The President spoke to International Monetary Fund Managing Director Christine Lagarde today to discuss the global economic situation and recent developments in financial markets. As this was their first conversation since her appointment as Managing Director on June 28, the President congratulated Madame Lagarde on her new role and reinforced the importance of close cooperation between the United States and the IMF. The President and the Managing Director agreed on the need for policies that foster growth and job creation in the near term, while securing medium-term fiscal consolidation. They also concurred on the importance of rebalancing global demand towards emerging markets.