World Financial Leaders Meet
Last week’s meeting of the International Monetary Fund (IMF) was attended by the world’s financial leaders who are putting aside political differences in order to stave off a global recession. Instead of the bickering that usually takes place at IMF meetings, attendees were desperately seeking solutions to the worse financial crisis in recent history. The crisis has affected all markets including the interbank Forex.
IMF Promises to Take Decisive Action
The IMF’s steering committee said Saturday that all 185 member nations are committed to do whatever it takes to support the financial system, including a promise to “take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.” The IMF statement mirrored commitments made by finance ministers and central bankers from the seven wealthiest industrialized countries. Following the IMF meeting economic leaders from a group of wealthy and developing countries pledged to intensify efforts to unfreeze credit markets and jump start interbank Forex exchanges.
