Response to Media Inquiries on Developments in the Financial MarketsSeptember 15, 2008
In response to media inquiries on weekend developments in the financial markets, First Deputy Managing Director John Lipsky said:
"The weekend’s developments should be seen in the context of a financial sector restructuring and consolidation. This is a necessary condition for restoring the sector's effectiveness. At the same time, the speed and scale of these events have added to short term uncertainties and further significant financial strains cannot be ruled out. In this respect, we welcome the measures taken by central banks to help bolster available liquidity.
"We continue to anticipate a gradual global growth recovery in 2009, although the weekend's developments represent a potential added risk to the outlook. We at the Fund are in contact with our membership to help them assess the latest developments in international capital markets and manage the implications for their economies."