Israel’s compliance with International Organization of Securities Commissions’ objectives and Principles of Securities Regulation has been assessed. The regulatory regime is well developed and in most respects is comparable with that of major jurisdictions. For the most part, it is...

This technical note assesses the reform of Spanish savings banks (SSBs). It provides a brief overview of the SSB institutional framework before the reform, and describes the main factors that led to the financial distress, albeit uneven, of the SSB sector. The note outlines major regulatory and...

This Technical Note focuses on banking sector structure in Germany. Germany’s banking system comprises three “pillarsâ€â€”private commercial banks, public sector banks, and cooperative banks—distinguished by the ownership structure and business orientation. The German...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

This 2013 Article IV Consultation highlights that real GDP growth in Russia has slowed, amid weak investment and external demand. Yet, the economy remains close to full capacity, with unemployment at historic lows and capacity utilization at pre-crisis highs. Short-term indicators are mixed, but...

This assessment reviews the regulatory framework in place for the oversight of the capital markets of the Russian Federation as of June 2011. The Russian securities markets, in particular, have been volatile, reflecting the inflow and outflow of money and the crisis. Foreign investment banks...

This Selected Issues paper for Italy presents updated estimates of potential growth for Italy, using new techniques that draw on co-movements of output, employment, and inflation over the business cycle to distinguish trends from cycles. The paper provides an assessment of an...