Awwal 12, 1432 / April 16, 2011, SPA -- The International Monetary Fund called Saturday for greater action to shore up the global financial recovery, stressing economic growth alone was not enough, according to dpa. "We certainly need macro-financial stability in order to have growth, but on the other hand growth is not enough," IMF Managing Director Dominique Strauss-Kahn said at the semi-annual meeting of the IMF and World Bank in Washington. "Growth is not enough because the old paradigm, for which if you had growth the rest will follow, does not apply anymore." Of particular concern is slow job creation in developed countries and the risk of "overheating" in developing countries, Strauss-Kahn stressed. In a communique following its meeting, the policy committee of the IMF said the recovery is gaining strength but remains vulnerable. "Credible actions are needed to accelerate progress in addressing challenges to financial stability and sovereign debt sustainability, and to ensure timely fiscal consolidation in advanced economies, whilst taking steps to avoid overheating in emerging market countries and dealing with risks from higher commodity prices," the statement said.
