Ahead of G-20, IMF Chief Seeks New Global Finance Rules

GWEN IFILL:

Finally tonight, a global view of the financial meltdown, one year later. Economics correspondent Paul Solman sat down this week with Dominique Strauss-Kahn, the managing director of the International Monetary Fund. His interview is part of our series on "Making Sense of Financial News."

PAUL SOLMAN:

Dominique Strauss-Kahn, welcome.

DOMINIQUE STRAUSS-KAHN:

Thank you.

PAUL SOLMAN:

The last time you were on this program was in October. You were very, very worried about the world economy. So how's it doing now?

DOMINIQUE STRAUSS-KAHN:

Better. I won't say the crisis is over, and the so-called green shoots and the rather good results we've had in some countries, including European countries like Germany or France, are welcome.

PAUL SOLMAN:

Green shoots, meaning signs of growth?

DOMINIQUE STRAUSS-KAHN:

Exactly, that the beginning of recovery, we can see it, and we can see the end of the tunnel. But it's certainly too early to declare victory and to say that the crisis is behind us.

There are still in front of us some bad months in terms of growth. And, moreover, in terms of unemployment, things are going to be bad for months. So for the guy on the street who's going to lose his job in November or December, the crisis is obviously not behind him. It's in front of him.

PAUL SOLMAN:

You said in October that your role was to provide advice, to provide financing, help rebuild the financial regulatory system. Then, in April, you got $500 billion, new. Have you loaned all that money out? Have you loaned it wisely? And who have you loaned it to?