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IMF proposes eurozone ‘rainy day fund’ for possible economic downturns – Lagarde

International Monetary Fund Managing Director Christine Lagarde on Monday proposed creating a “rainy day fund” for the eurozone to help cushion members of the currency union in future economic downturns. In a speech in Berlin, the IMF chief hailed a “sustained and broadly shared upswing” in the global economy. “But there are other, forceful headwinds threatening,” Reuters quoted her as saying. “Think of the rise of populism and the short-sighted siren call of protectionism.” The proposed rainy day fund would see eurozone countries make contributions each year to build up assets in good times. They could then receive transfers during a downturn.