The size of the U.S. economy and, in particular, the global dominance of its financial markets creates uniquely large policy spillovers. Concerns that the end of QE2 could lead to a rapid reversal of emerging market capital flows appear overblown. A credible plan for a gradual U.S. fiscal...

Issues and statistical appendices are discussed. Government-related entities (GREs) have been a major source of growth and development for the United Arab Emirates (U.A.E.) economy. The global financial and economic crisis has, however, unveiled the fiscal and financial risks posed by GREs. The...

Jamaica has performed well under the Stand-By Arrangement program. Executive Directors commended that overall macroeconomic performance under the program has been encouraging. Directors welcomed the program aimed at fiscal responsibility legislation and central treasury management, public debt...

The staff report gives details of some selected issues of France, namely its credit developments, systematic linkages of French banks, the need for a significant fiscal consolidation for macroeconomic stability, an update on the developments of France's external competitiveness, and also the...

This paper discusses Bulgaria’s prospects for converging to the living standards of the more advanced members of the European Union (EU). The unfavorable economic environment of the early 1990s and the economic crisis in 1996–97 hurt Bulgaria’s output, employment, and...

This 2011 Article IV Consultation highlights that the growth momentum in Uruguay has continued into 2011 but a slowdown is under way, led by weaker exports and slower public investment. Uruguay’s economic and financial vulnerabilities are modest, and the government has reduced debt...

This paper discusses key findings of the Second Review under the Stand-By Arrangement for Hungary. All end-March 2009 quantitative performance criteria and the continuous performance criterion on nonaccumulation of external arrears were met, as well as the end-March indicative target on central...

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...

KEY ISSUES Context and outlook: Despite strong macroeconomic performance under the Fund- supported program (2009–12) with economic activity steadily accelerating and inflation declining sharply, poverty remains pervasive and the economy vulnerable, exposing this progress to reversal....

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...