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LONDON: International Monetary Fund (IMF) Managing Director Christine Lagarde found at least some common cause with US President Donald Trump on Friday in supporting the global fight against intellectual property (IP) theft.
Speaking on a panel at the World Economic Forum in Davos, Lagarde echoed a similar sentiment delivered by Trump earlier in the day, stating that he would not “tolerate” IP theft.
Lagarde also stressed that it was important to tackle “unfair” trade practices.
“We need to have more, better trade and fair trade, but for this we need international cooperation,” she said. “We need a reset, we need to look at IP rights, but it needs to be looked at in a cooperative way. The World Trade Organization is a forum where this should happen.”
The IMF expects global economic growth of about 3.9 percent this year and next year. “We are in a sweet spot and we should celebrate,” said Lagarde.
She said this was the result of good policies, but there were risks, including excessive inequalities and lack of international cooperation.
The IMF chief stressed that a lack of international cooperation could lead to “significant” geopolitical risks. She added that “lagging productivity” could be boosted with more investment into R&D to facilitate innovation.
“We need more trade not less,” she said. “And the fight against corruption is vital to give more hope and encourage our economies.”
Speaking on the same panel, Mark Carney, governor of the Bank of England, told the WEF audience that more investment relative to savings was leading to monetary “normalization.”“For central banks, there is a regime shift toward normalization,” he said.
Carney added: “UK banks have five times more capital than before the 2008 crisis and the Bank of England is confident it can withstand the shock of the hardest of hard Brexits.”