This 2009 Article IV Consultation focuses on euro area policies. The euro area remains in recession, with signs of improvement yet to evolve into a recovery. The large drop in financial wealth, an associated increase in private savings, tight financing conditions, and the adjustment of global...

The scramble to expand deposit guarantees in Europe in response to recent financial turmoil confirms that the on-going integration of European financial markets requires closer coordination of prudential policies and financial safety nets. We study the optimal design of prudential supervision...

This paper on the Republic of Poland was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed in July 2012. The views expressed in this...

This abstract reviews the recommendations made in the FSAP Update for Sweden in the areas of contingency planning, crisis management, and bank resolution. Although Sweden crisis management fared well during the global financial crisis, its authorities are reviewing the framework for managing...

This paper provides the most comprehensive empirical study of the effectiveness of macroprudential instruments to date. Using data from 49 countries, the paper evaluates the effectiveness of macroprudential instruments in reducing systemic risk over time and across institutions and markets. The...

The scramble to expand deposit guarantees in Europe in response to recent financial turmoil confirms that the on-going integration of European financial markets requires closer coordination of prudential policies and financial safety nets. We study the optimal design of prudential supervision...

The Czech financial system is confronted with mounting risks that stem mainly from negative developments in the European Union (EU). This technical note focuses on crisis management and bank resolution framework for the Czech Republic. It summarizes the high-level observations of the mission...

The 2009 Article IV Consultation highlights that the near-term outlook for Belgium is challenging, with real GDP expected to drop by about 3 percent in 2009 and a gradual recovery projected for 2010. The unemployment rate will continue to rise in 2010, and inflation pressures are expected to...

Kazakhstani banks continue to suffer from a high and rising stock of nonperforming loans. A centralized approach to asset resolution is warranted, and could be based on a reinvigorated Distressed Asset Fund. A robust and transparent public financial management system should be an integral part...

This Selected Issues paper provides updates on Greece’s financial stability framework. The paper highlights that the Bank of Greece (BoG) has strengthened the financial stability framework over recent years. In addition to the liquidity provided by the euro system through its regular...