• Adverse fiscal shock in US could have serious spillovers in rest of the world
• Credible US fiscal adjustment plan needed ‘sooner rather than later’
• Urges European leaders to quickly implement agreed measures to strengthen euro zone governance
• Fiscal problems in EU periphery states revealed risks from incomplete economic monetary union
• Addressing competitiveness problem in Europe is a major issue
• Ambitious measures need in Japan to cut high public debt
• Staying ahead of the curve vital for emerging markets to avoid possible hard landing if policy actions too late
• Sovereign debt, growth, social instability are major challenges facing global economy
• IMF expects ‘reasonable’ near-term global growth of about 4-4.5% through 2012