EUROPE’s economy is in a worse state than previously thought, shock figures revealed today, as the International Monetary Fund (IMF) urged the bloc to do more to tackle problems amid an increased risk of a global financial crisis.
Head of the Fund Christine Lagarde said action by world leaders to boost growth was becoming more urgent as threats were rising without decisive action.
Ms Lagarde urged the bloc to improve job training to tackle high youth unemployment and fight against low growth.
She also said the United States should implement a higher minimum wage and boost working benefits.
The IMF has warned that growth in Europe, as well as Japan, has been a major disappointment since the global financial crisis.
And the world outlook looks now vulnerable amid China’s slowing growth, which has been a major hit to oil and commodity exporting countries, including Brazil and Russia.
Ms Lagarde said recovery from crisis “remains too slow, too fragile and risks to its durability are increasing.”
She added: “Let me be clear: we are on alert, not alarm. There has been a loss of growth momentum.”
Full article: IMF issues warning to Eurozone: Lagarde says tackle financial crisis NOW or face RUIN (Express)