IMF, Legard promises more reforms

New Head of International Monetary Fund, Kristin Lagarde, pledged to continue working with the reforms, to be given more influence to fast-developing economies in this financial institution. Speaking at the conference its first release as head of the IMF, former French finance minister said the global economy recovers from the financial crisis, but not uniformly so, where economies like China and India are growing faster than those of developing countries. She said that the world will continue to change, and acknowledged that these changes should be reflected in the composition of management forums and people working in the International Monetary Fund.

Representatives of several countries had requested that a candidate from a rapidly developing economy be resolved at the head of the IMF, but the choice of Mrs Lagarde at the post was in the wake of the tradition that this institution is run by a European. Lagarde was elected to the post last week and began its term five-year term on June 28.

France's Christine Lagarde was elected to head the International Monetary Fund, thus becoming the first female head of this international financial institution. Confirmed its choice of the Executive Board with 24 members. In the post of IMF chief Dominique Strauss-it replaces Khan, who resigned on May 18 after being arrested in New York on charges of sexual assault against a punëtoreje hotel.

Economic crisis, the EC concerned about Italy

President of the European Council, Herman Van Rompuy, urged senior officials to discuss an urgent meeting on the crisis in the euro area and for reflecting concerns that the crisis could spread to Italy.

Rompuy spokesman, Dirk De Backer said that this meeting has nothing to do specifically with the crisis but rather aims at coordination between European countries.

Meanwhile, two senior officials said the agency told Reuters the meeting would discuss the particular case of Italy. Market pressure in Italy is due to high debt and slow pace of the economy.

Some days ago, Italian Economy Minister Giulio Tremonti said that there will be deep cuts to spending to control budget deficit but he urged other ministers to prepare for a season without a salary. Italy is the third country in the region with the most powerful economy.