Financial crises are no longer merely a tail risk and could materialise at any time, and in a diverse range of forms, Kim Choong-soo, the governor of the Bank of Korea, said on Friday.

Speaking at the International Symposium of the Banque de France in Paris, Kim said this meant central banks and supervisory authorities must engage in pre-emptive and proactive surveillance, to catch nascent imbalances. "What is more, closer attention must be paid to the mounting importance of cross-border and