Speaking in the US capital, Lagarde said the 187-nation International Monetary Fund needed more firepower to tackle financial crises raging around the globe, arguing it was in the US interest to pitch in and help Europe.

“Americans might ask themselves: why should what happens in the rest of the world concern us? Don’t we have our own problems?” she said, according to prepared remarks.

“The answer is simple: In today’s world, we cannot afford the luxury of staying in our own mental backyards.”

“If the European economy falters, the American recovery and American jobs would be in jeopardy. So America has a large stake in how Europe fare — and how the world fares.”

http://www.omglobe.com/2012/04/04/business-news/imf-chief-calls-on-us-for-more-firepower/

CHINA and Japan will work more closely together to help support the International Monetary Fund as it attempts to prevent the euro debt crisis dragging down the global economy.

But the Asian region's two biggest economies have yet to decide to provide the IMF with more money, even though the fund's member countries have been asked for up to $US500 billion ($485 billion) in additional lending resources to help shield the global economy from Europe's financial woes.

Finance ministers from Japan and China met in Tokyo at the weekend, before a meeting of the Group of 20 countries in Washington this month.

Read more: http://www.smh.com.au/business/china-and-japan-agree-to-join-forces-in-assisting-imf-20120408-1wjfh.html#ixzz1rXKCQ03u