• Says further escalation of eurozone crisis , U.S. fiscal cliff threat main sources of policy uncertainty.
  • Unfinished financial reforms ‘holding down’ recovery in key parts of the global economy.
  • Policymakers ‘must do whatever it takes’ to address weak financial systems.
  • Implementation of financial reforms delayed in some places, reforms meeting resistance.
  • Says ‘many vested interests’ working against financial sector changes, pushback is intensifying.
  • Urges progress with too-important-to-fail conundrum, requires global discussion.
  • Shadow banking ‘remains a concern’, progress needed on recovery and resolution planning for big banks.

In a speech in Toronto, IMF Managing Director Christine Lagarde urged world leaders to “do whatever it takes” to rebuild the world’s financial system, which is still recovering from the 2007-09 financial crisis and has been further weakened by the euro zone debt crisis.

That “doing whatever it takes” is sure making the rounds these days.

RTRS headlines.