While the first half of the 20th century was characterized by total war, the second half witnessed, at least in the Western world, a massive expansion of the modern welfare state. A growing share of the population was covered by ever more generous systems of social protection that dramatically...

This paper builds on a Technical Note produced as part of the IMF’s 2010 Financial Sector Assessment Program (FSAP) review of the United States. It addresses enterprise-wide oversight of financial groups, a key tool to mitigate systemic risk. Focusing on legal arrangements, it recommends...

The U.S. economy is recovering from a financial crisis, but remains vulnerable to shocks. Executive Directors welcomed health care reform, fiscal stabilization, and the Financial Sector Assessment Program (FSAP) assessment, which acknowledged that the financial system has strengthened. Directors...