WASHINGTON: Stress testing of major banks begun after the global financial crisis of 2008-2009 paid off "big time", but attention should turn now to more supervision of non-banking financial institutions, the head of the International Monetary Fund said on Tuesday.
Managing Director Kristalina Georgieva told an event hosted by the Asia Society that the global lender had begun discussing the issue with the Financial Stability Board even before the new coronavirus pandemic.
"The attention is, and rightly so, focused on, can we bring more and more supervision to the non banking financial institutions, where risk taking, has been elevated," she said.