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"If we are to prevent further crises, financial institutions themselves need to change".
"If we are to prevent further crises, financial institutions themselves need to change," he said.
The bank would prefer that the states take on the burden through the $81 billion financial stability mechanism and the nearly $600 billion stability fund they set up to try to prevent further crises like the one in Greece.
The comments come as eurozone countries attempt to integrate their banking systems to prevent further crises.
I'm now working on Nothing Personal, a book exploring the role of financial technology in industrial disasters and the myth that undermines our political will to prevent further crises.
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Consequently, America has already spent hundreds of billions of public dollars on buy-outs, stimulus packages, and cash for clunkers, in an effort to prevent further crisis.
If we want to nurture behaviour that could prevent further financial crises and even save the planet, maybe we need more contemplation spaces, not fewer?
The treaty obliges the 25 members of the European Union who signed it in March to limit their deficits to prevent further debt crises.
But rather than one transformative leap, the deal will have several moving parts, together meant to show resolve to protect Italy and Spain, revise the economic governance of the euro zone and prevent further debt crises, officials involved in the talks say.
"The international community has a responsibility to undertake concerted efforts to prevent further escalation of the crisis," Guterres warned.
Members will also analyse different options for the EU and international community to prevent further escalation of the crisis.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com