• 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