The IMF warns risks to global financial stability have ‘increased’ in wake of banking failures and says ‘uncertainty is high’

A banking crisis in the U.S. and Europe has worsened the outlook for the global economy and increased the risks of an even larger financial calamity, according to managing director of the International Monetary Fund Kristalina Georgieva, who urged vigilance as more instability might make the task of reducing inflation without triggering a recession much harder for central banks around the world.