Switzerland showed commendable economic growth with low inflation and increasing employment. Executive Directors commended the prudent macroeconomic management, sound monetary and fiscal policy frameworks, structural reforms, and flexible labor markets. They noted that the monetary policy...

The Netherlands Authority for Financial Markets (AFM) has developed a robust supervisory framework, which exhibits high levels of implementation of the International Organization of Securities Commissions Principles. The AFM’s efforts are complemented by The NetherlandsCentral bank's...

The Canadian financial sector is among the world’s most highly developed. The five large banking groups that form the core of the system are conservatively managed and highly profitable. The stress tests suggest that the large Canadian banks can withstand a broad range of shocks. The...

This 2006 Article IV Consultation highlights that Ukraine’s fiscal policy in 2005–06 reshuffled resources from higher saving businesses to lower saving households, touching off a consumption boom, which has been reinforced by rapid credit expansion. In 2005, this boom helped to...

The Basel Core Principles for Effective Banking Supervision (BCP) assessment confirms the high standard of prudential regulation and supervision described in the 2003 assessment, and found that the issues identified have largely been addressed. The Guernsey Financial Services Commission (GFSC),...

This Technical Note covers the insurance sector of Italy supervised by the Institution for the Supervision of Insurance in Italy. Notwithstanding the high level of compliance with the International Association of Insurance Supervisors principles, critical principles remain to be taken on. Twenty...

This paper discusses key findings of the Financial System Stability Assessment for Italy. The assessment reveals that Italy’s financial system is sound, and no major vulnerabilities that could cause systemic risks are identified. The deep restructuring of the banking sector in the 1990s...

This report discusses the Action Plan for Public Financial Management (PFM) Reforms Based on PEFA Assessment for the Maldives. The purpose of the action plan is to help prioritize efforts in light of scarce resources. The recently completed Public Expenditure and Financial Accountability (PEFA)...

This 2007 Article IV Consultation highlights that the Republic of Korea is enjoying its longest uninterrupted period of economic expansion since the Asian crisis. Growth reached 5 percent in 2006, buoyed by strong exports, and is only expected to slow marginally to 4¾ percent this year. The...

The staff report on Mexico’s 2008 Article IV Consultation focuses on economic and financial sector implications of the global crisis. Inflation has been anchored in a low range, and public and private balance sheets have been substantially strengthened. Most importantly, public external...