国际英语新闻:Global financial stability progress suffers setback: IMF
WASHINGTON, Oct. 5 (Xinhua) -- Overall progress toward global financial stability has suffered a setback since this spring, but emerging market economies remain bright spots of global financial investment, according to a report released by the International Monetary Fund (IMF) on Tuesday.
"The turmoil in sovereign debt markets in Europe highlighted increased vulnerabilities of bank and sovereign balance sheets," the Washington based international institution said in its biannual Global Financial Stability Report (GFSR) before the IMF and its sibling institution World Bank annual meeting held this weekend.
The report said that the banking system continues to build on the ongoing economic recovery. IMF estimate of total crisis-related bank writedowns and loan provisions between 2007 and 2010 has now fallen from 2.3 trillion U.S. dollars in the April 2010 GFSR to 2.2 trillion dollars.
However, sovereign risks remain elevated as markets continue to focus on high public debt burdens, unfavorable growth dynamics, and linkages to the banking system.
"Emerging markets have become relatively more attractive compared with advanced economies because of their better fiscal fundamentals, stronger growth outlooks and higher yields," said the report.
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