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30 March 2010

IMF chief: difficult choices ahead for Europe's policymakers


The EU must finalize its planned overhaul of financial sector regulation. While policymakers have made progress, more work is needed on crisis management and resolution. Strauss-Kahn is calling for the establishment of a European Resolution Authority.

Just as the world economy is emerging from crisis, the EU is faced with a host of new challenges, including how to address the serious fiscal problems in some euro area countries, most notably Greece.
IMF Managing Director Dominique Strauss-Kahn has called on Europe’s policymakers to work more closely on issues ranging from fiscal policy to financial sector regulation to make Europe’s institutions stronger, more resilient to crisis, and better able to promote growth and prosperity.
Following his visit to Poland, Strauss-Kahn will travel to Bucharest on March 30, where he will address the Romanian Parliament and engage in a debate with students at the Academy of Economic Studies.
Reforms to Europe’s financial architecture
While each country must devise its own policy mix for rekindling growth and creating jobs, there are also challenges to be tackled at the regional level.
For instance, the EU has yet to finalize its planned overhaul of financial sector regulation. While policymakers have made progress on financial sector regulation and supervision, more work is needed in crisis management and resolution. In a recent speech, Strauss-Kahn called for the establishment of a European Resolution Authority, armed with the tools to deal cost-effectively with failing cross-border banks.
Meetings with policymakers
During his visit to Poland, Strauss-Kahn will meet with Prime Minister Donald Tusk, Finance Minister Jacek Rostowski, and National Bank President Slawomir Skrzypek to discuss Poland’s economy and global and regional economic developments.
In Bucharest, Strauss-Kahn will meet with President Traian Băsescu, Prime Minister Emil Boc, Minister of Public Finance Sebastian Vladescu, and Central Bank Governor Mugur Isarescu to discuss the government’s economic program, which is supported by an IMF programme.


© International Monetary Fund


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