Carstens warns world is not fully prepared for fresh crisis
IMF does not have the resources to act as global lender of last resort, says BIS chief
Financial resilience has improved over the past decade but the world may not be ready to withstand a new crisis, Agustín Carstens said on December 7.
The Bank for International Settlements’ general manager said parts of the market were yet to be tested in a “live fire” situation and patterns of liquidity provision have changed since the 2008 crisis. At the same time, the world economy remains somewhat fragile – “the fundamentals of many economies are not what they should be”, said Carstens.
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