1、The Spring Meetings of the International Monetary Fund and World Bank Group are set to get underway in Washington this Friday.CRIs Washington correspondent Xiaohong with a preview of the meetings.IMF Managing Director Christine Lagarde, speaking to reporters ahead of the meeting, is using the weathe
2、r as an analogy for the global economic situation.Looking at the world economy situation, its obviously very diverse. Were seeing light recovery blowing in a spring wind. But were also seeing some very dark clouds on the horizon. Which is another way to tell you that there is a bit of recovery, timi
3、d and fragile situation with still high risks.Lagarde says high and sustained unemployment in both the developed and developing world is one of the key factors holding back a global economic recovery.She is also pointing to slow protracted growth, renewed financial stress in the euro area and high o
4、il prices as other reasons for sluggishness in the global economy.Lagarde has also pointed directly to Europe, calling on the leaders there to keep up the pace of reform.But, if we have a message to Europe and the Eurozone in particular, it could be keep up. Keep up for better and more Europe. Keep
5、up means implement the reforms that have taken place nationally and at regional level within the currency zone. Keep up in deepening the integration of the zone at multiple levels and build on the efforts. At the same time, outgoing World Bank president Robert Zoellick says European leaders need to
6、look for a balance.I think that on one hand, the future of the Eurozone depends on actions of individual countries, particularly the steps they take for fiscal consolidation. And as I emphasized the steps they need to take for structural reforms in future growth. Its very difficult to take those ste
7、ps in a no growth environment. Again, as the Fund has pointed out, the banking system also remains under significant stress. So I think that the debate understandably reflects as were trying to balance these issues. Several issues are expected to come under discussion at these spring meetings, inclu
8、ding the possibility of more funding for the IMF.Christine Lagarde also says potential changes as to how the organizations themselves are run will be talked about.Were going to ask the membership to finish the job in terms of quota resources and governance. There are changes that need to take place
9、to better reflect the membership of this institution in terms of economic strength, in terms of economic role, and were not there yet. We still have 16% to go on the quota resources, and nearly half the job still undone on the governance reform. So were going to push that as well.That job, as Lagarde describes it, is expected to be completed by the end of the year.For CRI, this is Xiaohong, reporting from Washington.
