European leaders propose system overhaul after IMF warning

11/7/2008 | Reuters

The world's most affluent economies face their first full-year contraction since World War II, the International Monetary Fund said Thursday. That prompted European leaders to propose an overhaul of the global financial system. "Increasingly, the signs point to a deep and synchronized global recession that began last quarter and has gathered momentum," said Bruce Kasman, an economist at JPMorgan Chase.

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