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Development Committee Communiqué - Joint Ministerial Committee Of The Boards Of Governors Of The Bank And The Fund On The Transfer Of Real Resources To Developing Countries - Washington, Dc, September 24, 2011

Date 25/09/2011

1. The Development Committee met today, September 24, 2011, in Washington DC.

The Global Financial Crisis And The Role Of Monetary Policy - Speech By Jürgen Stark, Member Of The Executive Board Of The ECB - At The 13th Annual Emerging Markets Conference 2011, Washington, 24 September 2011

Date 24/09/2011

Ladies and gentlemen, I am very pleased to address this distinguished audience.

Looking back over time, we see that the role and conduct of monetary policy has often changed in response to economic and financial crises. In fact, the international central banking community has always been eager to learn from past developments and experiences, also with respect to different experiences across countries. Of course, this does not imply that monetary policy in the past has always been the same everywhere. Certainly, differences exist in the way monetary policy is conducted across countries. But it is precisely because of the open-mindedness in discussing and the willingness to learn from each others’ experiences during the past century that monetary policy making went through an evolutionary process: an evolutionary process that improved the conduct of monetary policy over time and led to a great deal of convergence across countries.

Transcript Of Press Conference On The International Monetary And Financial Committee Meeting, Christine Lagarde, International Monetary Fund Managing Director, Tharman Shanmugaratnam, IMFC Chairman, David Lipton, IMF First Deputy Managing Director, Gerry Rice, Acting IMF External Relations Director, September 24, 2011

Date 24/09/2011

Mr. Rice: Well, good afternoon, everyone, and welcome to this press conference of the International Monetary and Financial Committee, with Chairman Tharman, with the Managing Director of the Fund, Christine Lagarde, the First Deputy Managing Director, David Lipton. Before I turn the table over to the Chairman for some opening remarks, let me just remind you that we do have simultaneous interpretation. Channel 1 is English, 2 is French, 3 for Spanish, Channel 6 is Arabic. Can I also that we keep the questions short so that we can have as many as possible, and that you would identify yourself in asking the question. With that, it is my pleasure to ask the Chairman to make some introductory remarks.

Transcript Of Press Conference On Europe, Antonio Borges, Head Of The IMF European Department, September 23, 2011

Date 24/09/2011

Webcast of the Press Briefing

MS. NARDIN: Good afternoon and welcome to this press conference on Europe.

Communiqué Of The Twenty-Fourth Meeting Of The IMFC: Collective Action For Global Recovery - Chaired By Mr. Tharman Shanmugaratnam, Deputy Prime Minister Of Singapore And Minister For Finance Washington, DC, September 24, 2011

Date 24/09/2011

The global economy has entered a dangerous phase, calling for exceptional vigilance, coordination and readiness to take bold action from members and the IMF alike. We are encouraged by the determination of our euro-area colleagues to do what is needed to resolve the euro-area crisis. We welcome that the IMF stands ready to strongly support this effort as part of its global role.

Statement By U.S. Treasury Secretary Tim Geithner To The Development Committee, Washington, DC

Date 24/09/2011

We meet at a time of new challenges to economic growth and development.  These challenges require governments working together with international financial institutions.  In the advanced economies, growth has slowed and financial stresses have intensified in Europe.  In middle-income countries undergoing historic transitions, specifically in North Africa, growth has slowed just as expectations for greater opportunity, especially among the region’s youth, have soared.  In some low-income countries, specifically in the Horn of Africa, famine and drought are pushing millions of people into poverty and hunger, reversing decades of development gains.

Statement By U.S. Treasury Secretary Timothy F. Geithner - Twenty-Fourth Meeting Of The International Monetary And Financial Committee

Date 24/09/2011

The world economy is facing new challenges to growth.  It is in the midst of the second slowdown of this recovery from the financial crisis of 2008 and 2009, with shocks from the crisis in Europe, Japan’s disaster, and oil prices all contributing to increased uncertainty and insecurity in global financial markets.  

Leadership Change At UBS - Sergio P. Ermotti Named Group CEO On An Interim Basis Following The Resignation Of Oswald J. Grübel From The Bank

Date 24/09/2011

The UBS Board of Directors has accepted today the decision of Group CEO Oswald J. Grübel to resign from the bank.

BATS 1000 Index Down 7.0% This Week

Date 23/09/2011

BATS Global Markets, a global stock market operator,  reports the BATS 1000^SM Index (Ticker: BATSK) declined 7.0% for the week ending September 23. The S&P 500 Index was down 6.5% on the week.

World Bank: Eurozone Crisis Clouds Recovery In Emerging Europe And Central Asia

Date 23/09/2011

Economic recovery is underway in the Emerging Europe and Central Asia (ECA) region, but at a slow pace and is at risk from the troubled Eurozone, according to the World Bank at a press briefing during the World Bank/IMF Annual Meetings 2011.