Not out of woods yet: IMF
The head of the International Monetary Fund (IMF) has warned that the global economic crisis isn’t over yet.
Despite positive signals from Europe’s biggest economies, and the positive figures to come out of the Australian economy, IMF managing director Dominique Strauss-Kahn was quoted as saying in an interview with German weekly Der Spiegel ahead of the Group of 20 summit in Pittsburgh on September 24-25, that more needs to be done on regulating the financial sector.
“In the minds of too many… the financial crisis is already behind us…that way of thinking is dangerous,” he was quoted as saying.
Strauss-Kahn said pay systems in the financial sector need to be reconsidered and action is needed to tighten capital regulations for banks.
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