Press Release No. 11/304

Press Release: Statement by IMF Managing Director Christine Lagarde

August 7, 2011

Managing Director Christine Lagarde of the International Monetary Fund (IMF) made the following statement today:

“I welcome the statements from the European Central Bank, from the leaders of Germany and France as well as from the G7, and their renewed commitment to take all necessary action in a coordinated way to ensure stability and liquidity in the financial markets. This cooperation will contribute to maintaining confidence and spurring global economic growth.

“The swift implementation of the commitments by the Euro Area Governments on July 21, 2011, and the recent agreement to reduce the United States' fiscal deficit in the medium term, without undermining growth, are further critical elements for financial stability.”