Agustín Carstens, the Bank of Mexico governor, fears "a perfect storm might be forming" as large capital flows to emerging economies fuel credit booms and asset price bubbles that could collapse as soon as advanced economies withdraw their accommodative monetary policy.

In his keynote address at the G-20 meeting in Moscow, Carstens painted a "sobering picture" of substantial vulnerabilities and downside risks still persisting across the global economy; including the fragile stability and ongoing