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IMF sees global financial system in " unsafe "phase

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HB WASHINGTON / BERLIN. " There shall be a further regulatory reform and greater clarity on measures to prevent future financial crises needed, " warned the fund. adopted by The extent of the crisis related write-downs and provisions made in the balance sheets of banks , the Fund slightly to $ 2.2 trillion to 2.3 trillion dollars in its previous report. Which are now revealed over three quarters , said the funds.

" The global financial system is still in a period of uncertainty and remains the Achilles heel of economic growth, " was the conclusion of the Fund. In its basic scenario of the IMF expects a gradual further improvement of the global financial stability, but are still connected with high downside risks to this forecast. Without additional safety buffer in the bank balance sheets , the banking system remains vulnerable to any kind of confidence shocks.

Paid particular attention to the markets continue the state risks , particularly the development of the national debt and economic growth in countries. The turbulence in the market in light of European debt problems in the past few months have shown how sensitive the markets watch this. After all, the strong European answer to these problems have contributed to stabilizing the markets somewhat.

However, the States are encouraged to do with structural reforms on the financial stability. Also in terms of regulation it was despite the welcome proposals for stronger capital requirements for banks with the Basel- III- appointments have not reached the end . "There needs to be done more, " says the IMF report . At issue is a comprehensive reform agenda for the financial sector. As a precaution , the Fund ‘s advice in regard to the withdrawal of countries from the special programs to overcome the crisis.

Crisis winners are the funds , according to some extent the emerging economies and their financial markets. " The emerging markets are due to their improved financial fundamentals, their better growth prospects and higher yields become more attractive compared to the developed countries, " it said in the IMF report. There are signs of shifts in international investments towards emerging markets.