A detailed review of developments in the financial system and an analysis of policy directions in the financial sector. Published twice a year.
The turmoil in global financial markets entered a new phase in September, moving to a more acute and broad-based loss of confidence in the context of a series of failures and near-failures of large financial institutions in the United States and Europe.
Although there has been some improvement in conditions over the past several weeks, strains in global credit markets have broadened since December.
