The ghost at the IMF’s Tokyo feast


There was plenty of doom and gloom. “Be frightened, be very frightened!” That seemed, at first, to be the International Monetary Fund’s (IMF) message, as its economists painted scenarios of falling growth, weak financial systems and increasing risks. Christine Lagarde, IMF managing director, sought to put a positive gloss on the official discussions towards the end of the meeting, praising central banks for sustaining the recovery. Her final message, she said, could be summed up in three letters

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