IMF backs eurozone battle plan against financial crisis
Nearly all advanced countries are now covered and the eurozone provisions may be extended eventually to all of Europe. Anatomy of a global credit crisis
By Agencies |
WASHINGTON: The head of the International Monetary Fund, Dominique Strauss-Kahn, said on Sunday he supported the eurozone's just-adopted action plan to battle the financial crisis.
"I welcome the result of the eurozone meeting," Strauss-Kahn said, adding that the IMF had been calling for months for coordinated action and was now seeing it fall into place.
"Nearly all advanced countries are now covered and the ... eurozone provisions may be extended eventually to all of Europe," he said, noting earlier US and British proposals to safeguard their banks and financial system.
"The eurozone plan is also comprehensive," something which the IMF had also been seeking, he said, adding: "Altogether we are going in a good direction."
Earlier the leaders of the 15 eurozone nations agreed in Paris on a joint strategy Sunday to bolster market confidence by underwriting inter-bank loans and safeguarding financial institutions from collapse.
"The crisis has over the past days entered into a phase that makes it intolerable to opt for procrastination and a go-it-alone approach," French President Nicolas Sarkozy said.
"This is indeed a joint action that we are undertaking ... This plan addresses all aspects of the financial crisis," he added.
"I welcome the result of the eurozone meeting," Strauss-Kahn said, adding that the IMF had been calling for months for coordinated action and was now seeing it fall into place.
"Nearly all advanced countries are now covered and the ... eurozone provisions may be extended eventually to all of Europe," he said, noting earlier US and British proposals to safeguard their banks and financial system.
"The eurozone plan is also comprehensive," something which the IMF had also been seeking, he said, adding: "Altogether we are going in a good direction."
Earlier the leaders of the 15 eurozone nations agreed in Paris on a joint strategy Sunday to bolster market confidence by underwriting inter-bank loans and safeguarding financial institutions from collapse.
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"The crisis has over the past days entered into a phase that makes it intolerable to opt for procrastination and a go-it-alone approach," French President Nicolas Sarkozy said.
"This is indeed a joint action that we are undertaking ... This plan addresses all aspects of the financial crisis," he added.
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