Bank of Korea Governor Kim Choong-soo says although the European debt crisis is a problem of Europe, it cannot solve the problem alone.

Kim said Friday at a meeting with chiefs of banks attending that developed nations create problems and then ask everyone in the global community to take part in the recovery.

The BOK Chief also said judging by the International Monetary Fund (IMF) chief’s speech in Washington D.C. on Thursday, it appears the organization intends to solicit collaboration among national institutions.

The IMF’s Managing Director said in the speech that the situation is critical and trust might not be regained without collective action.