There will be much to chew over at the International Monetary Fund’s (IMF) spring meetings this week.
Central bankers and finance ministers will descend on Washington for its latest bi-annual gathering, a place where politicians and academics converge, all of them trying to make sense of what’s going on in the global economy.
Everything and nothing has changed since they last met in October – one man continues to dominate the agenda.
Six months ago, delegates were wondering if Donald Trump could win the election and what that might mean for tax and tariffs: How far would he push it? Would his policy match his rhetoric?
Image: Donald Trump. Pic: Reuters
This time round, expect iterations of the same questions: Will the US president risk plunging the world’s largest economy into recession?
Yes, he put on a bombastic display on his so-called “Liberation Day”, but will he now row back? Have the markets effectively checked him?
Behind the scenes, finance ministers from around the world will be practising their powers of persuasion, each jostling for meetings with their US counterparts to negotiate a reduction in Trump’s tariffs.
That includes Chancellor Rachel Reeves, who is still holding out hope for a trade deal with the US – although she is not alone in that.
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13:27
Could Trump make a deal with UK?
Are we heading for a recession?
The IMF’s economists have already made up their minds about Trump’s potential for damage.
Last week, they warned about the growing risks to financial stability after a period of turbulence in the financial markets, induced by Trump’s decision to ratchet up US protectionism to its highest level in a century.
By the middle of this week the organisation will publish its World Economic Outlook, in which it will downgrade global growth but stop short of predicting a full-blown recession.
Others are less optimistic.
Kristalina Georgieva, the IMF’s managing director, said last week: “Our new growth projections will include notable markdowns, but not recession. We will also see markups to the inflation forecasts for some countries.”
She acknowledged the world was undergoing a “reboot of the global trading system,” comparing trade tensions to “a pot that was bubbling for a long time and is now boiling over”.
She went on: “To a large extent, what we see is the result of an erosion of trust – trust in the international system, and trust between countries.”
Image: IMF managing director Kristalina Georgieva. Pic: Reuters
Don’t poke the bear
It was a carefully calibrated response. Georgieva did not lay the blame at the US’s door and stopped short of calling on the Trump administration to stop or water down its aggressive tariffs policy.
That might have been a choice. To the frustration of politicians past and present, the IMF does not usually shy away from making its opinions known.
Last year it warned Jeremy Hunt against cutting taxes, and back in 2022 it openly criticised the Liz Truss government’s plans, warning tax cuts would fuel inflation and inequality.
Taking such a candid approach with Trump invites risks. His administration is already weighing up whether to withdraw from global institutions, including the IMF and the World Bank.
The US is the largest shareholder in both, and its departure could be devastating for two organisations that have been pillars of the world economic order since the end of the Second World War.
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Here in the UK, Andrew Bailey has already raised concerns about the prospect of global fragmentation.
It is “very important that we don’t have a fragmentation of the world economy,” the Bank of England’s governor said.
“A big part of that is that we have support and engagement in the multilateral institutions, institutions like the IMF, the World Bank, that support the operation of the world economy. That’s really important.”
The Trump administration might take a different view when its review of intergovernmental organisations is complete.
That is the main tension running through this year’s spring meetings.
How much the IMF will say and how much we will have to read between the lines, remains to be seen.
Chloe Kelly scored the winning spot-kick following two huge saves from goalkeeper Hannah Hampton, after Alessia Russo scored an equaliser to send the game to a shootout.
Nowhere was the roar for the Lionesses louder than in the Astley and Tyldesley Miners Welfare club on the outskirts of Manchester.
The club where a five-year-old Ella Toone started her journey to England stardom, like so many places across the country, hosted nail-biting, table-thumping and, ultimately, deafening watch parties.
The roof almost came off the clubhouse when Chloe Kelly’s winning penalty went in.
Red bucket hats emblazoned with Toone’s now-famous ‘Buzzing My Head Off’ catchphrase were thrown in the air.
“Absolutely ecstatic,” said Lorraine Warwick-Ellis, who runs the pathway development for women and girls at the club.
“I was very nervous, very worried about penalties but we did it in the end.”
The success of the Lionesses has driven a huge boom in the popularity of women’s and girls football in recent years. She hopes this win will have a similar effect.
“I hope it cements the girls who are already here, keeps them engaged, and I hope it brings more girls down who want to be footballers and see that it’s open for everybody.”
It had been a pretty sombre watch for much of the game after Spain took the lead – but it erupted into life after Alessia Russo’s equaliser.
The shootout was the usual emotional rollercoaster but young fans seem to have greater faith in the Lionesses.
Among the jubilant teenagers celebrating in the clubhouse were two who have followed Toone’s path to academies at professional clubs.
“It’s unbelievable, they’re amazing, Chloe Kelly, I just don’t know what to say about her,” said Natasha Greenhouse. “We knew if it went to penalties that they’d do it.”
Tamsin Gallagher said: “They’ve done it the hard way all the way through the Euros but we all believed in them. Come on England.”
The party in Manchester and around the country and only just begun.
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16:49
‘I am so incredibly proud’
Prince William and Princess Charlotte, who were in attendance at St Jakob-Park in Basel, added on social media: “What a game!
“Lionesses, you are the champions of Europe and we couldn’t be prouder of the whole team. Enjoy this moment England.”
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In a post on the official Royal Family account on X, King Charles also sent his “most heartfelt congratulations on winning the Euros 2025” to the Lionesses.
“For more years than I care to remember, England fans have sung that famous chant ‘football’s coming home’,” he said.
“As you return home with the trophy you won at Wembley three years ago, it is a source of great pride that, through sporting skill and awesome teamwork, the Lionesses have made those words ring true.
“For this, you have my whole family’s warmest appreciation and admiration. More than that, though, you have shown through your example over past weeks that there are no setbacks so tough that defeat cannot be transformed into victory, even as the final whistle looms.”
The monarch ended his statement by saying “the next task is to bring home the World Cup in 2027 if you possibly can!”
Culture Secretary Lisa Nandy added: “What an absolutely extraordinary achievement by our Lionesses – once again they have made history and united the country with pride and joy.”
Reform UK’s Nigel Farage said “well done” to the team and “what an absolutely fantastic watch,” while Conservative leader Kemi Badenoch said: “What an achievement. What a team!”
A man has died after suffering cardiac arrest onboard a boat attempting to reach the UK.
The vessel turned back towards Equihen beach on the French coast yesterday morning.
A nurse tried to resuscitate the man but was unsuccessful.
Image: Pic: PA
French authorities have now launched an investigation into the circumstances.
A spokesperson for Doctors Without Borders, also known as MSF, has criticised authorities on both sides of the Channel.
Jacob Burns said: “Yet again we have a tragedy in the Channel, that is the consequence of the deadly, costly and ineffective security policies implemented by the UK and France.”
Image: Pic: PA
Later on Saturday, a lifeboat carried migrants who have made the voyage into the Port of Dover.
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Photographs showed them huddled under blankets and orange life jackets on board.
“The opportunity of tomorrow and what’s on offer is the best thing in football,” the England captain said. “I think we don’t necessarily carry the weight of it and how much it means to people, but we’re aware of it because it means the same to us.”
So often they were only watching other nations making finals.
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England’s first was the men winning the 1966 World Cup.
Image: England manager Sarina Wiegman reacts to defeat against Spain at the Women’s World Cup final in 2023. Pic: Reuters
Image: Lauren James looks dejected after their World Cup defeat, but is confirmed fit for Sunday’s revenge match against Spain. Pic: Reuters
Now, in Basel, comes the chance for revenge against Spain – even though no one in the England camp is saying that, publicly at least, in Switzerland.
Especially knowing how challenging a task it is coming up again against Aitana Bonmati and Alexia Putella – the recent winners of football’s biggest individual honours.
Image: England fans celebrating after England beat Italy to reach the finals. Pic: Reuters
Image: Given England’s history against Spain, it could be a nerve-wracking time for England fans. File pic: Action Images/Reuters
But this is Spain’s first Euros final.
And there is some fear from the world champions at England’s grit and resolve to produce comebacks late in the quarter-finals and semi-finals – with 19-year-old Michelle Agyemang’s goals integral to the fightbacks.
Image: England celebrate their semi-final win against Italy to reach the finals. Pic: Reuters
Image: Michelle Agyemang has propelled England to the Euro 2025 final with two vital goals. Pic: AP
Spain captain Irene Paredes reflected yesterday on how the Lionesses can flip a result late on.
But she was also discussing how their World Cup win was tarnished by the on-pitch kiss that led to former Spanish federation president Luis Rubiales being convicted of a sexual assault on striker Jenni Hermoso.
It sparked a wider clamour in Spain for improved rights and respect for women.
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2:10
Spain’s players struggle for respect
“Since then [2023] we took big steps forward,” Paredes said.
“I think this idea is disappearing from society. I still believe we have to continue opening doors… we’re a reference for boys and girls in society, but we still have things to do.”
It is a reminder that while tonight is about collecting silverware, both England and Spain know that emerging as champions can drive further growth in women’s football back home.
Amid it all, they’ll try to savour just what reaching a final means and how rare they are – until recently for English and Spanish women.