Christine Lagarde said recently:  “China is on the way to a new growth model, and the US monetary policy probably goes in a new direction. These are necessary and healthy transitions. But they affect other countries around the world through trade, exchange rates, by investment markets and capital flows.”  Or spillovers.

The finance ministers of the leading industrial and emerging countries (G20) are developing a comprehensive action plan to commit 100 billion dollars envisaged by 2020 annually to public and private capital to combat and adapt to climate change.  According to the OECD Interim Report: 60 percent of this money has been pledged.

The Climate Fund was formed to benefit mainly developing and emerging countries, and is considered fundamental to finalize a global climate treaty with greenhouse gas reduction commitments by 190 countries in December in Paris.  Without action “we will transform ourselves into chicken and we are all fried, grilled, toasted and roasted,” Lagarde warned.