IMF says 'imperative' for euro zone to revive growth

WASHINGTON, July 8 Mon Jul 8, 2013 3:26pm EDT

WASHINGTON, July 8 (Reuters) - The euro zone must take coordinated action to revive economic growth, the International Monetary Fund (IMF) said on Monday in a strongly worded statement that cited the need to repair bank balance sheets, advance a banking union and support demand.

"Growth remains weak and unemployment is at a record high. Concerted policy actions to restore financial sector health and complete the banking union are essential," the IMF said in a regular assessment of the currency bloc's economy.

"The centrifugal forces across the euro area remain serious and are pulling down growth everywhere," it said in a statement.