"The key concern that everyone has at the moment is 'what growth will deliver the jobs around the world which are so badly needed, especially for young people?' There was a lot of talk about it, and [I think] that leaders will be able to identify labor market reforms likely to unleash more growth and job potential," she said.
Each plays their part
Amid calls that some member countries need to do more to support growth, Germany in particular, Lagarde said that every country has to do its part.
"What we're learning is that each and every country is in a position of its own. Long gone are the days where you could say '2 percent stimulus across the board,' or 'you should all consolidate,'" she said. "Each and every country is a specific case, has a specific story and narrative."
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"A country like Germany definitely has a surplus and is balancing its budget. It is committing to invest in infrastructure, which clearly is needed, and there is slack in the economy that will allow that and will help the euro zone. Now, the more they can do, the better, but equally they have to be mindful of the equilibrium they must have in their domestic market," she said.
We'll likely see a mixed bag of reforms and policy that will be more neutral for some countries and more accommodating for others, she said. "But it's going to be on the per-country basis, not across the board."
Emerging markets prepared
Emerging markets sold off sharply when the U.S. Federal Reserve first broached the topic of tapering its asset purchase program last year. With the U.S. central bank currently near the end of its easing program and a potential rate hike on the horizon in the first half of 2015, Lagarde said another fallout seems unlikely as everyone has learned a lesson.
"It happened almost a year and a half ago now," she said. "I think everyone has learned a lesson in the process and some of the emerging market economies sort of renewed their buffers and built up a potential response in case of a shock."
"On the other hand, the central bankers of those economies like the Fed and the Bank of England know that with good communication and with good anticipation on their part, markets will understand what is coming up, when it's coming up and we'll avoid the 'tapering tantrum' that we had a year and a half ago," she said.