José Viñals
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José Viñals is Financial Counselor and Director of the IMF’s Monetary and Capital Markets Department. He was previously Deputy Governor at the Bank of Spain and served on a range of advisory and policy committees at the central bank and within the European Union, including as Chairman of the European Central Bank’s International Relations Committee. He has published widely on macroeconomics, monetary policy, and financial issues.

Entries by José Viñals

Estabilidad financiera mundial: El inicio del punto de inflexión

(0) Comments | Posted April 10, 2014 | 4:00 PM

La estabilidad financiera mundial está mejorando; hemos empezado a dar vuelta a la página.

Pero aún no se puede cantar victoria, ya que la solución de los desafíos que todavía afectan a la estabilidad mundial está más allá del problema de dependencia de la liquidez, el tema central del...

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Global Financial Stability: Beginning to Turn the Corner

(0) Comments | Posted April 9, 2014 | 11:19 AM

Global financial stability is improving -- we have begun to turn the corner.

But it is too early to declare victory as there is a need to move beyond liquidity dependence -- the central theme of our report -- to overcome the remaining challenges to global stability.

Progress

...
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Transitions to Financial Stability: A Bumpy Ride

(0) Comments | Posted October 9, 2013 | 9:57 AM

The global financial system faces several major transitions along the road to greater financial stability. These transitions will be challenging because they are accompanied by substantial risks.

So what are these transitions?

  • The first one is the transition in the United States from a prolonged period of monetary accommodation...

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How to Sustain Recent Financial Gains: Fix Old Risks and Meet New Challenges

(1) Comments | Posted April 17, 2013 | 9:54 AM

Policymakers' decisive actions since our last report in October have increased global financial stability by reducing acute risks.

  • In the euro area, policymakers averted a financial cliff.
  • In the United States, the worst fears of the fiscal cliff had been averted, while balance sheet repair and continued monetary easing have...
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Time for a Spring Cleaning: The Global Economy Will Thank You

(0) Comments | Posted February 25, 2013 | 11:35 AM

It is still winter in the northern hemisphere, but there is never a bad time for spring cleaning. I suggest that policymakers de-clutter their to-do lists by focusing on three priorities. These policies will help economies grow and will significantly improve financial and monetary stability in 2013 and beyond.

Strong...

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Time Not on Our Side: Tough Decisions Needed to Strengthen Financial Stability

(7) Comments | Posted October 10, 2012 | 7:04 PM

Recent policy actions in Europe, the United States, in emerging markets, and here in Japan, where I'm attending the IMF-World Bank annual meetings, have improved investor sentiment and helped markets rebound in recent months.

Yet our latest assessment is that confidence is still very fragile and...

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Risks to Financial Stability Increase, Bold Action Needed

(2) Comments | Posted July 17, 2012 | 12:10 PM

Our latest update of the Global Financial Stability Report has three key messages.

First, financial stability risks have increased, because of escalating funding and market pressures and a weak growth outlook.

Second, the measures agreed at the recent European leaders' summit provide significant steps to address the immediate...

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Global Financial Stability: What's Still to Be Done?

(1) Comments | Posted April 23, 2012 | 6:52 PM

The quest for lasting financial stability is still fraught with risks. The latest Global Financial Stability Report has two key messages: policy actions have brought gains to global financial stability since our September report; but current policy efforts are not enough to achieve lasting stability, both in Europe...

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How to Exit the Danger Zone: IMF Update on Global Financial Stability

(2) Comments | Posted February 1, 2012 | 4:48 PM

Since September of last year, risks to global financial stability have deepened, notably in the euro area.
However, over the past few weeks, markets have been encouraged by measures to provide liquidity to banks and sovereigns in the euro area. This recent improvement should not be taken for granted,...

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The Danger Zone: Financial Stability Risks Soar

(0) Comments | Posted September 22, 2011 | 3:32 PM

We are back in the danger zone. Since the IMF's previous Global Financial Stability Report, financial stability risks have increased substantially -- reversing some of the progress that had been made over the previous three years.

Several shocks have recently buffeted the global financial system: unequivocal signs...

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Tough Political Decisions Needed to Fix the Financial System

(2) Comments | Posted June 20, 2011 | 4:39 PM

It was fitting that I should present our latest assessment of global financial stability in Sao Paulo, the financial center of one of the leading emerging economies. In common with many of its peers in Latin America, Brazil is recovering strongly from the crisis. But new financial stability...

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Macroprudential Policy -- Filling the Black Hole

(1) Comments | Posted April 15, 2011 | 10:40 AM

When the global financial system was thrown into crisis, many policymakers were shocked to discover a gaping hole in their policy toolkit.

They have since made significant progress in developing macroprudential policy measures aimed at containing system-wide risks in the financial sector. Yet progress has been uneven. Greater...

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Avoiding Another Year of Living Dangerously: Time to Secure Financial Stability

(5) Comments | Posted April 13, 2011 | 3:51 PM

In various guises, the "Year of Living Dangerously" has been used to describe the global financial crisis, the policy response to the crisis, and its aftermath.

But, we've slipped well beyond a year and the financial system is still flirting with danger. Durable financial stability has, so far,...

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Government Bonds: No Longer a World Without Risk

(0) Comments | Posted March 25, 2011 | 4:54 PM

The risk free nature of government bonds, one of the cornerstones of the global financial system, has come into question as the global crisis unfolds.

One thing is now very clear: government bonds are no longer the risk-free assets they once were. This carries far reaching implications for policymakers, central...

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Time Waits for No Man: How to Secure Financial Stability in 2011

(2) Comments | Posted January 25, 2011 | 9:57 AM

This morning, I presented our latest views on global financial stability in Johannesburg, South Africa.

So, where does the global financial system stand at the moment? Yes, we have witnessed improvements recently, but we are also observing a dichotomy between the economy and the financial system. While the...

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Financial System Fragilities - Achilles' Heel of Economic Recovery

(1) Comments | Posted October 6, 2010 | 2:29 PM

It would be unfair for any assessment of global economic and financial stability not to acknowledge that tremendous progress has been made in repairing and strengthening the financial system since the onset of the global crisis.

Still, the key message from the IMF's October 2010 Global Financial Stability...

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Just Do It--Shaping the New Financial System

(0) Comments | Posted October 4, 2010 | 10:42 AM

Fearful financial markets, an uncertain growth outlook, fiscal anxieties, long unemployment lines....no other financial crisis since the Great Depression has led to such widespread dislocation in financial markets, with such abrupt consequences for growth, trade, and employment.

The crisis exposed fundamental weaknesses in many areas of the world economy, the...

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A Marriage Made in Heaven or Hell: Monetary and Financial Stability

(0) Comments | Posted July 20, 2010 | 11:31 AM

Monetary stability seems almost a given today, even taken for granted. It wasn't always like that. Not so long ago, high and volatile inflation routinely raised its ugly head and threatened living standards. Some of us even remember those days! It wasn't pleasant. But since then, an effective antidote has...

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Financial Reform: What Must Be Done

(7) Comments | Posted July 5, 2010 | 4:16 PM

Financial system reform has reached a critical point around the world. Pressure is building from the financial industry to slow reform and concerns about fiscal conditions risk drawing public and political energies away from the need to act on financial sector problems. Fortunately, the Group of Twenty (G-20)...

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It's Hip to Be Square -- Why Good Financial Sector Supervision Is Important

(0) Comments | Posted May 27, 2010 | 3:17 PM

Financial supervisors often get a raw deal. They are the stodgy "buttoned-up" guys who stand in the way of innovation, the dyed-in-the-wool bureaucrats who resist change and meddle with markets. On the list of thankless jobs they rank somewhere between traffic wardens and tax administrators.

And yet, as the global...

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