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France-German debt pact call: IMF cautious

business Updated: Dec 06, 2011 20:35 IST
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International Monetary Fund (IMF) chief Christine Lagarde on Monday welcomed France and Germany’s push for tough fiscal standards in the euro zone, but said more steps were needed to tackle the region’s crisis.

“It’s particularly appropriate that the European leaders and in particular President (Nicolas) Sarkozy and Chancellor (Angela) Merkel have decided that things have to really move, and say: something’s got to give,” Lagarde said in a speech at the European Institute in Washington.

“It’s not in itself sufficient and a lot more will be needed for the overall situation to be properly addressed and for confidence to return, to not only markets, but to investors, to consumers, to those (firms) that have to set out their strategies for the next two, three or four years,” she said.