The IMF has changed its tune. The speech by IMF head Christine Lagarde at the annual meeting of central bankers at Jackson Hole last week was especially significant. She cautioned against central bankers in the advanced economies withdrawing their monetary stimulus without due regard to the impact on developing economies. There has been a discernible shift in the attitude of the IMF over the course of the last year as it steps away from a hard-line attitude on the need for fiscal adjustment and generally tight policies to a more pragmatic approach that seeks to maximise growth. This enhances the chance of the world economy growing faster in the year ahead.