{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='IMF news conference on world economic outlook' data-url='/boclips/videos/5c54bcced8eafeecae12f661' data-video-url='/boclips/videos/5c54bcced8eafeecae12f661' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nIMF news conference on world economic outlook\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of press conference2. Cutaway Charles Collyns, Deputy Director in the International Monetary Fund's Research Department3. SOUNDBITE (English) Charles Collyns, Deputy Director in the International Monetary Fund's Research...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of press conference\u003cbr/\u003e2. Cutaway Charles Collyns, Deputy Director in the International Monetary Fund's Research Department\u003cbr/\u003e3. SOUNDBITE (English) Charles Collyns, Deputy Director in the International Monetary Fund's Research Department:\u003cbr/\u003e\"It is now all too clear that we're seeing the most dangerous shock to the mature financial markets since the 1930s, posing a major threat to global growth.  Even though past periods of financial stress have not necessarily been followed by a recessions, we find that when the banking system suffers major damage as in the current episode, the likelihood of a severe and protracted downturn in activity increases. Moreover, we find that recession risks are raised when financial stress is preceded by rising house prices and rapid expansion of credit as has happened this time.\"\u003cbr/\u003e4. Cutaway of reporters\u003cbr/\u003e5. SOUNDBITE (English) Charles Collyns, Deputy Director in the International Monetary Fund's Research Department:\u003cbr/\u003e\"Economies like the United States, with more arms-length financial systems, seem to be particularly vulnerable to sharp contractions in activity in the face of financial stress. This is because leverage tends to be more pro-cyclical in these economies, which means that when a shock hits the financial system, the process of de-leveraging can be more severe, and the risks of a credit crunch are greater. To limit the fallout on the real economy, it is therefore of paramount importance that the damage to the banking systems in the United States and Europe is swiftly contained by far-reaching and comprehensive measures. This lesson is clearly brought out by the experience of many economies that have struggled with virulent financial crises over the past decades; for example, the Nordic countries or Japan in the 1990s.\"\u003cbr/\u003e6. Wide shot press conference\u003cbr/\u003eCharles Collyns, the Deputy Director in the International Monetary Fund's Research Department, said on Thursday that the US economic crisis which he called, \"the most dangerous shock to mature financial markets since the 1930s\" was posing a major threat to global growth.\u003cbr/\u003eDuring a press conference at the International Monetary Fund (IMF), Collyns said while past periods of economic uncertainties hadn't necessarily led to a recession, \"we find that when the banking system suffers major damage as in the current episode, the likelihood of a severe and protracted downturn in activity increases.\" \u003cbr/\u003eHe went on to say that it was \"of paramount importance that damage to the banking systems in the United States and Europe is swiftly contained by far-reaching and comprehensive measures.\"\u003cbr/\u003eCollyns cited the economic duress in Nordic countries or Japan in the 1990s.\u003cbr/\u003eHe released excerpts of the World Economic Outlook, with the full report expected on October 8, two days prior to the IMF-World Bank annual meetings in Washington, DC.\u003cbr/\u003eThe IMF's report comes at a time of global financial uncertainties, with a 700 (b) billion US dollar financial sector  bailout package being considered in Congress.\u003cbr/\u003eWhile the House of Representatives rejected an original bill on Monday, the Senate passed a revised version of the bill on Wednesday.\u003cbr/\u003eThe House is debating the revised bill on Thursday and a a vote is widely expected in Washington on Friday.\u003cbr/\u003ePresident George W. 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