Brussels, 27/04/2001 (Agence Europe) - On the occasion of the publication of its twice-yearly global economic perspectives, the International Monetary Fund (IMF) criticised on Thursday the European Central Bank's inflexibility regarding rates. Michael Mussa, the leading IMF economist, declared that the ECB should have lowered its rates a month ago. He felt that "inflation is not a problem" and that the European institution has the means. The IMF accuses the ECB of taking part in the downturn in the global economy by refusing to cut its key rates - a decision that the ECB stuck to on Thursday - while the American Federal Reserve and the Central Bank of Japan have already brought down their rates. "In a period when general economic slowdown is the main problem and when inflation does not seem to be a permanent threat, the euro-zone, which is the second largest economic area in the world, must be part of the solution and not of the problem", said Mr Mussa. He denied all interference in European affairs, making it clear that the role of the IMF is to survey the world economy.
IMF forecasts announce world growth of 3.2% in 2001 , with 2.4% for the euro zone, 1.5% for the United States and 0.5% for Japan. This will be the first time in ten years that Europe has economic growth performance above that of the United States.