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IMF Predicts Euro Crisis Resolution Will Be Prolonged

The International Monetary Fund said today that the euro-area debt crisis has exacerbated global financial instability and an orderly adjustment process is likely to be prolonged and costly.

The Washington-based IMF’s assessment came today in a pilot report intended to make external monitoring more effective. The IMF announced changes to its surveillance of members’ economies to better account for the effects of their domestic and financial policies on other countries.