Risks to the stability of the global financial system have “materially worsened”, the IMF has warned, cautioning that markets are at risk of a “disorderly repricing” that will hit emerging and developing countries most severely.
In its twice-yearly Global Financial Stability Report, the multilateral lender said the surge in global borrowing costs, coupled with poor trading conditions and souring growth prospects, threatened to unmask the financial system’s fragility.
“There certainly are many vulnerabilities out there,” Tobias Adrian, head of monetary and capital markets at the IMF, told the Financial Times. “When interest rates increase very rapidly, these vulnerabilities are exposed.”
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