This 2008 Article IV Consultation highlights that the economy of Estonia is now experiencing its most severe recession since the early 1990s. The financial sector has withstood the global financial turbulence well so far, but risks remain significant. Executive Directors have commended the...

The staff report on Canada’s 2009 Article IV Consultation examines economic developments and policies. Canadian banks have weathered the crisis better than major-country peers, but the credit cycle will be challenging, particularly given high household debt. Financial instability is a...

This 2007 Article IV Consultation highlights that Jamaica’s economy is estimated to have achieved its best growth performance in over a decade during FY2006/07, which ended on March 31, 2007. Notwithstanding some recent moderation of momentum, the economy is estimated to have expanded by...

This report discusses the IMF/World Bank Financial Sector Assessment Program (FSAP) exercise for China undertaken during June–December 2010. The assessment concluded that reforms in China have progressed well in moving toward a more commercially oriented financial system. Despite success...

This paper presents Barbados’s Financial System Stability Assessment Update as part of the Financial Sector Assessment Program Update. The domestic banking sector appears sound and profitable and continues to dominate the financial system. The financial system has benefited from the...

The Austrian authorities have been making great efforts since 2003 to enhance the quality of banking supervision and keep up-to-date with banking sector developments. Banks face a reputation risk arising from exposure to money laundering/financing of terrorism risk in both domestic and...

Kuwait’s economy continued to perform strongly in 2008, although signs of weakness emerged in the second half of the year. The authorities’ key challenge in the near term is to preserve financial stability and cushion the impact of the global slowdown. Executive Directors have...

This Selected Issues paper on Euro Area Policies reviews the integration of Europe’s financial markets and the challenges faced by the new European Union member states with respect to euro adoption. Markets in the Financial Instruments Directive are expected to become applicable in...

Korea has enjoyed strong growth owing to rapidly increasing exports and consumption. Potential growth is slowing as the population ages, whereas social polarization is growing. Korea should implement plans to build an advanced financial system and improve service productivity by opening the...

This paper discusses the arrangement under the Flexible Credit Line (FCL) for Mexico. Mexico has achieved a high level of credibility in the institutional framework supporting macroeconomic policy formulation, and has a sustained a track record of implementing strong policies. Liquidity...