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Boosting confidence, growth and jobs are main focus of IMF Spring Meetings


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Boosting confidence, growth and jobs are main focus of IMF Spring Meetings

Increasing growth and job creation were the major topics of discussion at the International Monetary Fund spring meetings in Washington.

With finance ministers from a number of countries also attending, the summit saw the US blaming Europe for slowing down the global economy and other countries warning the US over its fiscal cliff situation.

The unemployment rate fell in most US states in March, but job creation remains particularly relevant for Europe.

The latest figures reveal youth unemployment across the 27 EU countries is at an average rate of 23.5 percent.

“Every policymaker is keen to develop jobs and to respond to the demands of the young population in particular. So anything that works to create jobs,” said IMF head Christine Lagarde.

Germany, the EU’s main economic power, has come under pressure to boost spending in order to encourage growth throughout the region – a move that continues to be resisted by Berlin.

Whilst Lagarde recently urged British Chancellor George Osborne to rethink the UK’s austerity strategy, due to the country’s poor economic performance.

Global financial officials at the meetings said monetary policy alone is not enough to restore confidence in the shaky global economy.

From Washington, euronews correspondent Stefan Grobe said: “The main message of this year’s Spring Meetings is: there not one silver bullet or one global solution to tackle the challenges. What is needed most is confidence and predictability. The markets need to know that policymakers are on the right track.”

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