Lagarde sees black clouds over monetary policy normalisation

IMF managing director Christine Lagarde

Christine Lagarde, managing director of the International Monetary Fund (IMF), has urged policy-makers to pay close attention to cross-border spillovers as monetary easing is wound down.

Presenting a gloomy forecast for the global economy, dotted with "hovering" clouds, Lagarde focused attention on the Federal Reserve, which is expected to end its programme of quantitative easing this month.

"Where the prospect of exit from monetary easing looms," Lagarde said, in a speech at Georgetown Universi

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