Global financial safety net needs strengthening

The global financial safety net can hardly meet expectations, as "asymmetric and fragmented problems" loom large, International Monetary Fund Managing Director Christine Lagarde has said.

The global financial safety net, which was put in place after the financial crisis in 2008, is designed to help reduce risks while providing support to help countries to resolve any financial challenges or crises, using special funds as insurance.

Cao Yuanzheng, chief economist with Bank of China, said that the uneven coverage and policy implementation across countries point to the need for solutions to fix the net, especially its ability to tackle near-term economic challenges.