IMF urges Europe to speed up banking sector reform

The International Monetary Fund (IMF) warned Monday that the ongoing economic crisis in some European nations may spill over to the rest of the world and further slow the recovery of the U.S. and other major economies if they fail to reform the banking sector. The IMF emphasized that strengthening the banking sector is a "top priority." "Preference should be given to market-based solutions, including private capital raising and cross-border mergers and acquisitions," the Washington-based organization said in a report released after an annual consultation with the eurozone economies.