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On his outlook for the world economy, Mr Angele said Swiss & Global’s main scenario was weak economic growth in the industrialised countries but no new global recession.

However during a presentation at Swiss & Global’s Zurich offices this morning (9 November) he said this scenario only held if there was no major shock in the financial sector.

He said monetary policy in the industrialised world was likely to remain expansive. Exceptions to this, according to Mr Angele, may be commodity exporters like Canada or Australia.

Mr Angele said room for monetary and fiscal policy support to stimulate growth was severely restricted as long as debt levels remained high and rates have not normalised.

He said: “Financial crises are nothing new. There have been 11 crises in three decades and the banks have been involved in all of them.