IMF's Lagarde, criticized for comments on re-capitalization needs for European banks

Christine Lagarde (in picture), the managing director of the International Monetary Fund has been recently criticized for having attacked European banks through her comments. Lagarde said, during her speech at the Fed meeting at Jackson Hole in the US that European banks in difficulty need urgent re-capitalization, and supporting these banks is key to cutting the contagious chain in the eurozone.

However, bank officials have criticized Lagarde for her comments, saying she showed lack of understanding for the current difficulties of European banks, according to the Financial Times. Her comments have allegedly spread more fear on financial markets, according to commentators. The Federal Reserve in the US held its annual meeting in Jackson Hole, Wyoming last week. Read Lagarde's full speech on this occasion here. editor@romania-insider.com (photo source: IMF)