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IMF chief calls for bank reforms

07-06-2012 16:06 BJT

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International Monetary Fund Managing Director Christine Lagarde is pushing the Japanese government to enact more reforms in the banking sector to aid the global economic recovery.

Lagarde made the remarks on Friday in Tokyo, saying banks had failed to reform since the collapse of Lehman Brothers in 2008. She added that the IMF’s global growth forecasts have worsened in recent months -and its next economic outlook, due to be published on July 16, is likely to be lower than the fund’s previous forecasts.

International Monetary Fund (IMF) chief Christine Lagarde delivers a speech at the
Nikkei Special Forum at a hotel in Tokyo on July 6, 2012. Lagarde has warned that the
global economy was slowing, with a soon-to-be published growth outlook lower than
earlier forecasts. (AFP Photo/Toshifumi Kitamura)

On Thursday, China, the euro zone and Britain, all loosened monetary policy in the space of less than an hour, due to growing worries about the health of the global economy. But the European Central bank steered clear of bolder moves such as restarting its government bond-buying program or pumping banks with fresh liquidity.

Christine Lagarde said, "Banking institutions, financial institutions in general have to concentrate on what is their core business, which is to finance the real economy. They have to be supporting, not destabilising the economy, and not thinking exclusively about profits and forgetting about service."

 

Editor:Zhang Dan |Source: CNTV.CN

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