Opinion: (Christine Lagarde, IMF Managing Director): “Christine Lagarde, head of the International Monetary Fund, has urged countries across the globe to work together to fix the European debt crisis, and stimulate economic growth, urgently stimulate economic growth or risk a return to the Great Depression.
“In a stark warning, Lagarde said the global economic climate was ‘quite gloomy,’ and that no country or region was immune to the dangers posed by the situation in Europe.
“‘There is no economy in the world, whether low-income countries, emerging markets, middle-income countries or super-advanced economies that will be immune to the crisis that we see not only unfolding but escalating.’
“She said the Eurozone crisis was ‘not only unfolding, but escalating,’ adding that: ‘It is not a crisis that will be resolved by one group of countries taking action. It is going to be hopefully resolved by all countries, all regions, all categories of countries actually taking action.’
“The most alarming part of the speech — made at the US State Department in Washington — are where Lagarde warns of the consequences of failure. They include: ‘Protectionism, isolation, and other elements reminiscent of the 1930s Depression.’”
My Comment: The correct opinion is being formed gradually that the retreat from further integration threatens unpredictable consequences. This gives some hope that despite egoism, humanity will gradually acknowledge the need to reach unity.