The failure of two midsize US banks and the forced acquisition of Credit Suisse by its longtime rival UBS has damaged confidence in the sector, IMF economists say
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'The global economy and financial system are currently financing their own destruction because the global financial architecture is not fit for purpose'
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Groups representing asset managers in Europe and the US argue the IMF’s concerns about the $41tn sector are unfounded
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The IMF has made a significant downward revision to its 2022 World Economic Outlook. But the dour forecast for 2023 implies an even broader crisis
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'There is room for compromise beneficial to both sides,' said the director Kristalina Georgieva
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The world has made less progress than expected in April in terms of combating the pandemic and salvaging businesses, and so the forecasts have deteriorated
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