The IMF's Global Financial Stability Report


Held on Wednesday, May 25, 2016


Speaker

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


Resources


Agenda

 

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.