The new extraordinary financing package in favour of Brazil, which will be discussed by the IMF Board today, does not foreshadow a change of policy on the part of the Fund and thus makes me less optimistic that a satisfactory agreement on a reform of access policy among the G-7 will be achievable soon.
As lowincome households allocate a higher share of their income to food and energy, they are especially vulnerable to increases in these expenses. Vulnerabilities in euro area residential real estate markets are also rising in light of continued price increases and vigorous mortgage lending growth.