IMF chief: Global recovery slow and unstable

REUTERS

"Monetary policy in the world's leading economies was out of step and, even if well managed, could cause "excessive volatility" in international financial markets," she said.

"More than six years after the global financial crisis, the world will grow by a sub-par 3.5% this year and 3.7% in 2016," Lagarde said, reiterating recent IMF forecasts.

"Looking ahead, something better may yet come on the back of low oil prices and interest rates," she said in a speech to women students.

"Still, there are significant risks to this fragile global recovery," she said.