IMF [to 18 April 2015]
http://www.imf.org/external/news/default.aspx
[We generally limit coverage to regional and global level initiatives, recognizing that a number of country-level announcements are added each week]

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April 17, 2015
Remarks of IMF Managing Director Christine Lagarde–High-Level Ebola Meeting: The Road to Recovery

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April 15, 2015
Transcript of a Press Briefing on the Global Financial Stability Report

IMF – Global Financial Stability Report (GFSR) —
Navigating Monetary Policy Challenges and Managing Risks
IMF April 2015 :: 162 pages
Pdf: http://www.imf.org/external/pubs/ft/gfsr/2015/01/pdf/text.pdf
Overview
Global financial stability risks have risen since October.

Chapter 1 finds that these risks have also been pivoting away from banks to shadow banks, from solvency to market liquidity risks, and from advanced economies to emerging markets. In advanced economies, the key challenge is to enhance the traction of accommodative monetary policies, ensure a smooth normalization of monetary policy in the United States, and manage the undesirable side effects of low interest rates. Emerging markets must address their own domestic financial vulnerabilities from weaker growth, lower commodity prices, and a stronger dollar, while strengthening their resilience to the changing global environment.

Chapters 2 and 3 examine developments in international banking and the potential risks stemming from the financial management industry. Analyzing developments since the global financial crisis, Chapter 2 highlights a shift from direct cross-border lending to local lending by foreign banks’ affiliates. The decline in cross-border lending can be explained by a combination of regulatory changes, weaknesses in bank balance sheets, and macroeconomic factors. This change can positively affect the financial stability of host countries. Cross-border lending tends to compound adverse domestic and global shocks; in contrast, foreign-owned subsidiaries behave less procyclically than domestic banks during domestic crises.

Chapter 3 shifts the focus to the asset management industry, particularly “plain-vanilla” products, such as mutual funds. Even these vehicles may pose financial stability risks due to incentive problems between portfolio managers and end investors (which may lead to herding) and due to run risk stemming from liquidity mismatches. The empirical analysis finds evidence for many of these risk-creating mechanisms, although their importance varies across markets. Oversight of the industry should be strengthened.