As a percentage of GDP, European and UK banks are about five times more exposed to Emerging Markets (EM) than the US and Japanese banks. US investment bank Morgan Stanley says that pressures on EM economies, therefore, could have a particularly negative "boomerang’" effect on European banks. For currencies, if EMs becomes the second epicentre of the global financial crisis, the Euro seems more at risk than the US dollar or Japanese yen.Meanwhile, the IMF (International Monetary Fund) says it is moving quickly to help EMs battered by fallout from global financial turmoil. It is providing a $16.5 billion loan to Ukraine while discussions with Hungary are ongoing. Last Friday, the IMF announced a $2.1 billion loan for embattled developed country Iceland.