• Business sector stronger than many had hoped
• Oil, Japan, Eurozone, debt limit debate hurt GDP
• Crisis fall out will take time to repair, particularly employment and personal debt
• Iran and Eurozone are threats to US growth outlook
• US problems are daunting but more manageable than most other countries
• Austerity nations will need financing help
• Some European states have no alternative to large cuts
• IMF can support Europe if Eurozone expands firewall
• Expects tighter restrictions on Iran
• China is a unique challenge to the world trade system, it’s policies are “very damaging” to trading partners, needs to dial back policies on imports and FX
• Yuan is appreciating gradually and has “some way to go”, and with other currencies must rise over time
• Nations should boost demand if they have room to do so
• Will stay in office until balance of Obama’s term