Lagarde- Countries need to work collectively

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By Sanjay
Date  16 Dec.2011

International Monetary Fund Managing Director Christine Lagarde says the outlook for the world economy is "quite gloomy".

Speaking at the U.S. State Department, Lagarde said no country is immune from what she called an "escalating" euro zone crisis, and each one must act to head off the risk of a global depression. Lagarde warned that failure to act collectively could lead to protectionism and isolation.

Christine Lagarde said, "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, and all categories of countries actually taking action

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