Warning on risks of austerity policies

The leaders of the International Monetary Fund, the World Bank and the World Trade Organisation have warned about the economic and social risks of austerity programmes in a “call to action” designed to boost growth and fight protectionism.

The IMF’s Christine Lagarde, the World Bank’s Robert Zoellick and the WTO’s Pascal Lamy joined the heads of eight other multilateral and regional institutions in calling for policies to create jobs, tackle inequality and green the global economy. “The world faces significant and urgent challenges that weigh heavily on prospects for future growth and on the cohesion of our societies,” said the statement. – (Guardian service)