Nov. 9 (Bloomberg) -- The U.S. Treasury Department’s top international official vowed that the Obama administration and global leaders won’t allow Europe’s crisis to trigger a so- called lost decade.
“We’re just not going to let that happen,” Lael Brainard, Treasury undersecretary for international affairs, said in Washington today. President Barack Obama is “is absolutely committed to doing what is needed here in the U.S. and to building the consensus to make sure that we accelerate the recovery.”
International Monetary Fund Managing Director Christine Lagarde warned today in a speech in Beijing of the risk of a “lost decade” for the global economy unless nations act together to counter threats to growth.
Japan’s “lost decade” during the 1990s saw the economy slip in and out of recession and grow at an average rate of about 1 percent a year after the collapse of a real-estate bubble.
--Editors: Christopher Wellisz, Vince Golle
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