IMF urges B20 summit to help boost global recovery | WPN World People News

A high profile economic summit of the world's largest emerging economies kicked off here Monday as head of the International Monetary Fund (IMF) urged world leader to prioritise restoring investor confidence for faster economic resurgence and boost sluggish global recovery.

"Be as blunt as you can with the G20 leaders," a grim faced Christine Lagarde said as she addressed the B-20 meeting of world business leaders in the run up to the G20 summit.

"Prioritize and indicate what in your view, in the view of the investors around the world ... is critical as far as you are concerned to restore confidence."

The summit of Group of 20 leaders from major industrialized and developing economies, representing more than 80 per cent of world output is to focus largely on the primary causes of the recovery's lethargy.

The summit began as pro-bailout parties won a narrow election victory in Greece that is expected to pile pressure on Europe to outline a lasting strategy to save the euro currency and end financial turmoil.

Wire news service Reuters said G20 countries want to hear whether Europe was moving towards adopting a firm roadmap for the recovery.

They also want a timetable for achieving the huge leap of financial, fiscal and political union in order to strengthen the resiliency of monetary union -- a path that EU leaders as yet have been unready to take ahead of their summit at the end of June.

"We're going to continue to make the case," said David Plouffe, a senior US official who advises President Barack Obama said in a television interview.

"There will be progress made over the next couple days, but no one should expect a firm resolution," he said.

Source: France News.Net