The insurance sector is underdeveloped and has been inadequately supervised to date, as the regulator lacks the requisite independence, skills, and resources. The three public pension systems, which cover less than 10 percent of the active population, appear to be fiscally unsustainable. The...

This 2009 Article IV Consultation highlights that despite initial resilience partly explained by high wage growth and accelerated government spending in Greece, growth slowed substantially in early 2009. The main driving forces were lower investment and exports, destocking, and a decline in...

This Financial System Stability Assessment on the United Arab Emirates (UAE) examines macroeconomic and financial sector developments. The banking sector as a whole shows comfortable levels of capitalization and profits, having benefited from the rapid expansion of the economy and a steady...

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 paper presents Mongolia’s Financial System Stability Assessment, including reports on the Observance of Standards and Code. The Mongolian financial system is developing and performing well, in line with the economy as a whole, but faces a number of challenges. There are signs that...

This paper describes the application of contingent claims analysis (CCA) and systemic CCA to the top four commercial banks in Sweden. The balance sheet stress tests for four major banks were complemented with tests based on the CCA framework, a risk-adjusted balance sheet relating bank asset...

The Slovenian financial system has been hard hit by the crisis. Banks remained highly vulnerable to continued credit deterioration and refinancing risks. Strengthening of financial condition of banks should be the short-term priority. The financial restructuring should be followed by...

Owing to the high dependence of its exports on countries and commodities, Finland experienced the worst recession in the euro area. Executive Directors encouraged authorities to focus on improving bank cost efficiency, preventing excessive risk taking, and limiting liquidity and funding risks....

This article is a report of Spain’s progress in financial sector reforms. The key reforms in the financial sector have been either adopted or designed. The economy has risks at times as it takes up the challenges of correcting pre-crisis imbalances. The economy may face decline, but...

This Selected Issues paper takes stock of the progress made in meeting the objectives under Indonesia’s Extended Arrangements (1998–2003) program. The paper addresses progress in achieving the programs’ core macroeconomic objectives, with an emphasis on how...