Finance

Finance

IMF Chief: World must prepare for next crisis

10 March 2010 09:50 (UTC +04:00)

Baku - APA-Economics. The world needs to prepare for the next economic crisis, even as it begins to recover from the worst recession since the Great Depression, the head of the International Monetary Fund said on Tuesday, Associated Press reported.

IMF managing director Dominique Strauss-Kahn, speaking to business students at a Johannesburg university, expressed concern that recovery could mean leaders will feel less pressure to work together and pursue such reforms as tightening regulation and supervision of financial markets.

"I won’t say that the crisis is over. I would say we are probably in the second part of the crisis," he said.

On the financial markets, he said a global approach must be found for regulation, and supervision must be strengthened. He said central bankers, international accounting organizations and others were in a better position than the IMF to formulate regulations, but that his agency would play an important role in ensuring that once new rules were adopted, they were followed.