Eurozone 1,100 billion ECBs bailout : a financial response can’t heal structural pigs diseases contamination.

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Transcript of a Press Briefing by William Murray, Deputy Spokesperson, Communications Department, International Monetary Fund

Washington, D.C.
Thursday, January 22, 2015

MR. MURRAY: Good day. I’m William Murray of the Communications Department of the International Monetary Fund. This is one of our regular press briefings. It’s also the first briefing of 2015. I want to wish everyone a happy new year. Again, to remind you, this briefing will be embargoed until 10:30 A.M. Washington time. That’s 3:30 P.M. GMT. I’m going to run through a few housekeeping items, plus I have a statement from Managing Director Christine Lagarde that I’ll read to you. First of all, the Managing Director Lagarde is in Davos at the World Economic Forum annual meeting with Deputy Managing Director Min Zhu. They’ve been on various panels and will be in Davos throughout the weekend. On January 25th, the Managing Director will travel to Rwanda and on January 29th, she’ll leave Rwanda for Senegal. In both Rwanda and Senegal, she’ll have meetings with the authorities, with policy makers, civil society representatives and others, and there will be various events on the ground in both locations. Media Relations can fill you in on full details of the Managing Director’s visits to Rwanda and Senegal.

On February 2nd, First Deputy Managing Director David Lipton will travel to Asia for stops in Seoul, Korea, where he will meet with senior officials and then on February 4th, he will visit Beijing for official meetings and to participate in a discussion at Peking University. Again, Media Relations will have further details as we get closer to those missions. Lastly, our next regular briefing will be on February 5th here at IMF Headquarters. That will be a briefing where we can get into some of the agenda items for the G20 Finance Ministers and Central Bank Governors’ Meeting in Istanbul which is on February 9th and 10th. The Managing Director will attend the meeting along with David Lipton and Siddharth Tiwari, the Director of our Strategy, Policy and Review Department. For planning purposes, the G20 surveillance note, which we present at each of the ministerial meetings, will be published in advance of the Istanbul meetings. Again, Media Relations will come back to you with details on the publication plans.

Now let me again remind you that we’re under embargo right now until 10:30 A.M. Washington time and 3:30 P.M. GMT. This statement is under the same embargo. It’s a statement by IMF Managing Director Christine Lagarde on the ECB decisions that were announced today. Quote from the Managing Director: « We welcome the measures announced today that will strongly reinforce the ECB’s accommodative stance. The planned expansion of the ECB’s balance sheet will help lower borrowing costs across the euro area, raise inflation expectations and reduce the risk of a protracted period of low inflation. These measures will also strongly increase the prospects of the ECB achieving its price stability mandate. It remains essential that the accommodative monetary stance is supported by comprehensive and timely policy actions in other areas, not least, structural reforms to boost potential growth and ensure broad political support for demand management policies. »

For the discussion, catch up with the IMF’s transcript here.

As we are reporting over the IMF year opening, let’s add this to the news of the day related to the Death of Saudi Arabian King. The King is dead, longlife to the New King, Salmane Ibn Abdelaziz. President Boutelflika, still alive heart surgery after heart attack – the man is strong – has decreed 3 days of mourning in Algeria to honor the memory of the King passing away.

Statement by IMF Managing Director Christine Lagarde on the Death of King Abdullah Bin Abdulaziz

Press Release No. 15/13
January 23, 2015

Christine Lagarde, Managing Director of the International Monetary Fund (IMF), today made following statement on the death of King Abdullah Bin Abdulaziz:

“It is with great sadness that I have learned of the passing of King Abdullah.

“He was a global statesman who was admired not only in Saudi Arabia, but around the world. He strongly believed in global cooperation and worked hard toward this goal. At home, he implemented many important and difficult changes that have strengthened the economy of Saudi Arabia. He leaves a considerable legacy.

“On behalf of the International Monetary Fund, I extend our condolences to his family and the people of Saudi Arabia.”

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