues, he has been an invaluable partner.” There appears to be a general consensus about what needs to be done in the coming months. The details, says the IMF, will be agreed by February.