Bahk urges bold, swift action to avert new crisis

South Korea's top economic policymaker called Friday for advanced economies to take a more "aggressive, systematic and balanced" approach, based on strong political commitment, to improve fiscal conditions and avert a global financial crisis. "A big worry now is that the current situation would not be just limited to a fiscal crisis in a couple of countries, but likely lead to a systemic risk to the overall global economy," Minister of Strategy and Finance Bahk Jae-wan said in a statement. He was attending the 66th annual meetings of the International Monetary Fund (IMF) and the World Bank (WB).