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-	The International Monetary Fund (IMF) and what is now known as the World Bank, were set up to manage the post-World War II global economy.	+	Two of the eurozone's biggest economies have fallen into recession, according to the latest economic figures.
-	They were conceived in 1944 at a conference in Bretton Woods, in the US state of New Hampshire.	+	Italy and the Netherlands both saw their economies shrink by 0.7% in the fourth quarter, the second consecutive quarter of economic contraction.
-	By fostering economic cooperation and helping countries with balance of payments problems the founders hoped to avoid a repeat of the 1930s Great Depression.	+	Germany had its first negative quarter since 2009 with a decline of 0.2%, compared with the previous quarter.
-	The IMF aims to preserve economic stability and to tackle - or ideally prevent - financial crises. Over time, its focus has switched to the developing world.	+	But in France there was surprise growth of 0.2% at the end of last year, attributed to healthy export growth.
-	The World Bank's predecessor - the International Bank for Reconstruction and Development - was set up to drive post-war recovery.	+	Overall the 17 nations that make up the eurozone saw economic activity shrink 0.3% in the fourth quarter. By comparison the United States reported growth of 0.7%.
		+	Continue reading the main story
		+	�Start Quote
-	Now, it is the world's leading development organisation, working for growth and poverty reduction.	+	Greece may be burning. Growth may be slowing. But the recognised German barometer of hope over fear shows far more Germans looking on the bright side than those down in the dumps�
-	Owned by the governments of its 187 member states, the Bank channels loans and grants and advises low and middle-income countries.	+	End Quote
		+	image of Stephen Evans Stephen Evans BBC News, Berlin
-	The IMF is funded by a charge - known as a "quota" - paid by member nations. The quota is based on a country's wealth and it determines voting power within the organisation; those making higher contributions have greater voting rights.	+	* Germany: Reasons to be cheerful
-	The IMF acts as a lender of last resort, disbursing its foreign exchange reserves for short periods to any member in difficulties.	+	The eurozone has not slipped into recession as it reported growth of 0.1% in the third quarter.
		+	'Better than feared'
-	Since they were conceived, the IMF has been run by a European and the World Bank by a US national.	+	For 2011 as a whole, the French economy grew by 1.7% and Germany 3%.
-	The IMF and the Bank have served as a rallying point for disparate causes - from environmentalists to anarchists - and meetings have occasionally been accompanied by violent street protests.	+	Europe's debt crisis has already pushed Greece, Portugal and Belgium into recession, defined by two consecutive quarters of contraction.
-	Protesters and critics cite the exploitation of the poor and the environment and argue that freer trade threatens the livelihoods of millions of people.	+	Economists forecast that Germany is likely to avoid that scenario and say the latest growth figures could have been worse.
-	The IMF has admitted that forcing developing countries to open their markets to foreign investors can increase the risk of financial crises.	+	"This is better than feared after retail sales and industrial production turned out badly in December. The decline is due to the euro crisis. It caused a drastic loss in confidence among companies and consumers." said Christian Schulz, an economist at Berenberg Bank.
-	Its former managing director Horst Koehler said in 2002 that the benefits of globalisation had not been equally shared. But he added that "the objective should not be less globalisation but more and better globalisation."	+	"Action from the ECB and the government has restored confidence. There is hope that we will emerge quickly from the economic dip. We expect growth again in the second quarter at the latest, provided that the euro crisis remains under control." he said.

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Revision as of 16:11, 14 November 2012

Two of the eurozone's biggest economies have fallen into recession, according to the latest economic figures.

Italy and the Netherlands both saw their economies shrink by 0.7% in the fourth quarter, the second consecutive quarter of economic contraction.

Germany had its first negative quarter since 2009 with a decline of 0.2%, compared with the previous quarter.

But in France there was surprise growth of 0.2% at the end of last year, attributed to healthy export growth.

Overall the 17 nations that make up the eurozone saw economic activity shrink 0.3% in the fourth quarter. By comparison the United States reported growth of 0.7%. Continue reading the main story �Start Quote

   Greece may be burning. Growth may be slowing. But the recognised German barometer of hope over fear shows far more Germans looking on the bright side than those down in the dumps�

End Quote image of Stephen Evans Stephen Evans BBC News, Berlin

   * Germany: Reasons to be cheerful

The eurozone has not slipped into recession as it reported growth of 0.1% in the third quarter. 'Better than feared'

For 2011 as a whole, the French economy grew by 1.7% and Germany 3%.

Europe's debt crisis has already pushed Greece, Portugal and Belgium into recession, defined by two consecutive quarters of contraction.

Economists forecast that Germany is likely to avoid that scenario and say the latest growth figures could have been worse.

"This is better than feared after retail sales and industrial production turned out badly in December. The decline is due to the euro crisis. It caused a drastic loss in confidence among companies and consumers." said Christian Schulz, an economist at Berenberg Bank.

"Action from the ECB and the government has restored confidence. There is hope that we will emerge quickly from the economic dip. We expect growth again in the second quarter at the latest, provided that the euro crisis remains under control." he said.