• Says ECB should not hesitate to use unconventional mon pol
  • Reiterates that eurozone expected to enter mild recession in 2012
  • The lack of a comprehensive fiscal plan for US is a major medium-term risk
  • US recover to remain tepid, housing prices could resume fall
  • If European crisis deepens, Chinese growth could fall 4 percentage points
  • Global liquidity has surpassed excess levels seen in 2007
  • In a separate report, the IMF said it’s uncertain if Ireland can fully return to bond market next year