IMF Managing Director Kristalina Georgieva: Cryptocurrencies Need to be Regulated, High Crypto Asset Adoption Could Undermine Macro-Financial Stability
15th December 2023 | Hong Kong
International Monetary Fund (IMF) Head Kristalina Georgieva in an opening speech in Seoul (Korea) at the 2023 MOEF-BOK-FSC-IMF International Conference on 14th & 15th December 2023, highlighted the need for cryptocurrencies to be regulated, and high crypto asset adoption could undermine macro-financial stability. IMF Head Head Kristalina Georgieva: “The challenge is that high crypto asset adoption could undermine macro-financial stability … … Our goal is to make a more efficient, interoperable and accessible financial system by providing rules to avoid the risks of crypto, and infrastructure by leveraging some of its technologies.” The comment was made by IMF Head & Managing Director Kristalina Georgieva. Korean Ministry of Economy and Finance, the Bank of Korea, the Korean Financial Services Commission, and the International Monetary Fund host the 2023 MOEF-BOK-FSC-IMF International Conference on December 14 to 15 2023 under the theme of Digital Money: Navigating a Changing Financial Landscape.
“ Cryptocurrencies Need to be Regulated, High Crypto Asset Adoption Could Undermine Macro-Financial Stability “
IMF Managing Director Kristalina Georgieva: Global GDP to Grow 3% in Next 5 Years, Lower Than Last 20 Years 5-Year Averages of 3.8% Due to Higher Interest Interest Rates & Lowest Growth Since 1990
8th April 2023 – International Monetary Fund (IMF) Head Kristalina Georgieva in a speech at Washington (6th April 2023), with IMF forecasting global economy (GDP) to grow 3% in the next 5 years, lower than the last 20 years 5-Year averages of 3.8% due to higher interest interest rates and lowest growth since 1990. Kristalina Georgieva also encouraged countries to work together to ease geopolitical differences, which had and will continue to disrupt economic activities. In 2022 October, Kristalina Georgieva warned of greater global instability, and aggressive central banks tightening will trigger a prolonged economic downturn. IMF Head Head Kristalina Georgieva: “The world faces growing recession risks and a fundamental shift away from relative stability to an age of breakdown in international relations and more frequent natural disasters … … if central banks move too aggressively to tamp down price pressures, it could trigger a prolonged economic downturn.” In 2023 January, Kristalina Georgieva on global economy in 2023: “We expect one third of the world economy to be in recession. And yes, as you said, even countries that are not in recession, it would feel like recession for hundreds of millions of people … … Half of the European Union will be in recession next year. China is going to slow down this year further. Next year will be a tough year for China. And that translates into negative trends globally. When we look at the emerging markets in developing economies, there, the picture is even direr. Why? Because on top of everything else, they get hit by high interest rates and by the appreciation of the dollar. For those economies that have high level of that, this is a devastation.” The comments was made by IMF Head & Managing Director Kristalina Georgieva during an interview on aired on CBS News (1/1/23).
IMF Head Kristalina Georgieva Warns of Greater Global Instability, Aggressive Central Banks Tightening Will Trigger Prolonged Economic Downturn
7th October 2022 – International Monetary Fund (IMF) Head Kristalina Georgieva has warned of greater global instability, and aggressive central banks tightening will trigger a prolonged economic downturn. IMF Head Head Kristalina Georgieva: “The world faces growing recession risks and a fundamental shift away from relative stability to an age of breakdown in international relations and more frequent natural disasters … … if central banks move too aggressively to tamp down price pressures, it could trigger a prolonged economic downturn.”
Kristalina Georgieva, IMF Managing Director
Kristalina Georgieva currently serves as Managing Director of the International Monetary Fund, a position she was selected for on September 25, 2019 and has served as since October 1, 2019. Before joining the IMF, Ms. Georgieva was CEO of the World Bank from January 2017 to September 2019, during which time she also served as Interim President of the World Bank Group for three months.
Previously, Ms. Georgieva helped shape the agenda of the European Union while serving as European Commission Vice President for Budget and Human Resources. In this capacity she oversaw the EU’s €161 billion (US $175bn) budget and 33,000 staff, as well as the EU’s response to the Euro Area debt crisis and the 2015 refugee crisis. Before that, she was Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, managing one of the world’s largest humanitarian aid budgets.
Ms. Georgieva began her career in public service at the World Bank as an environmental economist in 1993. After serving for 17 years, and in many senior positions, including Director for Sustainable Development, Director for the Russian Federation, Director for Environment, and Director for Environment and Social Development for the East Asia and Pacific Region, her career culminated in her appointment as Vice President and Corporate Secretary in 2008. In this role, she served as the interlocutor between the World Bank Group’s senior management, its Board of Directors, and its shareholder countries.
Ms. Georgieva serves on many international panels including as co-Chair of the Global Commission on Adaptation, and as co-chair of the United Nations Secretary-General’s High-Level Panel on Humanitarian Financing. She has authored and co-authored over 100 publications on environmental and economic policy, including textbooks on macro- and microeconomics.
Born in Sofia, Bulgaria, in 1953, Ms. Georgieva holds a Ph.D in Economic Science and a M.A. in Political Economy and Sociology from the University of National and World Economy, Sofia, where she was an Associate Professor between 1977 and 1993. During her academic career, she was visiting fellow at the London School of Economics and at the Massachusetts Institute of Technology.
In 2010, she was named “European of the Year” and “Commissioner of the Year” by European Voice in recognition for her leadership in the EU’s response to humanitarian crises. In October 2020, she received the Atlantic Council’s Distinguished International Leadership Award in acknowledgement of exceptional and distinctive contributions during her career of public service.
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