In a recent report, the International Monetary Fund (IMF) has warned that new risks to global financial stability are already emerging before many of the vulnerabilities created by the financial crisis of 2008 have been solved. The recent banking crisis in Cyprus, in particular, underscored the ongoing uncertainty in Europe: even small nations can create significant threats to the global financial system, and policy-makers must continue their efforts to address key vulnerabilities in the system. Not surprisingly, ensuring global stability and strengthening the global financial architecture remain core concerns of the G20 during the Russian presidency this year, as well as for other international organizations such as the IMF and the Financial Stability Board.