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Break low growth cycle: IMF
FRANKFURT - The European economy must rid itself of a damaging cycle of low growth, the head of the International Monetary Fund said on Friday, calling for countries to work together for a common strategy.
“Europe must break the shackles of low growth, and stop settling for second best,” Dominique Strauss-Kahn said at a conference here.
“This is the only way to save the social model and fulfil the common European destiny. Europe has done better before, and it must do better again.” The “only answer,” according to Strauss-Kahn, is “more cooperation and greater integration.”
“Europe needs a holistic growth strategy, where every country benefits from the efforts of others,” he added. “In a sense, the wheels of cooperation move too slowly,” Strauss-Kahn said.
“Repairing the financial sector is taking too long, in part because policymakers are not paying enough attention to the pan-European dimension.”
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