The Global Financial Stability Report (GFSR) assesses key risks facing the global financial system with a view to identifying those that represent systemic vulnerabilities. In normal times, the report seeks to play a role in preventing crises by highlighting policies that may mitigate systemic risks, thereby contributing to global financial stability and the sustained economic growth of the IMF’s member countries. Although global financial stability has improved, the current report highlights how risks have changed over the last six months, traces the sources and channels of financial distress, and provides a discussion of policy proposals under consideration to mend the global financial system.