Unconventional monetary measures in the world's biggest economies brought the global economy back from the brink last year, but risk triggering an adverse shock once markets begin pricing in higher interest rates. This was the conclusion yesterday of the IMF's third annual spillover report, where it described the balancing act between short-term stimulus and long-term stability as the overriding "dilemma" for policy-makers.

The spillover report, which examines the external effects of domestic