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September 24, 2021

Strauss-Kahn: The world must prepare for next crisis

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 at a conference in Johannesburg. He expressed his 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. “The consensus is stronger when you’re afraid,” he said, international press reports. The former French finance minister said he could not predict the timing or the nature, but “don’t fool ourselves, there will be future crises.”

In its most recent World Economic Outlook, the IMF predicted output would grow by 3.1 percent in 2010. But it also cautioned that unemployment would continue to grow.

On the financial markets, he said a global approach must be found for regulation, and supervision must be strengthened.

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