- Christine Lagarde, IMF managing director
International Monetary Fund managing director Christine Lagarde warned on Monday that the global economy could slide into a "1930s moment" if Europe does not solve its fiscal problems, and said Europe's largest economy must contribute more money to avert financial collapse.
"The longer we wait, the worse it will get. The only solution is to move forward together," Lagarde said, according to the prepared text of her speech.
"What we must all understand is that this is a defining moment. It is not about saving any one country or region. It is about saving the world from a downward economic spiral. It is about avoiding a 1930s moment, in which inaction, insularity and rigid ideology combine to cause a collapse in global demand."
"The world needs a strong leadership role from Germany today, and it is Germany's core interest to provide such a role."
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