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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Europe risks 'second league' of world economies: IMF AFP - Wednesday, March 31 Send IM Story Print IMF chief Dominique Strauss-Kahn delivers a speech at the Romanian Parliament in Bucharest. Europe is in danger of being relegated to the second division of world economic powers, while the United States and Asia bounce out of the global downturn, the head of the IMF warned on Tuesday. BUCHAREST (AFP) - – Europe is in danger of being relegated to the second division of world economic powers, while the United States and Asia bounce out of the global downturn, the head of the IMF warned on Tuesday. "The risk for European economies is to be in the second league and not in the first, with the United States and Asia," International Monetary Fund chief Dominique Strauss-Kahn said in an address to students in Bucharest. "There is a probability that, if Europeans do not act swiftly, in 10 or 20 years' time the fight will be between the US and Asia, while Europe will be left aside," he added during a brief visit to ex-communist Romania. Strauss-Kahn said that although the economic situation was better than a year ago, Europe's rebound was still slow. "Recovery is going fast in some parts of the world, such as Asia, not so bad in Latin America and probably going to accelerate in the United States." "What about Europe? Europe is still lagging behind," he warned. His comments came as the IMF slashed its forecast for growth in Germany -- Europe's biggest economy -- to 1.2 percent this year, down from a projection of 1.5 percent, warning that recovery would be "moderate and fragile." Europe as a whole faces anaemic growth and public finance troubles in the coming months as a result of the global economic crisis. The IMF also told Italy that its economic recovery would be "modest" and it should implement fiscal discipline and implement structural reforms. Meanwhile the central bank Portugal, which some analysts fear faces a debt crisis similar to the one in Greece, cut the growth forecast there to a meagre 0.4 percent compared to a 0.7-percent earlier prediction. In Britain, revised data showed the gross domestic product there grew by 0.4 percent in the fourth quarter of 2009, a slightly better performance than previously thought, but analysts agreed the outlook remained weak. Addressing Romania's parliament, the IMF chief later insisted on "the risk of having Europe being marginalized in the coming 20 years." To avoid this, the EU must be able "to enhance the institutions... go back to innovation, go back to competitiveness and go back, at the end of the day, to growth, which is not exactly what we see in the aftermath of this crisis." He also pleaded for better policy coordination in the 16-nation eurozone, which has under stress since the outbreak of Greece's financial woes. "The crisis shows that we cannot have a single currency without having a more coordinated economic policy," he said. "Problems like the Greek one, which I do think the EU will be able to overcome, come from the fact that 16 countries have a single currency, but they don't have a single economic policy," he insisted. "At a European level you need more than regulation and supervision, you need a European resolution authority." After weeks of discord, the EU last week agreed on a deal to support debt-laden Greece with an unprecedented offer of bilateral national loans coupled with help from the IMF. But the head of the European Central Bank Jean-Claude Trichet has chided EU countries for failing to tackle Greece's debt crisis alone and financial investors remain unconvinced. Strauss-Kahn also insisted on the need of a "global solution" concerning a levy on banks to pay for potential future bailouts mulled by countries such as the US, Britain, Germany and France. "I think we need a global solution. The solutions advanced so far by different countries are interesting and rather well adapted to each country's specificity," he said. "But these solutions are partially, if not completely incompatible, so I think we should review all this when a collective decision is taken." 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