The Global Financial Stability Report (GSFR) provides an assessment of global financial markets and addresses emerging market financing in a global context. The GFSR focuses on relevant contemporary issues and regularly contains special features on structural or systemic issues that are critical to international financial stability. In the many countries that have already emerged to become major global players, the main priority has been to augment candid and focused macroeconomic analysis with enhanced surveillance over financial and capital markets. The discussion aims to deepen and update understanding of global capital flows as a critical engine of world economic growth. Policymakers always face a delicate balancing act, and each GFSR helps to evaluate potential courses of action, weighing policy benefits against costs and unintended consequences. Going forward, the GFSR will continue to provide its analysis of the resilience of current regulatory systems, financial innovation, and prospects for the continuation of the solid growth and financial stability of recent years in the face of current challenges. Each report is rich with tables, annexes, boxes, and charts clarifying the key issues underlying the policy analysis. As you assess credit discipline, appetite for risk, and emerging market fundamentals, the Global Financial Stability Report offers an indispensable view based on information the IMF staff gathers through consultation with member countries in the context of surveillance and lending activities and the work of the IMF's leading economists.