GCC shielded World Economy from ‘Serious Damage’: Lagarde

(Riyadh) – Christine Lagarde, Managing Director of the International Monetary Fund (IMF), has issued a statement lauding the Gulf nations’ pragmatic oil stabilization policies for safeguarding the global economy from falling into an inflationary spiral by helping stem the spike in oil prices. Lagarde in a media statement issued at the conclusion of a meeting in Riyadh, Saudi Arabia, with the finance ministers and central bank governors of the Gulf Cooperation Council (GCC) said, “GCC countries’ oil policy has helped stabilize oil markets and counter price pressures that could have inflicted serious damage on the world economy”.
She also hinted that the GCC model of cooperation was better suited to economic well-being of its member nations than perhaps the Euro Zone model.