IMF chief calls for urgent action on EU debt problems

The head of the International Monetary Fund on called today for urgent action to tackle Europe's debt problems and an approaching fiscal crisis in the US, warning that ripple effects from the global slowdown are being felt around the world.

IMF chief Christine Lagarde, addressing reporters as the IMF and World Bank began their annual meetings in Tokyo, praised recent steps taken by the European Central Bank and European governments, but said "more needs to happen, and faster".