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IMF’s Financial Counsellor and Director Jose Vinals speaking at the launch of Global Financial Stability Review in Tokyo on Wednesday said as a whole emerging markets have navigated global risks skillfully but their guard must be kept up.
“Asian emerging markets are less impacted by shocks emanating from Europe but are not immune to adverse external spillovers. Following a period of rapid credit growth some key economies in Asia have reached the late stages of credit cycle which tend to be accompanied by peaking asset prices and early indications of worsening loan quality,” he said.
Vinals also cautioned that in the face of global slowdown emerging markets need to use their available policy space wisely and address domestic vulnerabilities. “Much has been done but confidence is still fragile,” he added.
IMF said vulnerabilities are most pronounced in several central and eastern European countries because they are directly exposed to European bank deleveraging pressures.
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