Kuwait’s 2006 Article IV Consultation reports that its macroeconomic performance has been strong in recent years reflecting sharply higher oil and non-oil activity. Over the medium term, Kuwait’s financial position is projected to remain strong. The large external current account...

The aim is to analyze the main channels of transmission for shocks from the global economy to Guyana and assess their specific spillover magnitudes. The paper documents the transmission channels of external shocks to the real economy and the financial sector, citing magnitudes and risks. It then...

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...

Spain’s 2007 Article IV Consultation underlies that immediate growth prospects are bright and the central scenario is for a smooth landing but with appreciable downside risks. The Spanish economy enjoyed another year of remarkable growth in 2006, further extending its prolonged expansion....

This 2013 Article IV Consultation highlights that Germany’s economic rebound of 2010–11 gave way to weakening momentum during the course of 2012. Although exports to non-European trading partners began to recover by mid-2012, in line with improved prospects in the United States and...

This paper is focused on a detailed assessment report on Anti-Money Laundering (AML) and Combating the Financing of Terrorism for Qatar. There is no fundamental principle in Qatari law that would prohibit the courts from applying the money laundering offense to the person who has committed the...

Stress tests indicate that the main vulnerabilities of the banking sector of San Marino relate to deposit outflows or to a deterioration of credit quality, and these risks are particularly high for the largest bank. There is no effective mechanism to provide liquidity to banks. The nonbank...

The European debt crisis triggered a debate on the lacking components of the EU and EMU integration architecture. Many believe that a common currency requires closer fiscal and political integration as a condition for its survival. This opinion is not necessarily supported by the experience of...

This paper considers which currency option would be best for an independent Scotland. We examine three currency options: being part of a sterling currency zone, adopting the euro, or having an independent currency. No currency option is the best when considered against all criteria. Therefore,...

The study seeks to establish the presence, or otherwise, of real exchange rate, demand and supply shocks synchronicity in the West African Monetary Zone (WAMZ) and to suggest alternative exchange rate arrangements, other than a monetary union, in case these shocks do not co-move. On the whole,...