Christine Lagarde is that rare creature: a French finance minister who speaks the language of the inter-national banking community. But when she spoke at a packed dinner of the Institute of International Finance in Washington on Saturday night and promised to do what it took to combat the global financial crisis, there was some nervous laughter amid the applause.

"We need to think of the real economy," she said. "Which is not to say you are unreal - but we need to think of the real economy."