the to bloomberg for my entire conversation with madame lagarde .se were important conversations. guest.our esteemed simon kennedy is our chief economic correspondent. he is the most interesting person in the bloomberg world. mr. kennedy knows the united states is the head of the economic train. he is based in london. he knows the united states is decidedly our locomotive. when you look at these meetings he can give us some terrific perspective. you've seen the imf and the back story. what is the most important theme? >> i think there are two or three. the ukraine situation is going .o dominate the conversation there was talk from the trading secretary about the sanctions. interested in how the imf aid can get to ukraine. impulse as to what the imf and the u.s. is providing the world economy. they say that the u.s. is back in the little growth engine. it is not as strong as it once was in previous cycles. finally, there is potential growth. it is been about growth. >> we have a jargon alert there. what is potential growth? >> how fast can the econom

what would you ask madam lagarde?the question right now is really not that she can take a victory lap, but the i.m.f., everything going on, we see -- i look at greece today, and the bond -- it is amazing, a unique turn of events. what is the fear of complacency right now given everything that's happened and where we are today, the fact that greece is successful? what's the risk of complacency here in the united states and across the world? >> peter cook with us, our chief washington correspondent. it is our twitter question of the day. it's an international question of the day. should america support the i.m.f.? here at the spring meeting, that's the back story issue. should america support the i am am? much more from washington and new york. it's "bloomberg surveillance." ♪ . walking by yesterday, all the kids in town, the students are in in droves. the magnolias across lafayette park looking over to the white house, it must be april in washington. here for the spring imf meetings, i am tom keene with peter cook. sca

right here. >> thank you, gerry, thank you, madam lagarde.about a year ago when we had this meeting, at that time emerging markets were clearly the star of global economy, but one year later the driving force is still clearly declining. so what is your opinion on this kind of a shift? and policy wise, what do you think the emerging markets can do in order to regain their momentum, growth momentum and also to enhance the resilience to have the financial market in a post-qe era? thank you. >> you know, i would not call it a shift because it is till the case -- still the case today that the bulk of growth is generated by the emerging markets. so this story about the emerging markets lagging behind, slowing down and having lost their momentum is a little bit overdone. they are still providing the bulk of growth. what is new is that advanced economies have picked up, and there is that rebalancing happening at the moment. but i wouldn't, you know, call that a shift. i would call it rebalancing. having said that, clearly since the tapering talk in m

madam lagarde.our time as ecretary of state what do you see has your biggest ccomplishment and would you like another crack at it one day. > i see my role as secretary and leadership in general in a race.acy as a relay you run the best race you can run, you land off the baton, of what has not been finished may go on to be finished. when president obama asked me to secretary of state and i agreed, we had the worst crisis since the great depression, we had two wars. threats from ing all kinds of corners around the that we had to deal with. so, it was a perilous time, frankly. he said to me is, look, i the to be dealing with economic crisis. i want you to go out and represent us around the world. was a good division of lebr needed to make it clear to the rest of the world we needed to get our house we were going to stimulate and grow and get back to positive growth and work with partners. and i am we did that. i'm very proud of the -- blization and the stabilization and solid leadership the administrat

queen of england in 2009 asked a very important practice coming so i'm posing the same question to madam lagarde and mr. lipscomb, what make sure the experience in 2007, 2009? >> very good question. >> thank you for your question. because that is one i have in my mind every morning when i get up. am i going to with the help of everyone at the imf be able to spot where the next crisis is coming from? what i'm certain of is there will be more crises coming for sure. and we know there will be activity coming in the near future. where will it come from? what will prompt it? what kind of other subprime that we are not seeing today will emerge that will shock us that will be a stress for our economies okay? so you ask me what do we do about it? first of all, we have learned a little bit. so all the departments are alerted to that. they have this additional sense that they have to open their eyes, their ears, their models to try to spot what is the unknown, what is the black swan out there that we're not seeing. in addition to keeping their eyes on what would be the normal risks. so we are doing that a

targets,ery strict fixing -- >> madame lagarde, thank you for joining us with bloomberg. to erik schatzker in new york. >> that is anchored tom keene with christine lagarde, managing director of the imf. coming up next, the government came to the rescue during the financial crisis and now ally financial is back on their feet. we will hear from the ceo, michael carpenter. we will hear from him next. ♪ >> ally financial is the new york stock exchange's newest private company. this used to be the finance arm of general motors and it was rescued in the 2008 bailout. but ally went public last night. at a stake of 17% in the ipo is at $25 per share. less than they wanted and this morning the stock is trading down slightly. joining us on the floor is the ceo, michael carpenter. thank you for being here, it is nice to have you on "market makers" on bloomberg television this morning. pricing, it is tricky taking a government owned company public. you cannot afford to leave money on the table because that is taxpayer money. are you satisfied, and i have to assume that you are, that

we have a long way to go for the gold that was set in 1995 is reached. >> madam lagarde, in your worktment in education for women and girls, are you seen the multiplier you expected? >> tom, i brought a present for you. [laughter] my column for sunday. >> women, work in the economy. you'll have all of the numbers. [applause] >> give us a summary. >> it's really important to actually measure and to then i didn't buy what policies need to be fixed in order to give access, open up the economy, remove the barriers and not just the cultural barriers, but the economy barriers as well, tax barriers. so what we did is identify in many countries what input women can bring to generate more output? i know this is economy jargon, but essentially if you bring more women to the job market, you create value, makes economic sense and growth is improved. there are countries where it's almost a no-brainer. korea, japan, soon to be china, certainly germany, italy. why? because they have an aging population. immigration is complicated. so what's the deal? open up the market for women and their very expli

with that let me turn to madame lagard for some opening remarks and then we'll get your questions. >> thank you very much. good morning to all of you. welcome to the 2014 spring meeting. you will have seen our numbers in the real couple of days ago. for those are not in the room, we expect global growth this year. the emerging markets and developing economies continue to be the main source of growth even after a bit slower than in the past. 5% in 2014 and slightly higher in 2014. the advance to come to cut the best economies are strengthening with growth projected just on the two and a half%. this year and next year as well. the global economy is turning the corner. the recovery is still too weak and too slow. so it's fairly good but not quite enough. can do better. and for some despite the fact that growth is strengthening, they are not feeling it. we still have 200 million people unemployed. so there needed to generate more rapid, stronger, and sustainable growth as is outlined in our global policy agenda. kara gpa, which i know you have received overnight. make it reading fee last

. >> i met with an attorney who works out every morning with madame lagarde. what would be your advice? what would the imf need to do to protect advanced story? >> they need to provide immediate near-term fiscal assistance. they have to do it for foreign-policy reasons. lex to me, everything is sped up. >> normal checks and balances that would go on have to be suspended because of the situation on the ground. >> what is the key distinction between the offense in crimea and what we saw over the weekend. >> are ready part of russia. control over it. this is part of the ukraine. the question is, will it remain part of the ukraine. so that is the key question now. a little historical perspective coming to us from the wall street journal. 1654the first time since when ukrainian contacts four and a fateful alliance with moscow against polish rulers, ukrainians are heading back west. >> this is brilliant. is senator mccain wrong? in thisnk he is wrong case. he takes a position that is very appealing. if you're not ready to go the distance and alter the military balan

this bring meeting of the international monetary fund, look for my conversation with madame lagarde.onored to be doing a number of panels for the imf as well. smart conversation there on, and off the record. russia as aaine and backdrop. good morning, everyone. i'm tom keene, with me scarlet fu and adam johnson. adam has early week top headlines for us. >> i certainly do. we will start with india with the largest election underway. nine rounds of voting. you think ours are complex? this will happen over the next month. more than 500 lawmakers will be elected with results known at some point by the middle of may. it takes that long to try to correlate all the stuff. private equity firms have been inflating expenses in fees charged to companies in which they have stakes. 400 private equity firms were to have unjustified fees and presumably did not necessarily notify the investors. this is according to a person that knowledge to know about this. some have been in air and some could have just been thieves. sort,e of a different winter soldier at a record-setting opening. tom, as you're w

i will have a conversation with madame lagarde, thursday morning, scheduled for that.og will clear before the managing director of the imf waxes on the future of imf. >> this is "bloomberg surveillance." keenearlet fu with tom and erik schatzker. let's get you company news from the files of bloomberg west. active is an -- activision ceo taking a pay cut. the salary cut: side with his gaining control of the videogame maker. led by himinvestors bought a 25% vacant the company. -- andunch date for your launched a courier service which features messages on foot and bike. prices for delivery range from $15 to $30 depending on how far the items have to travel. china oks in microsoft deal to buy nokia's phone business. the regulators approved the purchase after winning pledges that the transactions will not result in higher fees for the nation smartphone makers. nokia said the approval will allow the deal to close this month. that is today's company news from the files of "bloomberg west." >> your lousy 401(k), warning, the conversation could get ugly. children should leave t

it is a really abrupt dialogue right now between the imf and madame lagarde.this afternoon with ted truman is also interesting. it talks about the u.s. contribution. >> we will look for that at bloomberg.com, once they release the highlights. let's get to our twitter question of the day. we asked you all the students need to learn financial literacy or if they need better math. compound -- ask grads what compounding interest is? it is a wall. that's been the experience. the second answer, from one of our frequent guest hosts, most students find applying math to financial literacy boring. finally, it is possible to succeed by learning financial literacy without math, just become a stockbroker or politician. some cynicism there. tom davidson, you guys provide financial literacy in your platform through schools. have you considered offering it to athletes? they seem to need it as well. >> professional athletes get singled out a lot. they come into a lot of money. closely with the nba, who is very focused on this across-the-board. they have sponsored over 900 of o

menem --madame lagarde, are you seeing your investment in the developing world?e multiplier you have expected? >> i brought a present for you. [laughter] >> my column for sunday. >> it is called women, work, and the economy. [applause] back to the numbers. it is really important to measure. we must identify what policies need to be fixed in order to have access and open up the economy. andust remove the barriers not just the cultural barriers, but the economic barriers. what we did is we identified in many countries what the -- what input women can bring to generate more output. this is economic jargon, but if you bring more women to the job market, you create value. that makes economic sense. growth is improved. in countries where it is a no-brainer, korea, japan, seem to be china. certainly germany, italy. they have an aging population. in countries like japan or korea, immigration is complicated. what's the deal? open up the market for women. they are very interested. the levels can be significantly improved just by letting women access the job market. we are

but i think the point that madam lagarde makes, the threat to growth jobs and the servicing of debt, that's the real thing. obviously deflation kills consumption. i think you will see the ecb moving forward, not in quite the tidal wave of support that we've seen previously but certainly positively. >> there is one thing, though, that may help consumer if you have prices that are lower than come down, cost of living gets a bit more affordable for those who have wage increases. that might actually help consumption. >> look where the uk has gotten, ross. it's taken us five years to get to a stage where wages have overtaken inflation. inflation is still running. because people feel richer because they have jobs and their jobs are paying them more. productivity allows that to happen. europe is in a different situation. when you have a downside, you get stalling of investments and potentially of growth. the ecb coming in, putting more liquidity into markets. that is an inflationary policy. what that will also do, i would imagine, in the medium term, it will look at the euro trading with ri

. >> madam lagarde, answer the same question, but also talk about you had a major international law firm, first finance minister, first of the imf, but as a woman, is it bigger, thinner? how is it different trying to be a pioneer they are been here? many people don't know you did your senior year of high school in the united states. [laughter] >> you know, the glass figurine is different, yes. but there is equally a glass ceiling there as well. it is different because i was privileged to go up in a country, france, which has always regarded a woman go into work is something that was either necessary right after the second world war because there had been so many casualties, so many people had died from his the women had participate in the work and the fact reason the schools in the service and i mean not to be righteous tree, but generally the goal was also convinced that it was mrs. kerry to bring the one man and he was the first one who gave the french women the right to vote and he was in power for long enough to actually make a mark. so there's always been there at least a solid soci

and it's great to have you here, madame lagarde.lovely to be with you. >> i have to say, there is a more optimistic tone. we were talking about how last time we spoke here, it was in the middle of the u.s. government shutdown, on the brink of a possible default. 3.6 global growth. is this the most optimistic you've been since the financial crisis? >> there is quite a positive mood around, and it's true that the global economy is turning the corner of the great recession. but it's not yet all rosy, and it's still too slow, too weak, and still a bit uneven. i'm glad to say that the united states is doing a lot better. our forecast is 2.8% growth. and a bit more next year. >> but we're not in the 3% drop. not in this breakout growth rate in this country. why not? >> i think there is -- first of all, there has to be a normalization in many respects. normalization of the monetary process. good communication. this is happening as well. predictability in terms of financial regulations. the job is not yet completed. there's an element of tr

it is my pleasure to introduce to you the managing director of the imf, madame christine lagarde and the first deputy managing director, david lipton. with that, let me turn to madame lagardere for opening regards and we will get to your questions. >> thank you. good morning to all of you. welcome to the 2014 spring meeting. in will have seen numbers the wheel that was presented a .ouple of years ago respect global growth at 3.6% this year and 3.9% in 2015. the merging markets and the developing economies into new to be the main source of growth even if a bit slower than in the in 2015.5.4% they danced are finding new strengthening with growth projected as 2.3%. this year and next year as well. our overall message to the global economy is turning the corner. the recovery is still too weak and too slow. the bottom line is fairly good, but not quite good enough. we can do better. for some, despite the fact that growth growth is strengthening, they are not feeling it. we still have 200 million people unemployed. i know you have received our paper overnight, and i hope it made good readin

director christine lagarde sits down with tom keene. why does the madamector have such a soft spot for the u.s.? that is coming up in world. and speaking of, in north korea, a rally to mark the reelection of kim jong-un. he won a predetermined election where no other candidates ran. here is a look at their victory rally. ♪ >> gm has placed two engineers on the with their role connected to the recall involved in deaths. documents, he rejected a fix because it was too expensive and would take too long. he quietlymber two, greenlighted a switch improvement that others did not learn about for six years after columnists and customers complained last year a rate he denied under oath that he knew that part had been changed. have hadnd toyota negative press recently with all these auto recalls. toyota is trying to convince lawmakers that its cars at least are good for constituents. how is it doing it? it is taking members of congress in a test drive in their coolest new toy. motorcycle, golf cart, part futuristic pod mobile, this futuristic car was enough to pull

lagarde took part in a joint interview in new york. they were speaking at the women in the world conference. both are regarded as potential presidential candidates. >> madameary, is there any other job you would be interested in? [laughter] [applause] comptroller of the state of illinois or something. you know what i mean. >> not right now. between russia and ukraine heated up as russia said it detained 25 ukrainian citizens suspected of plotting terrorist attacks. russia also raised gas prices for ukraine for the second time. in ukraine it is the last day to register as a candidate for the presidential elections set for may 24. >> let's take a look at that last story and a little bit more depth. we are talking about a billionaire chocolate baron who is the front runner in ukraine's presidential elections. >> we are joined by ryan chilcote and robert franco. let's briefly start with you, ryan. >> i interviewed him in kiev, in the parliament. we talked about gas prices. he is already a political force. if the election was to happen today -- >> you haven't mentioned his name yet. >> petro poroshenko. he would get 46% of the vote spurs is yulia tymoshenko who