International Monetary Fund. External Relations Dept.
INTERNATIONAL MONETARY FUND
The IMF has added its voice to the debate over the euro area’s Stability and Growth Pact (SGP), urging the three largest countries—France, Germany, and Italy—to rein in their fiscal deficits. It also trimmed its economic growth forecasts for the 12-nation monetary union and urged the European Central Bank (ECB) to adopt a bias toward lowering interest rates.