An Asynchronous and Divergent Recovery May Put Financial Stability at Risk

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    Tobias Adrian is the Financial Counsellor and Director of the International Monetary Fund’s Monetary and Capital Markets Department.
    After enduring a tumultuous 2020, the global economy is finally emerging from the worst phases of the COVID-19 pandemic, albeit with prospects diverging starkly across regions and countries—and only after a “lost year”
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