IMF

EUROPEAN LEADERS WARNED BY IMF NOT TO SLACKEN THEIR EFFORTS TO BUILD A MORE RESILIENT FINANCIAL SYSTEM.

THE IMF WAS ONCE KNOWN PRIMARILY FOR DEALING WITH FINANCIAL AND SOVEREIGN DEBT CRISIS IN POOR COUNTRIES, BUT SINCE 2008 HAS FOCUSED MORE OF ITS RESOURCES ON EUROPE AND THE DEBT CRISIS IN THE EUROZONE. THE EURO ZONE REMAINS VULNERABLE TO SHOCKS BECAUSE OF WEAK BANKS AND INCOMPLETE REGULATORY SAFEGUARDS.TO THE IMF, MORE FORCEFUL ACTION IS WARRANTED TO CEMENT GAINS IN MARKET CONFIDENCE AND END THE CRISIS.

TO JEAN CLAUDE TRICHET, FORMER PRESIDENT OF THE EUROPEAN CENTRAL BANK AND CURRENTEUROPEAN CHAIRMAN OF THE TRILATERAL COMMISSION, « NOW THAT THE NATURE OF THE FINANCIAL CRISIS HAS DIRECTLY CHALLENGED SOVEREIGN SIGNATURES, THE FINANCIAL CRISIS IS STILL GLOBAL – BUT THE EPICENTER OF SOVEREIGN TENSIONS IS IN THE EUROZONE ».

SOURCE : IHT – IMF.

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