Rebuilding in Japan and slowing inflation in China will begin to reignite global demand, while weakness in Europe will force the ECB to delay tightening.
If the markets start to believe a country's deficit is out of control they will force its bond yields sharply higher, in effect tightening monetary policy.
But in publishing all this new data, the Fund is clearly attempting to force a debate in Europe over the pace of fiscal tightening and its likely impact on growth.