IMF Deputy Managing Director Naoyuki Shinohara has delivered a speech on financial stability at the 8th Conference on Risk, Banking and Financial Stability. Mr Shinohara identified important challenges that stand in the way of achieving greater financial stability, including residual legacy risks from the GFC that remain unresolved, unfinished bank repair and corporate debt overhang, particularly in the euro area. Mr Shinohara also noted out new challenges arising from the side effects of prolonged monetary easier such as weaker underwriting standards amid low interest rates, market volatility in some emerging economies and rapid growth of shadow banking. Mr Shinohara concluded by emphasising the urgent need to  reinvigorate the global regulatory reform agenda, pointing to delay in completing reforms as a source of continued vulnerability and regulatory uncertainty.