IMF, World Bank Warn Against Complacency

The International Monetary Fund and the World Bank stressed the need for continued cooperation among world economies, saying the global financial system remains vulnerable to further shocks. The warning comes as the world lending institutions prepare for its annual Spring Meeting in Washington.

The world economy has weathered the worst of the economic downturn, but the IMF says the global financial system is not out of the woods just yet.

On Thursday, IMF managing director Dominique Strauss-Kahn warned member countries to guard against complacency. "Certainly the recovery is getting stronger, but everybody can understand that it's not the recovery we want," Strauss-Kahn said.