The paper identifies France’s structural reforms that would yield the largest competitiveness gains based on macro-empirical evidence, and reviews signs of potential gains from a deregulation of the services sector. It is expected that completing deregulation in the services sector would...

The Financial System Stability Assessment of Morocco reviews the reform program that is aimed at establishing a modern, market-oriented financial system that optimizes the mobilization of savings and the allocation of financial resources. It reviews the modernization of the banking sector and...

This report summarizes the findings of the Financial Sector Assessment Program (FSAP) Update for Spain. Although there is a core of strong banks that are well managed and appear resilient to further shocks, vulnerabilities remain. Substantial progress has been made in reforming the former...

In this study, economic developments of India are discussed. Growth is among the fastest-growing in the world, social indicators are improving, and medium-term economic prospects are favorable. The Reserve Bank of India’s (RBI) efforts are used to tighten monetary conditions. The measures...

This Selected Issues paper analyzes euro area policies and discusses the implications of the 2007–08 financial sector turbulence for real economic activity. It examines the linkages between the financial and real sectors in the euro area. The paper discusses the European Central...

OTC derivatives markets were an increasing source of vulnerability heading into the crisis. OTC derivatives markets contributed to the financial crisis. Credit derivatives facilitated the development and growth of the structured securities markets; and the purchasing, packaging, and distribution...

This paper discusses the assessment of observance of Thailand Securities Depository (TSD) of the Committee of Payments and Settlement Systems (CPSS)/International Organization of Securities Commissions (IOSCO) recommendations for securities settlement systems for Thailand. On the basis of the...

This paper discusses the Financial System Stability Assessment for South Africa, and reviews the Report on the Observance of Standards and Codes on Securities Regulation. The assessment reveals that South Africa’s sophisticated financial system is fundamentally sound and has so far...

The Financial System Stability Assessment found the financial sector to be vibrant, resilient, highly competitive, and well supervised and regulated. Stress tests showed credit institutions and insurers to be highly resilient to a variety of shocks. It also found a high degree of observance of...

This paper presents key findings of the Third Review under the Policy Support Instrument (PSI) in Rwanda. Program performance was broadly satisfactory. All end-June quantitative assessment criteria were met. Structural benchmarks were partially met as the pace of implementation of structural...