Don’t Call It a Global Banking Crisis

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The near-collapse of the global banking behemoth Credit Suisse, shortly following two high-profile American bank failures, complicates regulators’ efforts to restore confidence in the banking system. It’s also stoking fears of a contagion effect across the financial sector worldwide. Experts say it’s not a crisis—but we’re not in the clear just yet.

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Swimming Naked

On Sunday, one of the world’s biggest banks, Credit Suisse, narrowly escaped annihilation deal. The hasty move did the job of averting the “too big to fail” lender’s, well, failure. But in the aftermath of the insolvency panic that triggered the falls of Silicon Valley Bank and Signature Bank in the U.S.—not to mention the current precarious standing of —it’s fair to say that the world’s financial institutions, and their customers, are spooked.