IMF Issues 7-Step Guidance to Preserve ‘Credibility and Integrity of the Global Financial System’
The final days and breaths of a dying industry. Can’t say they didn’t do it to themselves.
IMF Issues 7-Step Guidance to Preserve ‘Credibility and Integrity of the Global Financial System’ and Lessen Pandemic Blow
The International Monetary Fund has issued new guidance on how banking industry leaders can help maintain an ailing system amid the coronavirus crisis.
The IMF is urging banks to follow key practices to combat the current economic upheaval that represents “a different kind of shock” than the 2008 global financial crisis.
“Never before have modern economies shut down at the drop of a hat…
Pressure on the banking system is growing and higher defaults on debt are imminent. And many now expect a shock to the financial sector similar in magnitude to the 2008 crisis.”
The international body, which works with 189 countries to secure financial stability, is prompting bank supervisors to combine a number of strategies deployed during natural disasters, operational risk events and bank stress episodes to mitigate the downturn.