United States: 2010 Article IV Consultation-Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion

IMF Staff Country Reports, July 30, 2010

Source details

Canonical URL: United States: 2010 Article IV Consultation-Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion

The U.S. economy is recovering from a financial crisis, but remains vulnerable to shocks.
Executive Directors welcomed:
- health care reform,
- fiscal stabilization,
- the Financial Sector Assessment Program (FSAP) assessment, which acknowledged that the financial system has strengthened.
Directors underscored risks in:
- the over-the-counter (OTC) derivatives markets,
- revitalizing private securitization,
- reforms to the housing finance system, including government-sponsored enterprises (GSEs).
Directors appreciated the United States for promoting multilateral economic management.
Directors assessed that U.S. economic policy could help secure global growth and stability through:
- fiscal consolidation, which could reduce account deficit,
- strengthening the financial sector.

Continued vulnerability to shocks despite recovery from the financial crisis.
Specific financial-sector risks highlighted:
- OTC derivatives markets,
- the challenges of revitalizing private securitization,
- reforming the housing finance system, including GSEs.

Positive assessment of policy measures:
- Health care reform and fiscal stabilization efforts were welcomed.
- FSAP assessment recognized strengthening of the financial system.
Policy directions suggested by Directors:
- Pursue fiscal consolidation to reduce account deficit and support global growth and stability.
- Strengthen the financial sector to mitigate systemic risks.

_cr10249 - Executive Summary
- _cr10249 - Executive Summary (Markdown version)
- _cr10249 - Executive Summary (PDF)