The IMF's Global Financial Stability Report

Held on Wednesday, May 25, 2016


  • José Viñals (Financial Counsellor and Director of the Monetary & Capital Markets Department, IMF)




Last month, during the week of the Spring Meetings of the IMF and World Bank in Washington, the Fund published the latest edition of its semi-annual Global Financial Stability Report.

The main message of this is that, since last October, risks to financial stability have increased. These include:

  • a slowdown in advanced economies;
  • increased disruption to global asset markets;
  • weaknesses in commodity markets;
  • greater uncertainties in China;
  • tighter financial conditions;
  • a reduced appetite for risk; and
  • raised credit markets.

As a consequence, the Fund is advocating a broad-based policy response: advanced economies need to deal with serious legacy issues, emerging markets need to bolster their resilience, and everyone needs to do more to boost global liquidity.

The GFSR is always a big deal, and we are therefore delighted that the Fund official most directly responsible for it has agreed to walk us through the report, and to discuss his concerns – and his recommendations for securing a more resilient and stable system.

José Viñals is currently Financial Counsellor and Director of the Monetary & Capital Markets Department at the IMF. He is also a member of the Financial Stability Board, representing the Fund. He is a former deputy Governor at the Bank of Spain, and a former Faculty Member of the Economics Department at Stanford. He has a Masters from LSE and a PhD in Economics from Harvard.