IMF Managing Director Christine Lagarde has delivered a speech on managing the new transitions in the global economy at George Washington University. Ms Lagarde's speech focused on two key transitions: the transition in the pattern of economic growth with two distinct paths for advanced economies and emerging markets, and the transition toward a different financial sector. Ms Lagarde noted that while the global outlook remained subdues, there were some signs of hope - Growth  projections looking up, financial stability returning, and fiscal accounts looking healthier. Ms Lagarde cautioned that fiscal and financial efforts must also be complimented by structural reforms. Ms Lagarde concluded by highlighting delay and divergence as the main issues holding back successful reforms to the financial sector.