BoE's Bailey warns G20 that global risks have "crystallised"

Bank of England (BoE) Governor Andrew Bailey warned finance ministers of the G20 group of countries that despite overall sturdy global market conditions, downside economic and political risks have likewise hardened recently.

Key highlights

Since April, market conditions have improved and asset prices have recovered.

We have seen further economic and geopolitical risks crystallise and global debt vulnerabilities remain high.

Uncertainty continues to weigh on growth expectations.

We need to remain vigilant to the risk of disruptive market moves.