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IMF cuts global outlook, urges ECB to do more to ease debt crisis

Globe and Mail - Jul 16, 2012

The International Monetary Fund is calling on the European Central Bank to do more to ease the euro-zone debt crisis, which the fund says is the biggest risk facing the global economy.

“There is room for monetary policy in the euro area to ease further,” the IMF says in a new economic outlook that foresees weaker growth through 2013 than was forecast in April.

The ECB two weeks ago dropped its benchmark rate by a quarter point to a record low 0.75 per cent and told banks that it would no longer pay interest on deposits. Some investors and economists were disappointed, saying the ECB could have done more. The addition of the IMF to the chorus puts further pressure on ECB president Mario Draghi to take on an even more prominent role in solving the debt crisis, which the fund characterizes as the paramount risk facing the global economy.

“The utmost priority is to resolve the crisis in the euro area,” the IMF says in its updated World Economic Outlook, released Monday in Washington.

Read Full Article from Globe and Mail

- Posted: 2012-07-16 10:55:32

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