When will the downward spiral of the worlds stock markets end?
The extreme volatility of the markets is evidence that the financial crisis is still having an impact. I am fairly confident that this volatility will subside because the American and European plans are sound; they just need a little time for their full impact to be felt. I am more concerned, however, about the slowdown of the global economy and its social repercussions. This is why the IMF cannot merely act as a firefighter, putting out balance of payments fires but must also be a builder helping to rebuild growth. We expect that global growth will be 3 percent in 2009, 0 percent for the advanced economies and 6-7 percent for the emerging countries. Since February, I have advised those countries that were in a position to do so, to anticipate the need for cyclical budgetary support. You kept silent for a long time. Why were you not the one to prepare the Brown Plan, which has been a model for other bailout plans? You do not have the whole picture, and that’s normal. When a banking cri
