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April 17 - Global economy faces 'chronic' crisis if reforms are not completed, warns IMF
Article: One World Government
The IMF said that while near-term risks had
abated in response to loose central bank policies, reforms to repair
ailing banks were not yet complete and could pose a threat to future
stability, particularly in Europe.
"While major UK and core euro area banks
have been actively de-risking and deleveraging . . . more needs to
be done to complete the repair of their balance sheets," the IMF
said in its half-yearly Global Financial Stability Report.
It came as Jens Weidmann, Germany's central
bank chief, warned that Europe could take ten years to recover from the
crippling debt crisis. "Overcoming the crisis and the crisis effects
will remain a challenge over the next decade," Mr. Weidmann told the
Wall Street Journal. "The calm that we
are currently seeing might be treacherous [if countries delay reforms]."
The IMF said that recent events in
Cyprus were an "important reminder
of the fragility of market confidence". It urged governments to make
"sustained progress" with implementing a banking union.
called for greater co-ordination to address
bank weaknesses, and said that progress so far had been "uneven".
"Without greater urgency towards international co-operation and
comprehensive bank restructuring, weak bank balance sheets will
continue to weigh on the recovery and pose ongoing risks to global
stability," the IMF said.
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