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IMF Lagarde: Markets ignore bold European action * *PIC*

IMF Lagarde: Markets ignore bold European action (by Greg Robb)

WASHINGTON (MarketWatch) - Financial markets have ignored "bold" efforts by many European countries to ease the sovereign debt crisis, Christine Lagarde, the managing director of the International Monetary Fund, said Thursday. Lagarde said the IMF's policy recommendations are "not dictated by the day-to-day variation of the Dow Jones, the NASDAQ, the CAC or the DAX." Lagarde said that there remains a "narrow path" to global recovery. Fiscal consolidation is a matter of priority, Lagarde said as debt could suffocate the recovery. The euro-zone may be flawed but European leaders are taking steps to make reforms, Lagarde said. "What is lacking today is the collective momentum" that existed among global leaders in the fall of 2008 after Lehman Brothers failed.