Lagarde calls for ‘gradual’ austerity moves

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Christine Lagarde, managing director of the International Monetary Fund (IMF), on May 7 called on countries to introduce austerity measures in a "gradual and steady" manner.

Speaking at the University of Zurich, Lagarde said that while fiscal adjustment is "essential", it also holds back growth, particularly in times of downturn.

She stressed that austerity measures should be taken on a "country-specific" basis and that the right mix must involve both reduced spending and raising revenue.

She

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