Ensure Financial Stability in Developed Countries: IMF

According to a report by International Monetary Fund (IMF) released on Mar.1, to ensure financial stability is the urgent task on hand for many developed countries.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

The report, submitted to the G-20 Deputy Finance Ministers' and Deputy Central Bank Governors' Meeting held in <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Korea, urged developed countries to promote fiscal discipline, make the medium-term financial plan and reduce the high debt to GDP ratio. It also warned if not taking effective measures, some developed countries would find it hard not maintain stability and a booming economic growth.

The report also predicted a stronger global recovery than expected, though widely varied between different countries. Developed countries see a relatively weak recovery, while in emerging economies, such as China and India, the recovery is robust and sustained.

But at the same time, emerging countries have to face much pressure in curbing inflation and should take cautious measures, suggested by the report. Most developed countries, however, do not need to worry about inflation due to high unemployment.