The global economy’s system for coping with financial shocks needs to be overhauled to prepare for looming crises in emerging economies, the head of the International Monetary Fund has warned.
Christine Lagarde called on policymakers to bolster the existing “safety net” — ranging from swap lines between central banks to access to credit lines from multilateral lenders — to prepare for crises in commodity-exporting emerging economies now coming “under severe stress”.
“One could also increase the size of the safety net,” she added.
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