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"Emerging countries shouldn't hesitate to put in place budgetary and monetary policies which take into account their very strong growth," Noyer told reporters at the end of the Spring meetings of the International Monetary Fund in Washington, D.C. Noyer, who is also governor of the Bank of France, said emerging countries shouldn't balk at such measures even if they risk increasing capital inflows into these countries. He added this is why common principles agreed to by the Group of 20 industrialized and emerging countries on how to better manage global capital flows are needed. In a report published earlier this week, the IMF expressed concerns that some emerging countries weren't tightening their fiscal stance enough in light of their buoyant growth rates

Emerging market economies should not wait on advanced economies before implementing their own fiscal and monetary tightening, that according to European Central Bank Governing Council Member Christian Noyer is the message contained within the International Monetary and Financial Committee's communique. Following its meeting Saturday, the International Monetary Fund's policymaking body said the recovery should be strengthened and create jobs, but that to achieve that in a sustainable way, advanced countries should tackle public deficits while emerging market nations work to prevent their economies from overheating, Noyer said. "The idea behind that is the fact that emerging countries must not hesitate to implement monetary and fiscal policies that take into account their very strong growth," he explained during a press briefing following the IMFC meetings. "Consequently, they should not wait for us," he said. "They must take charge of their own economic situation," even if this can create tensions on capital flows. On that front, "The doctrine of the International Monetary Fund has changed," France Finance Minister Christine Lagarde said during the joint briefing, noting that in the past there was no question that capital flows had to be free and not managed. Now, however, the IMF is open to capital control management when other macroeconomic and prudential tools have failed