The managing director of the International Monetary Fund called for caution about a further “increase in uncertainty” in the financial sector after the March 10 bankruptcy of the California-based Silicon Valley Bank (SVB) raised concerns about the resilience of the banking sector in the United States. and Europe.

The first casualty in Europe was Credit Suisse, which was bailed out in a forced takeover of the Union des Banques Suisses last Sunday.

“Obviously, the risks to financial stability have increased,” said Kristalina Georgieva during the China Development Forum hosted by the Chinese government in Beijing.

“Political actors have taken decisive action against the risks that threaten financial stability,” Kristalina Georgieva said during her speech. “These measures eased market tensions to some extent, but uncertainty has increased, highlighting the need to remain vigilant,” he said.

The acquisition of Credit Suisse under the “patronage” of the Swiss authorities, as well as the measures taken by central banks to improve access to liquidity, avoided an atmosphere of panic, but did not achieve a return to stability in the markets.

Bank shares continued to fall on the stock markets on Friday.

Recent statements by European Central Bank President Christine Lagarde on the soundness of the banking system and encouraging statements by French President Emmanuel Macron and German Chancellor Olaf Scholz failed to calm the mood on Friday.

US President Joe Biden said Friday from Ottawa, Canada that the banks are in good shape and that he does not see the situation coming to a tipping point. However, he acknowledged that it takes “a little time for the situation to calm down.”

Source: APE-MPE, AFP.