Stability in the global financial system is currently “as good as it gets” but financial markets should be wary of complacency, the International Monetary Fund warned on Tuesday.

Benign conditions of low interest rates and low credit risks had helped further to improve the resilience of the financial system over the past six months, the IMF said in its twice-yearly Global Financial Stability Report. But because the economic and credit cycles had advanced, negative surprises and disappointments were now more likely to occur.