Christine Lagarde downbeat on global economy

The only thing cheerful about the head of the International Monetary Fund (IMF) today was the colour of her scarf.

But even the flash of bright turquoise couldn't make up for what Christine Lagarde called the storm clouds surrounding the global economy.

The world is doing less well than the IMF anticipated even six months ago.

Growth is too low, unemployment too high, the recovery is feeble and we face the prospect of long term mediocrity if policy makers don't get their act together soon.

Add to that a slew of international hotspots - from Ukraine, to the Middle East and now Hong Kong - which she told me the IMF is watching closely for any ripple effects, and it's clear the effects of the 2008 financial crash are far from over.