• 31 OCT 2011
By John Mulligan | Irish Independent
The world's leading economies need to develop an urgent action plan this week in order to address short-term vulnerabilities in the global economy and to ensure the IMF has enough cash to continue bailing out troubled states, European Commission president Jose Manuel Barroso has warned.
In a joint letter from Mr Barroso and European Council president Herman Van Rompuy, sent yesterday to the leaders of the G20 countries ahead of this week's meeting of the organisation in Cannes, the pair said the plan would also need to address the strengthening and rebalancing of global growth over the medium term.
"Given the ongoing tensions in global markets, we also need to continue to ensure sufficient resources for the IMF to address crisis situations in a co-ordinated and comprehensive manner," they said.
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