《全球金融稳定报告》概要原文及翻译.docxVIP

附录 EXECUTIVE SUMMARY The global financial system remains under severe stress as the crisis broadens to include households,corporations, and the banking sectors in both advanced and emerging market countries. Shrinking economicactivity has put further pressure on banks’ balance sheets as asset values continue to degrade, threatening their capital adequacy and further discouraging fresh lending. Thus,credit growth is slowing, and even turning negative, adding even more downward pressure on economic activity. Substantial private sector adjustment and public support packages are already being implemented and are contributing to some early signs of stabilization. Even so, further decisive and effective policy actions and international coordination are needed to sustain this improvement, to restore public confidence in financial institutions, and to normalize conditions in markets. The key challenge is to break the downward spiral between the financial system and the global economy. Promising efforts are already under way for the redesign of the global financial system that should provide a more stable and resilient platform for sustained economic growth. To mend the financial sector, policies are needed to remove strains in funding markets forbanks and corporates, repair bank balance sheets, restore cross-border capital flows (particularly to emerging market countries); and limit the unintended side effects of the policies being implementedto combat the crisis. All these objectives will require strong political commitment under difficult circumstances and further enhancement of international cooperation. Such international commitment and determination to address the challenges posed by the crisis are growing, as displayed by the outcome of the G-20 summit in early April. A wide range of nonbank financial institutions has come under strain during the crisis as asset prices have fallen. Pension funds have been hit hard—their assets have rapidly declined in value while