The new head of the International Monetary Fund (IMF), has told squabbling nations to forget their differences and prepare a united response to the most serious threat to the global economy since the financial crisis a decade ago.
In her first speech since becoming the IMF's Managing Director, Kristalina Georgieva, said the world was in a synchronised slowdown and needed a synchronised response.
Speaking ahead of the IMF's annual meeting in Washington next week, Georgieva said her organisation's economists were expecting slower growth in nearly 90% of the global economy this year.
She said while the need for international cooperation is going up, the will to engage is going down.
The new IMF boss said that the use of low interest rates by central banks in an attempt to boost activity had led to a buildup of corporate debt and there would be a risk of a $19 trillion default in the event of a major economic downturn.