Post date: Jan 22, 2014 2:2:24 PM
The world's business elite arrives for informal discussions at the annual World Economic Forum (WEF) in Davoswhere a former IMF first deputy managing director warns that "the world's financial system is not yet back in the shape it needs to be in."
DAVOS, SWITZERLAND (JANUARY 22, 2014) (REUTERS) - The world's financial system is not yet performing adequately, especially in the euro zone, a former IMF first deputy managing director said on the sidelines of the annual World Economic Forum (WEF) in Davos on Wednesday.
John Lipsky, senior fellow at Johns Hopkins' School of Advanced International Studies' foreign policy institute told Reuters Television "six years after the beginning of the Greek financial crisis, the world's financial system is not yet back in the shape it needs to be in."According to Lipsky, "the recapitalisation and cleaning the bank balance sheet remains incomplete and more action is needed."
"That's one of the key issues or one of the key tasks in the euro zone for 2014," Lipsky added.
Protagonists at this year's 44th WEF Annual Meeting will include U.S. Treasury Secretary Jack Lew, Japanese Prime Minister Shinzo Abe, European Commission President Jose Manuel Barroso and central bankers Mark Carney, Mario Draghi and Haruhiko Kuroda. A "senior leader" from China is also expected.