Warning from OECD's William White in exclusive interview with The Telegraph
'Previous pension plans will need to be analysed to see whether transferring out of those old schemes is a good idea or not'
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The global financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability, a leading monetary theorist has warned.
"The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up," said William White, the Swiss-based chairman of the OECD's review committee and former chief economist of the Bank for International Settlements (BIS). "Emerging markets were part of the solution after the Lehman crisis. Now they are part of the problem, too."