But despite the sentiment of this statement made at a press conference in Washington over the weekend, participants at the event failed to reach a consensus on how to solve crisis in the eurozone.
The chaiman said the sovereign debt issues in the eurozone were at the epicentre of the current crisis, but added that there were weaknesses globally.
Signs of a housing crisis in the US, consumption problems in Japan and structural weaknesses in emerging market economies were all listed as areas of further stress in the system.
He warned that no region would be immune from problems in any one part of the world and said events in the eurozone could not be decoupled.
All representatives at the IMF agreed it was critical to that the eurozone agreement reached on 21 July was ratified, a process that is currently underway.
This agreement, made among eurozone leaders, was to increase the size of the European Financial Stability Fund and enhance its scope and application.
But there are worries that these tactics are now outdated and bolder action is required if governments and supra-national organisations are ever going to get ahead of the curve in this latest threat to economic stability.
Meanwhile, almost all participants acknowledged a default in Greece looks inevitable, although Greece was not willing to admit that was the only possible way out of the current situation.
The BBC reported that an outline of a eurozone rescue plan was on the table, which is expected to involve a 50% write down of Greece’s government debt – in other words a partial default.
Robert Peston, business editor at the BBC, said the plan also envisaged an increase in the size of the eurozone bailout fund to €2trn (£1.7trn) and is hoped to be in place in five or six weeeks.
After initial falls, European markets seemed to take some confidence from the perceived determination by policymakers. By 10.30BST the French CAC 40 was up 2.43% at 2,879 and the German DAX was up 2.78% at 5,342.
The FTSE 100 was less positive, down four points at 5063, but at least any further losses were avoided.
Christine Lagarde, managing director of the IMF, said during the conference over the weekend there was a coming together in the room that was difficult to put across in the official Communique.
She added there was no denial and no finger-pointing but that it was about support and a shared sense of common purpose.
