At the spring meeting of the World Bank and IMF in Washington the money trades top brains were still trying to construct a more robust global economy, less vulnerable to the boom and bust of recent times.
Forging a consensus will be a difficult task as the world faces threats to stabilty, high oil prices and debt levels, plus unrest in the Middle East.
Dominique Strauss-Kahn, the IMF’s managing director, said: “Certainly the recovery is getting stronger, but everybody can understand that it’s not the recovery we want. It’s not the recovery we want because it’s still imbalanced between countries, and it’s also imbalanced within countries. That’s certainly the reason why uncertainty is still very high.”
An uncertain outlook complicates matters. Signs of recovery in some rich states has led banks to raise interest rates. Still high oil prices are pushing up inflation and threatening to slow growth as well as leading to further unrest in some developing countries.