Risks to the financial system have risen in the past six months while becoming "harder to assess and harder to address", José Viñals warned today, at the launch of the IMF's latest global financial stability report.

The report – entitled Navigating Monetary Policy Challenges and Managing Risks – attempts to pin down the changing nature of the risks as growth patterns and monetary policies diverge across the globe.

It finds they have rotated "from advanced economies to emerging markets, from