According to an estimate by the Global Financial Stability Report of the International Monetary Fund (IMF) released at the end of September, banks' losses stemming from the current crisis have only been provisioned or written-off for 60 percent in the United States and 40 percent in Europe, and thus the adjustment of balance sheets is only half way through.
Based on those observations, the pace of growth in the global economy as a whole is likely to remain moderate for some time. Advanced economies and emerging economies The balance-sheet adjustments I have explained are mainly a problem of advanced economies in the United States and Europe.