August 16, 2000
The world's recovery from the 1997-99 financial crisis has encouraged complacency among financial leaders and may discourage them from doing enough to prevent the next crisis, according to the former head of the IMF, Reuters reports.
Former managing director Michel Camdessus, now working for the Vatican on debt relief, also said the global response to the Asian crisis had been an "outstanding success" as countries took on board IMF-backed proposals on competition and reform. He said a new crisis could not be ruled out, but the world was a safer place than it was before sparks in Thailand ignited a chain of events that grew into a global financial inferno, the story says.
"We are doing well in fighting the weaknesses that led to the last crisis, but our success has fostered complacency. The urgency to implement reforms is less present than it should be," Camdessus said in an interview in the relaunched Foreign Policy Magazine in its September-October edition
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