According to Dmitry Birichevsky, who leads the Department of Economic Cooperation at the Russian Foreign Ministry, the threat of a global crisis persists amid ongoing problems in the banking sectors of Europe and the United States. This view was shared publicly on the Valdai Discussion Club’s platform and later reported by TASS, underscoring a shared concern about financial fragility on both sides of the Atlantic. Birichevsky emphasized that the current issues in banking have been evident in recent times and that their spread from the United States to Europe keeps the possibility of a full-blown global crisis on the table.
He noted that the banking problems have become increasingly visible, with a pattern that bridges oceans and continents. In his assessment, the risk of these troubles escalating into a comprehensive worldwide crisis remains real, and observers should remain vigilant as markets adapt to shifting dynamics in financing, liquidity, and regulatory responses.
Meanwhile, in the United States, President Joe Biden remarked that while the domestic banking crisis is not yet resolved, officials have made statements affirming that the situation is under control. The acknowledgment reflects a cautious stance as authorities monitor bank health, balance risks, and implement measures to stabilize the financial system while protecting depositors and maintaining confidence in credit flows.
Earlier, Neil Kashkari, who chairs the Federal Reserve Bank in Minneapolis, spoke with CBS News about potential vulnerabilities in the U.S. banking framework. His remarks suggested that loosening conditions or stress within banks could have repercussions for the broader economy, potentially nudging the United States toward a recession if left unchecked. The discussion highlighted concerns about credit availability, consumer and business lending, and the ripple effects on employment and growth if the sector encounters sustained pressure.
On March 30, The Wall Street Journal, citing a prepared address by U.S. Treasury Secretary Janet Yellen to the National Association for Business Economics, reported that expectations were set for possible tightening of banking rules after several banks faced insolvency. The briefing pointed to proposed regulatory adjustments aimed at strengthening resilience, enhancing oversight, and reducing the likelihood of future bank failures, signaling a recalibration of risk management that could influence lending practices and financial stability across the sector.