A drastic contraction of European bank balance sheets over the next 18 months could jeopardise financial stability and economic growth in Europe and beyond, according to the International Monetary Fund.
In its Global Financial Stability Report, published yesterday, the fund warned that European banks looked set to shrink their balance sheets by $2.6tn (€2tn) over that period.
Unless officials improved their policy response, the IMF said, European banks would dump almost 7 per cent of their assets by the end of next year.
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