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Central Bank of Hungary : Válogatás a nemzetközi szervezetek újdonságaiból (2019.10.03-10.09.)

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10/10/2019 | 09:41am EDT

VÁLOGATÁS

az ECB, az EU, az EBA, az EIOPA, az ESMA, az IMF, a BIS, az FSB, az OECD és az IOSCO dokumentumaiból

2 0 1 9 . O K T Ó B E R 3 - O K T Ó B E R 9 .

MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

TARTALOMJEGYZÉK

1. MONETÁRIS POLITIKA, INFLÁCIÓ ...........................................................................................................................

3

2. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK .............................................................................................................

4

3. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS ............................................................................................

5

4. ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS.......................................................................................................

8

5. PÉNZFORGALOM, FIZETÉSI RENDSZEREK................................................................................................................

9

6. MAKROGAZDASÁG ................................................................................................................................................

9

7. ÁLTALÁNOS GAZDASÁGPOLITIKA...........................................................................................................................

9

8. KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS .....................................................................................................................

11

9. STATISZTIKA.........................................................................................................................................................

12

10. PÉNZÜGYI ISMERETTERJESZTÉS, PÉNZÜGYI KULTÚRA ........................................................................................

13

2/13

MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

1. MONETÁRIS POLITIKA, INFLÁCIÓ

Interview with Market News

ECB

https://www.ecb.europa.eu/press/inter/date/2019/html/ecb.in191009~59da42388d.en.html

Interview

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Luke Heighton on 7 October, and

published on 9 October 2019

Data-dependent monetary policy in an evolving economy

BIS

https://www.bis.org/review/r191008i.pdf

Central Bankers'

Speech by Mr Jerome H Powell, Chair of the Board of Governors of the Federal Reserve System, at "Trucks

Speech

and Terabytes: Integrating the 'Old' and 'New' Economies", 61st Annual Meeting of the National

Association for Business Economics, Denver, Colorado, 8 October 2019

Perspectives on Maximum Employment and Price Stability

BIS

https://www.bis.org/review/r191007b.pdf

Central Bankers'

Opening remarks by Mr Jerome H Powell, Chair of the Board of Governors of the Federal Reserve System,

Speech

at "Perspectives on Maximum Employment and Price Stability", a Fed Listens event sponsored by the

Board of Governors of the Federal Reserve System, Washington DC, 4 October 2019

Consolidated financial statement of the Eurosystem as at 4 October 2019, 09/10/2019

ECB

https://www.ecb.europa.eu/press/pr/wfs/2019/html/ecb.fst191009.en.html

Press Release

Commentary

https://www.ecb.europa.eu/press/pr/wfs/2019/html/ecb.fs191009.en.html

ECB executive board: Eurogroup gives support to Fabio Panetta's candidacy, 09/10/2019

EU

https://www.consilium.europa.eu/en/press/press-releases/2019/10/09/ecb-executive-board-

Press Release

eurogroup-gives-support-to-fabio-panetta-s-candidacy/

ECB Survey of Monetary Analysts (SMA), 07/10/2019

ECB

https://www.ecb.europa.eu/stats/ecb_surveys/sma/shared/pdf/ecb.sma201910_questionnaire.en.pdf?

Publication

d7bbe87add9201e648ae01762d1722fe

Modelling yields at the lower bound through regime shifts, 04/10/2019

ECB

https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2320~879bf0c8ff.en.pdf?62bdf29fb6d21cee5d2fdf

Publication

2f6aacc8f7

We propose a regime-switching approach to deal with the lower bound on nominal interest rates in

dynamic term structure modelling. In the "lower bound regime", the short term rate is expected to remain

constant at levels close to the effective lower bound; in the "normal regime", the short rate interacts with

other economic variables in a standard way. State-dependent regime switching probabilities ensure that

the likelihood of being in the lower bound regime increases as short rates fall closer to zero. A key

advantage of this approach is to capture the gradualism of the monetary policy normalization process

following a lower bound episode. The possibility to return to the lower bound regime continues exerting

an influence in the early phases of normalization, pulling expected future rates downwards.

Keywords: zero lower bound; term premia; term structure of interest rates; monetary policy rate

expectations; regime switches.

Monetary policy frameworks and central bank market operations, 07/10/2019

BIS

https://www.bis.org/publ/mc_compendium.pdf

Publication

Central banks' decisions and actions are shaped by their operational frameworks, which evolve as market

conditions, policy goals, and the structure of financial markets change. While these monetary policy

operating frameworks share a number of similarities, there are also noticeable differences.

3/13

MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

Unconventional monetary policy tools: a cross-country analysis, 07/10/2019

BIS

https://www.bis.org/publ/cgfs63.pdf

Publication

In response to the unprecendented challenges brought about by the Great Financial Crisis and its

aftermath, central banks departed from their established approach to the conduct of monetary policy and

implemented a number of unconventional monetary policy tools (UMPTs). After a decade of experience

with UMPTs the report takes stock of central banks' experience and draws some lessons for the future.

The report focuses on four sets of tools: negative interest rate policies, new central bank lending

operations, asset purchase programmes, and forward guidance. It offers a summary of central banks'

shared understanding of the efficacy of these tools across countries, as well as the way that they were

sequenced and coordinated.

Monetary policy hysteresis and the financial cycle, 03/10/2019

BIS

https://www.bis.org/publ/work817.pdf

Working Paper

This paper studies the interaction between monetary policy and macroeconomic stability in a model with

two distinguishing features. First, financing - cash flows - underpins all economic activity, with banks

generating deposits by granting loans. Money is non-neutral as the policy interest rate anchors the real

economy. Second, bank lending is subject to an endogenous boom-bust cycle due to externalities in the

loan market. Together, these features imply that monetary policy may have long-lasting impact on the real

economy through its in fluence on the financial cycle. In this `finance-based' economy, there is no well-

defined natural rate of interest to which the economy gravitates. The possibility of a `low interest rate

trap' emerges: monetary policy that leans insufficiently against the build-up of financial imbalances

increases the vulnerability to financial busts over successive cycles. As a result, low rates can beget lower

rates.

Keywords: monetary policy; financial cycle; money neutrality; hysteresis; natural rate of interest.

2. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK

Interview with Il Sole 24 Ore (Italy)

EU

https://www.esm.europa.eu/interviews/nicola-giammarioli-interview-il-sole-24-ore-italy

Interview

Interview with ESM Secretary General Nicola Giammarioli, published in Il Sole 24 Ore (Italy) on 5 October

2019

Interview with Helsingin Sanomat (Finland)

EU

https://www.esm.europa.eu/interviews/klaus-regling-interview-helsingin-sanomat-finland

Interview

Interview with Klaus Regling, ESM Managing Director, published by Helsingin Sanomat (Finland), 3

October 2019

ECB Banking Supervision: Risk assessment for 2020, 07/10/2019

ECB/SSM

https://www.bankingsupervision.europa.eu/ecb/pub/ra/html/ssm.ra2020~a9164196cc.en.html#toc3

Publication

Identifying and assessing the risks faced by supervised entities is crucial for successfully conducting

banking supervision and serves as a basis for the supervisory priorities that are set during the regular

strategic planning process.

ECB Banking Supervision conducts an annual risk identification and assessment exercise in close

cooperation with the national competent authorities (NCAs). The analysis draws on a wide range of

contributions, including from the Joint Supervisory Teams and the ECB's horizontal microprudential and

macroprudential functions. It is also informed by discussions with banks and other relevant authorities.

4/13

MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

Large central bank balance sheets and market functioning, 07/10/2019

BIS

https://www.bis.org/publ/mktc11.pdf

Publication

Central banks expanded their balance sheets on an unprecedented scale in response to the global financial

crisis and its aftermath. The scale of these programmes naturally gave rise to concerns about their impact

on market functioning, prompting central banks to take steps to mitigate any potential adverse conse-

quences. This report prepared by a Markets Committee study group reviews the accumulated experience

and associated policy implications. It investigates how the design and execution of balance sheet expan-

sion affected market functioning and, in particular, to what extent it affected how market participants

could adjust their positions efficiently, and whether asset prices responded to information promptly and

reliably.

3. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS

Enhancing the role and responsibilties of ESMA; strengthening the supervision of EU and non-EU CCPs;

ESMA

and Brexit

Speech

https://www.esma.europa.eu/press-news/esma-news/steven-maijoor-delivers-keynote-speech-afmes-

legal-and-compliance-conference

Keynote speech by Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA), at

the October 4 session of AFME's Legal and Compliance Conference in Paris.

Two issues to take on together

BIS

https://www.bis.org/review/r191007c.pdf

Central Bankers'

Keynote speech by Mr Frank Elderson, Executive Director of Supervision of the Netherlands Bank, at the

Speech

European Banking Federation's Banking Summit "Building A Positive Future For Europe", Brussels,

2 October 2019

The Financial Stability Board at 10 Years-Looking Back and Looking Ahead

FSB

https://www.fsb.org/wp-content/uploads/S031019.pdf

Speech

Remarks by FSB Chair Randal K. Quarles at the European Banking Federation's European Banking Summit

in Brussels, 3 October 2019

Selected Pillar 3 information of SSM Significant Institutions - 2018, 09/10/2019

ECB/SSM

https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.selected_pillar_3_information_2018_201

Press Release

910~a935e2ae95.en.xlsx?81dfe37abc60c5b2abe7e78b0a5179d4

ECB Banking Supervision: SSM Supervisory Priorities 2020, 07/10/2019

ECB/SSM

https://www.bankingsupervision.europa.eu/banking/priorities/html/ssm.supervisory_priorities2020~b6

Press Release

7449d936.en.html

The supervisory priorities set out focus areas for supervision in 2020. They build on an assessment of the

key challenges facing supervised banks in the current economic, regulatory and supervisory environment.

ECB Banking Supervision has identified sources of banking sector risk in cooperation with the national

competent authorities, drawing on input from the Joint Supervisory Teams (JSTs), ECB microprudential

and macroprudential analyses, as well as reports by international bodies. The key drivers of banking sector

risks identified are: (i) economic, political and debt sustainability challenges in the euro area, (ii) business

model sustainability, and (iii) cybercrime and IT deficiencies. Further significant risk drivers are: execution

risk attached to banks' strategies for non-performing loans (NPLs); easing lending standards; repricing in

financial markets; misconduct/money laundering/terrorism financing; Brexit; global outlook and

geopolitical uncertainties; reaction to regulation; and climate-change related risks.

5/13

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Central Bank of Hungary published this content on 10 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 October 2019 13:40:02 UTC

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