This is CBS.

I am the world.

I'm John Batcher with my colleague Joseph Sternberg.

He's a member of the editorial board of the Wall Street Journal.

He's a columnist for the Wall Street Journal editorial page rights, political economics,

observing Europe, the UK, the world when it comes to the constant questions about financial

recovery from the pandemic these days.

And the banking crisis here, bank volatility in Europe, banks in general, we have a new

report from the journal within hours, bank volatility to cut US economic growth according

to the IMF, tighter lending expected to shave 0.44 percentage points off US GDP in 2023.

The explanation, US banks lending capacity will decline by 1% this year due to the fall

in the value of many bank stocks as investors reassess the health of mid-sized banks according

to the IMF.

That reduction in lending is expected to shave 0.44 percentage points off US growth domestic

product.

The multilateral financial organization said, Joe, this is a IMF statement of what you've

already guided us to understand.

The banks are in a transition between people doubting them and the non-bank world that

is also doubted and that causes troubles.

And we're going to suffer this by losing growth or some of the growth that we could have

expected this year.

Therefore I ask the big question, is the banking crisis solved with this sacrifice of growth

...