ECB and IMF chiefs lock horns over interest rate policy

Tensions between two of the world's leading financial decision-makers emerged into public view Thursday as the European Central Bank's president rejected advice by International Monetary Fund chief Christine Lagarde.

Lagarde on Wednesday urged the ECB to ease monetary policy.

ECB head Mario Draghi suggested that the IMF has become overzealous in providing monetary policy guidance and probably wouldn't have dared to lecture the U.S. Federal Reserve in the same way just before its rate-setting meeting.

Draghi broadly grinned as he took a question on Lagarde's comments, causing laughter during the press conference following the ECB's decision to leave rates unchanged and provide no further stimulus.

Said Draghi: "The IMF has been of recent extremely generous in its suggestions on what we should do or not do," but he added the ECB's views "are in essence different."

Speaking at Johns Hopkins in Washington, D.C., on Wednesday, Lagarde expressed concern that, while the global economy is recovering, growth remains too slow and weak.

The IMF and World Bank's spring meeting is next week in Washington, D.C.