This 2007 Article IV Consultation highlights that following an extended boom led by strong domestic demand, the slowdown in the United States has largely reflected a drag from residential investment as the housing market has weakened substantially. Unexpected weakness in business investment and...

This paper discusses key findings of the Second Review Under the Stand-By Arrangement for Peru. The economy continued to perform well in 2004. Real GDP grew by 5.1 percent, inflation was 3.5 percent at end-December, and the fiscal deficit of the combined public sector narrowed to 1.1 percent of...

The downturn has accentuated strains on the financial system of Anguilla. The 2011 Article IV Consultation highlights that the growth outlook is improving with major tourism projects getting back on course, although a slow recovery is only expected to begin in 2012. Executive Directors have...

The global financial crisis hit Denmark hard, and the recovery has been slow and unsteady. Denmark’s slow growth predates the recent economic crisis, and the economy has underperformed its regional peers. The current account remains in surplus, largely reflecting weak domestic demand...

Japan has responded swiftly to stabilize markets, and activity has begun to recover. The immediate priority is to repair damaged infrastructure and facilitate a swift recovery. Financial policies should protect against the risk of an economic slowdown and higher market volatility. Timely...

The European Union’s (EU) financial stability framework is being markedly strengthened. This is taking place on the heels of a severe financial crisis owing to weaknesses in the banking system interrelated with sovereign difficulties in the euro area periphery. Important progress has been...

Economic developments and growth of Jamaica are discussed in this paper. Despite the good performance under the program through end-September, mounting spending pressures and delays in some fiscal reforms have required the adoption of corrective measures by the authorities. The authorities...

This paper presents a technical note on Crisis Management Arrangements for the United States. The crisis has seen widespread systemic instability, large-scale fiscal support, and an increase in moral hazard. The lack of a formal systematic process for the assessment of risks may have contributed...

This paper discusses key findings of the assessment of Financial Sector Supervision and Regulation (FSSR) for Monaco. Since the 2002 Offshore Financial Center assessment, the Principality of Monaco has taken important steps to further strengthen an already comprehensive legal framework,...

Uruguay’s Second Review Under the Stand-By Arrangement and Requests for Modification, Waiver of Nonobservance and Applicability of Performance Criteria are discussed. Growth remains robust, inflation is subdued, and the external position continues to strengthen, with buoyant exports and...