IMF adds four European countries to financial risk list
WASHINGTON (REUTERS) - The International Monetary Fund (IMF) on Monday added Denmark, Finland, Norway and Poland to its list of countries that must have regular check-ups of their financial sectors, under an effort to prevent a repeat of the global financial crisis.
The International Monetary Fund in 2010 had identified 25 other countries where financial sector evaluations will be mandatory. These reviews had been voluntary prior to the 2008-2009 financial crisis, which showed how quickly financial problems in one country could spread to its neighbors and the rest of the world.
More than half of the 29 financial sectors the IMF deems"systemically important" are located in Europe.
"The financial sectors of these jurisdictions are highly interconnected not just with each other but also with other major financial centers," the IMF said about the focus on European financial centers.