IMF says committed to support combat and stabilization of the eurozone crisis  Meeting in Washington, members agree to act collectively to deal with the dangers lurking on the global economy.
Autor: TMK Solutions | Publicado: 2011-09-25T19:33:00-07:00

IMF may create new funding mechanisms in the face of crisis
After warning that the world has entered a 'danger zone' and in danger of plunging into a new recession, the IMF (International Monetary Fund) said on Saturday (24), the end of its annual meeting in Washington, which&nbsp;its members are committed to support efforts to resolve the crisis in the euro area and to combat the dangers lurking on the global economy.&nbsp;"Today we agreed to act decisively to combat the dangers facing the global economy," says the statement issued at the end of the meeting of the International Monetary and Financial Committee (IMFC, the acronym in English), an agency whose role is to advise council&nbsp;IMF directors and recommend the adoption of policies.
The IMF's 187 member countries also committed themselves to act collectively, since their economies and financial systems are closely interconnected.&nbsp;'There was a dialogue and a clear response of the members, "said IMF managing director, Christine Lagarde, to emphasize the spirit of unity and dialogue during the discussions.&nbsp;Throughout the week, besides the annual meeting of IMF and World Bank, finance ministers and central bankers of the G20 (group of major advanced economies and developing countries, of which Brazil is part) and BRIC (Brazil&nbsp;, Russia, India, China and South Africa) also met in Washington.
Political action
The need for joint action and, particularly, of rapid political action has been reinforced in recent weeks at a time when the crisis of debt and deficit in some European countries such as Greece, threatens to spread, worsening the already high lack of&nbsp;market confidence and contaminating other economies.
One of the measures is crucial to approval by European Union countries, an agreement to ease the Financial Stabilization Fund (EFSF, its acronym in English).
The finance minister, Guido Mantega, who participates in meetings in Washington, has said it is necessary to speed the adoption of measures to avoid a worsening crisis.&nbsp;The expectation is that there is a decision in the next three weeks.
The statement said the countries of the eurozone "will do whatever is necessary" to resolve the crisis.&nbsp;The meetings were held in Washington in a week of high tension in the markets before the crisis worsened in Europe and the economic situation in the United States, where there is still a slow growth and high unemployment rates.
Revision resources
Among priorities for the IMF, listed in the final communiqué, are 'review of the adequacy' of available resources to combat the crisis.&nbsp;There is, however, details about a possible increase in available funds.
The document also cites the need to seek a more integrated system of surveillance and effective, to identify threats to economic and financial stability and advance measures to manage capital flows.
The IMF should also strengthen the counseling and financial support to low-income countries, including to deal with the volatility in prices of food and fuel.&nbsp;As in previous meetings, the IMF also reiterated that plans to advance reforms in the distribution of quotas, the former requirement of emerging, seeking a greater voice within the institution.
Brazil
At the end of the meeting, the finance minister said at the time, Brazil does not need to take measures beyond those already in action.
"Brazil now has to take any action directly related to the crisis, unless there is some deterioration," he said.&nbsp;'We will be watching to see if this is necessary. "
However, Mantega anticipated his return to Brazil one day, after a week in which the foreign exchange market experienced great volatility, with a surge in the dollar, which reached its highest level in more than one year, surpassing the barrier&nbsp;R $ 1.90 at times.&nbsp;The minister said he'd rather be in Brazil if there is any 'more volatile' markets.