Vlogats a nemzetkzi szervezetek jdonsgaibl (2020.04.09-04.15.)







04/16/2020 | 08:36am EDT

VÁLOGATÁS

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

2 0 2 0 . Á P R I L I S 9 – Á P R I L I S 1 5 .

MNB – Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

TARTALOMJEGYZÉK

1. KORONAVÍRUS…………………………………………………………………………………………………………………………………….

3

2. MONETÁRIS POLITIKA, INFLÁCIÓ ……………………………………………………………………………………………………………

7

3. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK ……………………………………………………………………………………………….

7

4. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS ………………………………………………………………………………..

9

5. FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA ……………………………………………………………………….

10

6. ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS………………………………………………………………………………………..

11

7. PÉNZFORGALOM, FIZETÉSI RENDSZEREK………………………………………………………………………………………………..

11

8. ÁLTALÁNOS GAZDASÁGPOLITIKA………………………………………………………………………………………………………….

11

9. KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS ………………………………………………………………………………………………………

13

10. STATISZTIKA…………………………………………………………………………………………………………………………………….

13

MNB – Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

1. KORONAVÍRUS

Press conference on the EU response to the coronavirus crisis

EU

https://www.consilium.europa.eu/en/press/press-releases/2020/04/15/remarks-by-president-charles-

Speech

michel-at-the-press-conference-on-the-eu-response-to-the-coronavirus-crisis/

Remarks by President Charles Michel at the press conference on the EU response to the coronavirus crisis,

15 April 2020

Eurogroup President on the EU’s response to COVID-19 – interview with five European papers

EU

https://www.consilium.europa.eu/en/council-eu/eurogroup/president/news/20200415-centeno-

Interview

interview-5-papers/

Interview with Mario Centeno, President of the Eurogroup, recorded on 14 April 2020, and published on

15 April by five European papers: FAZ (Germany), Corriere della Sera (Italy), El Mundo (Spain) and NRC

Handelsblad (the Netherlands).

Remarks during the G20 Finance Ministers and Central Bank Governors Meeting

IMF

https://www.imf.org/en/News/Articles/2020/04/15/pr20160-remarks-managing-director-kristalina-

Speech

georgieva-g20-fin-min-cen-bank-gov-meeting

Remarks by by Kristalina Georgieva, Managing Director of the IMF, during the G20 Finance Ministers and

Central Bank Governors meeting on 15 April 2020

Confronting the Crisis: Priorities for the Global Economy

IMF

https://www.imf.org/en/News/Articles/2020/04/07/sp040920-SMs2020-Curtain-Raiser

Speech

Opening speech by Kristalina Georgieva, Managing Director of the IMF, at the beginning of the IMF Spring

Meeting on 9 April 2020

Covid-19 and the economy

BIS

https://www.bis.org/review/r200409b.htm

Central Bankers’

Speech (via webcast)by Mr Jerome H Powell, Chair of the Board of Governors of the Federal Reserve

Speech

System, at the Hutchins Center on Fiscal and Monetary Policy, The Brookings Institution, Washington DC,

9 April 2020

Letter from Andrea Enria, Chair of the Supervisory Board, to Mr Kyrtsos, MEP, on COVID-19 related

ECB/SSM

measures for the banking system, 15/04/2020

Press Release

https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.mepletter200414_Kyrtsos~3b992d9520.e

n.pdf?956f803d5b3b991e91ef913f67b308f4

ECB communication to reporting agents on the collection of statistical information in the context of

ECB

COVID-19, 15/04/2020

Communication

https://www.ecb.europa.eu/pub/pdf/other/ecb.200415_communication_reporting_agents_on_statistic

al_info_covid~563fccc78b.en.pdf?2af60f6e2174d30d0e8ed2b4ed934bc3

ECB supports macroprudential policy actions taken in response to coronavirus outbreak, 14/04/2020

ECB

https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200415~96f622e255.en.html

Press Release

Mitigating the COVID-19 outbreak using EU structural funds requires a balance between more flexibility

EU

and accountability, say Auditors, 15/04/2020

Press Release

https://www.eca.europa.eu/Lists/ECADocuments/INOP20_03/INOP20_03_EN.pdf

State aid: Commission approves €770 million Bulgarian employment aid scheme for preserving jobs in

EU

sectors most affected by the coronavirus outbreak, 15/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_661

MNB – Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

State aid: Commission approves prolongation and modification of the French “Fonds de solidarité”

EU

scheme for small enterprises in temporary financial difficulties due to coronavirus outbreak, 15/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_665

State aid: Commission approves Czech scheme of up to €37 million to support investments in the

EU

production of coronavirus-relevant products, 15/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_654

State aid: Commission approves German guarantee scheme to stabilise trade credit insurance market in

EU

coronavirus outbreak, 14/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_653

State aid: Commission approves Italian guarantee scheme to support the economy in coronavirus

EU

outbreak, 14/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_655

State aid: Commission approves Italian guarantee scheme to support self-employed workers, SMEs and

EU

mid-caps affected by coronavirus outbreak, 14/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_656

State aid: Commission approves €10 billion French guarantee scheme to support domestic credit

EU

insurance market in coronavirus outbreak, 12/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_650

State aid: Commission approves Belgian scheme deferring payment by Walloon airports of concession

EU

fees to mitigate economic impact of coronavirus outbreak, 11/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_645

State aid: Commission approves €455 million Swedish guarantee scheme to support airlines affected by

EU

coronavirus outbreak, 11/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_647

State aid: Commission approves Belgian guarantee scheme mobilising €50 billion support for companies

EU

affected by coronavirus outbreak, 11/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_648

State aid: Commission approves €3.3 billion Romanian scheme to support SMEs in coronavirus outbreak,

EU

11/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_649

State aid: Commission approves amendments to previously approved German schemes to further

EU

support economy in coronavirus outbreak, 11/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_651

State aid: Commission approves €150 million Lithuanian schemes to support economy in coronavirus

EU

outbreak, 10/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_644

State aid: Commission approves €115 million Polish scheme to support economy in coronavirus

EU

outbreak, 10/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_635

State aid: Commission approves guarantee scheme of up to €3 billion to support the Flemish economy

EU

in coronavirus outbreak, 10/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_636

MNB – Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

State aid: Commission approves €15 billion Austrian liquidity scheme to support the economy in the

EU

coronavirus outbreak, 09/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_633

State aid: Commission approves €1 billion Croatian schemes to support companies affected by

EU

coronavirus outbreak, 09/04/2020

Press Release

https://ec.europa.eu/commission/presscorner/detail/en/IP_20_640

EU banks sail through the Corona crisis with sound capital ratios, 14/04/2020

EBA

https://eba.europa.eu/eu-banks-sail-through-corona-crisis-sound-capital-ratios

Press release

Fiscal Policies to Contain the Damage from COVID-19,15/04/2020

IMF

https://blogs.imf.org/2020/04/15/fiscal-policies-to-contain-the-damage-from-covid-19/

Blog Post

Blog Post by Vitor Gaspar (Director of the Fiscal Affairs Department of the IMF), W. Raphael Lam (senior

economist in the Fiscal Affairs Department of the IMF) and Mehdi Raissi (senior economist in the Fiscal

Affairs Department of the IMF)

Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development,

IMF

14/04/2020

Press Release

https://www.imf.org/en/News/Articles/2020/04/14/cm041420-intergovernmental-group-of-twenty-

four-on-international-monetary-affairs-and-development

COVID-19 Crisis Poses Threat to Financial Stability, 14/04/2020

IMF

https://blogs.imf.org/2020/04/14/covid-19-crisis-poses-threat-to-financial-stability/

Blog Post

Blog Post by Tobias Adrian (Director of the Monetary and Capital Markets Department of the IMF) and

Fabio M. Natalucci (Deputy Director of the Monetary and Capital Markets Department of the IMF)

Initial assessment of insurance coverage and gaps for tackling COVID-19 impacts, 10/04/2020

OECD

http://www.oecd.org/finance/Initial-assessment-of-insurance-coverage-and-gaps-for-tackling-COVID-19-

Press Release

impacts.pdf

Joint Statement by the OECD Development Assistance Committee on the Covid-19 crisis, 09/04/2020

OECD

http://www.oecd.org/newsroom/joint-statement-by-the-oecd-development-assistance-committee-on-

Press Release

the-covid-19-crisis.htm

Streamlining Procedures for Board Consideration of The Fund’s Emergency Financing During Exceptional

IMF

Circumstances Involving A Pandemic, 09/04/2020

Policy Paper

https://www.imf.org/en/Publications/Policy-Papers/Issues/2020/04/09/Streamlining-Procedures-for-

Board-Consideration-of-The-Funds-Emergency-Financing-During-49322

The COVID-19 pandemic has inflicted an unprecedented shock on the global economy and created an

enormous demand for Fund resources. To accelerate processing and approval of members’ requests in

such circumstances, the paper proposes measures to expedite Board consideration and approval of

requests for purchases and/or disbursements under the Rapid Financing Instrument and/or the Rapid

Credit Facility, respectively, completion of reviews and requests for changes in access in existing

arrangements, and requests for assistance under the Catastrophe Containment and Relief Trust (CCRT),

by shortening the circulation period for Board documents. The paper also proposes extending the use of

the shortened circulation period to selected Article IV consultations necessary for use of Fund resources

during a global pandemic.

Enhancing the Emergency Financing Toolkit-Responding To The COVID-19 Pandemic, 09/04/2020

IMF

https://www.imf.org/en/Publications/Policy-Papers/Issues/2020/04/09/Enhancing-the-Emergency-

Policy Paper

Financing-Toolkit-Responding-To-The-COVID-19-Pandemic-49320

+

Press Release

The COVID-19 pandemic is taking a human toll and has unleashed a series of shocks on the Fund’s entire

membership, creating severe disruption in the global economic and financial system. Many emerging

MNB – Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

market and developing country (EMDC) members face urgent and unprecedented financing needs,

creating significant immediate demand for Fund resources. In order to respond to members’ large and

urgent financing needs, the paper proposes to enhance the Fund’s emergency financing toolkit, through

a temporary increase in access limits for both the Rapid Financing Instrument (RFI), available to all

members, and the Rapid Credit Facility (RCF), available to Poverty Reduction Growth Trust-eligible

members only. It is proposed to increase these access limits for a proposed period of six months, which

may be extended by the Executive Board.

Related press release:

https://www.imf.org/en/News/Articles/2020/04/09/pr20143-imf-executive-board-approves-proposals-

enhance-emergency-financing-toolkit-us-billion

COVID-19 pandemic: Financial stability implications and policy measures taken, 15/04/2020

FSB

https://www.fsb.org/wp-content/uploads/P150420.pdf

Publication

+

This report sets out the financial stability implications of COVID-19 and policy measures taken to address

Press Release

them. The report was delivered to G20 Finance Ministers and Central Bank Governors ahead of their virtual

meeting on 15 April.

Related press release:

https://www.fsb.org/2020/04/fsb-publishes-report-on-international-cooperation-to-address-the-

financial-stability-implications-of-covid-19/

FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors: April 2020, 14/04/2020

FSB

https://www.fsb.org/2020/04/fsb-chairs-letter-to-g20-finance-ministers-and-central-bank-governors-

Publication

april-2020/

+

Press Release

The Financial Stability Board (FSB) today published a letter from its Chair, Randal K. Quarles, to G20 Finance

Ministers and Central Bank Governors ahead of their virtual meeting on 15 April. The letter highlights the

twin challenge that the global financial system must respond to in the face of COVID-19: First, a

dramatically increased need for credit throughout the global economy, to bridge this period of highly

restricted activity. Second, marked uncertainty about the value of a wide range of assets, which greatly

complicates the operation of markets and the intermediation of this heightened credit need.

Related press release:

https://www.fsb.org/2020/04/fsb-chair-updates-finance-ministers-and-central-bank-governors-on-

covid-19-response/

Tax and Fiscal Policy in Response to the Coronavirus Crisis: Strengthening Confidence and Resilience,

OECD

15/04/2020

Publication

https://read.oecd-ilibrary.org/view/?ref=128_128575-o6raktc0aa&title=Tax-and-Fiscal-Policy-in-

+

Response-to-the-Coronavirus-Crisis

Press Release

This report focuses on how tax policy can aid governments in dealing with the COVID-19 crisis. The report

finds that governments have taken decisive action to contain and mitigate the spread of the virus and to

limit the adverse impacts on their citizens and their economies. Through various measures, countries

are helping businesses stay afloat, supporting households and helping preserve employment. Policies

will need to be adapted to the evolving health and economic challenges. The report finds that specific

support will be necessary for developing countries, including through international coordination, financial

support and adaptation of tax rules that benefit all countries.

Keywords: tax policy, COVID-19 crisis, containment measures, fiscal action.

Related press release:

http://www.oecd.org/newsroom/tax-and-fiscal-policy-should-continue-to-support-households-and-

businesses-through-containment-then-shift-to-bolstering-recovery.htm

MNB – Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

2. MONETÁRIS POLITIKA, INFLÁCIÓ

ECB and Hrvatska narodna banka set up swap line to provide euro liquidity, 15/04/2020

ECB

https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200415_1~92fe0267b1.en.html

Press Release

Consolidated financial statement of the Eurosystem as at 10 April, 15/04/2020

ECB

https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fst200415.en.html

Press Release

Commentary:

https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fs200415.en.html

ECB Meeting of 18 March 2020, 09/04/2020

ECB

https://www.ecb.europa.eu/press/accounts/2020/html/ecb.mg200409_1~baf4b2ad06.en.html

Press Release

ECB Meeting of 11-12 March 2020, 09/04/2020

ECB

https://www.ecb.europa.eu/press/accounts/2020/html/ecb.mg200409~0026941ce4.en.html

Press Release

The growth of non-bank finance and new monetary policy tools, 15/04/2020

ECB

https://www.ecb.europa.eu/pub/economic-

Publication

research/resbull/2020/html/ecb.rb200415~49a80213ca.en.html

How does the presence of “shadow banks” – non-bank, unregulated financial intermediaries – affect the

ability of central banks to tackle a liquidity crisis? To address this question, we develop an asset pricing

model with both bank and non-bank financial institutions. A crucial part of the model is that banks

intermediate liquidity between the central bank and non-banks, but this intermediation stops during a

financial crisis. Non-banks are then left without a lender-of-last-resort, and central bank liquidity

operations with banks are not sufficient to mitigate the crisis. In our stylized model, opening liquidity

facilities to non-banks and purchasing illiquid assets are then essential measures to tackle a liquidity crisis.

ECB Survey of Monetary Analysts (SMA), 14/04/2020

ECB

https://www.ecb.europa.eu/stats/ecb_surveys/sma/shared/pdf/ecb.sma202004_questionnaire.en.pdf?

Publication

2c10d1cad739c736cf73f49ea570274d

3. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK

The General Board of the European Systemic Risk Board held its 37th regular meeting on 2 April 2020,

ESRB

09/04/2020

Press Release

https://www.esrb.europa.eu/news/pr/date/2020/html/esrb.pr200409~a26cc93c59.en.html

A dynamic network model to measure exposure diversification in the Austrian interbank market,

ESRB

15/04/2020

Working Paper

https://www.esrb.europa.eu/pub/pdf/wp/esrb.wp109~fad7e5149d.en.pdf

We design a statistical model for measuring the homogeneity of a financial network that evolves over

time. Our model focuses on the level of diversication of financial institutions; that is, whether they are

more inclined to distribute their assets equally among partners, or if they rather concentrate their

commitments towards a limited number of institutions. Crucially, a Markov property is introduced to

capture time dependencies and to make our measures comparable across time. We apply the model on

an original dataset of Austrian interbank exposures. The temporal span encompasses the onset and

development of the financial crisis in 2008 as well as the beginnings of the European sovereign debt crisis

MNB – Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

in 2011. Our analysis highlights an overall increasing trend for network homogeneity, whereby core banks

have a tendency to distribute their market exposures more equally across their partners.

Keywords: latent variable models, dynamic networks, austrian interbank market, systemic risk, bayesian

inference.

ESRB risk dashboard, April 2020 (Issue 31), 09/04/2020

ESRB

https://www.esrb.europa.eu/pub/pdf/dashboard/esrb.risk_dashboard200409~e85956ecc9.en.pdf?0575

Publication

bda2ceff52db76b6e9bc9cb19a33

Overview:

https://www.esrb.europa.eu/pub/pdf/dashboard/esrb.risk_dashboard200409_overviewnote~e0ffeb79f

f.en.pdf?9f894770b1abe28fbebe9b89c279da33

Annex I.:

https://www.esrb.europa.eu/pub/pdf/recommendations/2020/esrb.risk_dashboard_annex1_200409~1

42dcd5894.en.pdf?2b3c1491b066a7bcac47033a0f002232

Annex II.:

https://www.esrb.europa.eu/pub/pdf/dashboard/esrb.risk_dashboard_annex2_200409~7133e928d6.en

.pdf?9309674132142024a530c96e52ebdb5c

Global Financial Stability Report, 14/04/2020

IMF

https://www.imf.org/en/Publications/GFSR/Issues/2020/04/14/global-financial-stability-report-april-

Publication

2020

The coronavirus (COVID-19) pandemic poses unprecedented health, economic, and financial stability

challenges. Following the COVID-19 outbreak, the prices of risk assets collapsed and market volatility

spiked, while expectations of widespread defaults led to a surge in borrowing costs. Several factors

amplified asset price moves: previously overstretched asset valuations, pressures to unwind leveraged

trades, dealers’ balance-sheet constraints, and a deterioration in market liquidity. Emerging market

economies experienced the sharpest reversal of portfolio flows on record. As a result, financial conditions

tightened at an unprecedented speed.

Related transcript:

https://www.imf.org/en/News/Articles/2020/04/14/tr041420-transcript-of-press-conference-on-

release-of-april-2020-global-financial-stability-report

Transcript of the presentation made by Tobias Adrian, Director of the Monetary and Capital Markets

Department of the IMF, during the press briefing on the Global Financial Stability Report on 14 April 2020

International bank lending and corporate debt structure, 15/04/2020

BIS

https://www.bis.org/publ/work857.htm

Working Paper

Using a cross-country sample of bank-dependent public firms the paper examines the international

spillovers of a change in banking regulation on corporate borrowing. For identification they examine how

US firms’ liabilities vis-à-vis banks, non-bank lenders and bond markets evolve after an increase in capital

requirements implemented by the European Banking Authority (EBA) in 2011. The paper finds that US

firms experience a reduction in credit lines but not in term loans from EU banks. In addition, US firms are

able to compensate for the reduction in credit lines from EU banks by securing liquidity facilities from US

non-bank financial institutions, without increasing borrowing from corporate bond markets. These results

suggest that diversified domestic loan markets, with both banks and non-bank financial institutions

providing loans to corporations, can help overcome cuts in cross-border bank funding.

Keywords: credit lines, term loans, bank capital requirements, firm-level data, non-bank financial

intermediaries.

MNB – Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

4. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS

Letter from Andrea Enria, Chair of the Supervisory Board, to Mr Giegold, MEP, on secondments of

ECB/SSM

national experts to ECB Banking Supervision, 15/04/2020

Press Release

https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.mepletter200414_Giegold~da3fdd5ed9.e

n.pdf?606b27c66855dbe24698b7cd06249a66

Letter from Andrea Enria, Chair of the Supervisory Board, to Mr Zanni, MEP, on Level 2 and Level 3

ECB/SSM

assets, 15/04/2020

Press Release

https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.mepletter200414_Zanni~b32ddf63a5.en.

pdf?4d904e58aa53b1ba7eb5c3788e95189b

Fight against money laundering: towards an EU list of high risk countries, 15/04/2020

EU

https://www.europarl.europa.eu/committees/hu/fight-against-money-laundering-towards-a/product-

Press Release

details/20200414CAN54422

EBA issues updated Guidelines on equivalence of non-EU authorities for participation in supervisory

EBA

colleges, 15/04/2020

Press Release

https://eba.europa.eu/eba-issues-updated-guidelines-equivalence-non-eu-authorities-participation-

supervisory-colleges

EBA publishes phase 1 of its technical package on reporting framework 2.10, 09/04/2020

EBA

https://eba.europa.eu/eba-publishes-phase-1-its-technical-package-reporting-framework-210

Press Release

ESMA issues positive opinions on short selling bans by Austrian FMA, Belgian FSMA, French AMF, Greek

ESMA

HCMC and Spanish CNMV, 15/04/2020

Press Release

https://www.esma.europa.eu/press-news/esma-news/esma-issues-positive-opinions-short-selling-bans-

austrian-fma-belgian-fsma

ESMA postpones publication dates for annual non-equity transparency calculations and quarterly SI

ESMA

data, 09/04/2020

Press Release

https://www.esma.europa.eu/press-news/esma-news/esma-postpones-publication-dates-annual-non-

equity-transparency-calculations

ESMA promotes coordinated action regarding benchmarks external audit requirements, 09/04/2020

ESMA

https://www.esma.europa.eu/press-news/esma-news/esma-promotes-coordinated-action-regarding-

Press Release

benchmarks-external-audit

ESMA extends MiFID II/MiFIR transparency review report consultation to 14 June 2020, 09/04/2020

ESMA

https://www.esma.europa.eu/press-news/esma-news/esma-extends-mifid-iimifir-transparency-review-

Press Release

report-consultation-14-june-2020

ESMA sets out supervisory expectations on publication of investment funds periodic reports,

ESMA

09/04/2020

Press Release

https://www.esma.europa.eu/press-news/esma-news/esma-sets-out-supervisory-expectations-

publication-investment-funds-periodic

MNB – Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

Volatility spillovers and capital buffers among the G-SIBs,14/04/2020

BIS

https://www.bis.org/publ/work856.htm

Working Paper

The paper assesses the dynamics of volatility spillovers among global systemically important banks

(G-SIBs). It measures spillovers using vector-autoregressive models of range volatility of the equity prices

of G-SIBs, together with machine learning methods. The authors then compare the size of these spillovers

with the degree of systemic importance measured by the Basel Committee on Banking Supervision’s G-SIB

bucket designations.

Keywords: G-SIBs, contagion, connectedness, bank capital, cross validation

Report on the Fifth IOSCO Hedge Funds Survey, 15/04/2020

IOSCO

https://www.iosco.org/library/pubdocs/pdf/IOSCOPD653.pdf

Publication

+

This report presents the analysis of the fifth edition of the IOSCO Hedge Funds Survey, which is based on

Press Release

data collected as at 30th September 2018. In 2009, the G20 highlighted increased regulatory oversight of

hedge funds and hedge fund managers as a priority, including the disclosure of appropriate information

on an ongoing basis to supervisors and regulators. In response, IOSCO undertook the hedge funds survey

to provide insight into the hedge funds industry at a global level. Conducted on a biennial basis and now

in its fifth edition, this exercise has developed a repeated cross-section of data, making it an integral part

of IOSCO’s policy work in the investment management sector.

Related press release:

https://www.iosco.org/news/pdf/IOSCONEWS565.pdf

5. FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA

EIB to launch new report on digitalisation in the EU and US – Monday 20 April 2020, 14/04/2020

EU

https://www.eib.org/en/press/all/2020-098-eib-to-launch-new-report-on-digitalisation-in-the-eu-and-

Press Release

us-monday-20-april-2020

Addressing the regulatory, supervisory and oversight challenges raised by “global stablecoin”

FSB

arrangements: Consultative document, 14/04/2020

Publication

https://www.fsb.org/2020/04/addressing-the-regulatory-supervisory-and-oversight-challenges-raised-

+

by-global-stablecoin-arrangements-consultative-document/

Press Release

This consultation sets out 10 high-level recommendations to address the regulatory, supervisory and

oversight challenges raised by “global stablecoin” arrangements. The FSB’s recommendations call for

regulation, supervision and oversight that is proportionate to the risks, and stress the need for flexible,

efficient, inclusive, and multi-sectoralcross-border cooperation, coordination and information sharing

arrangements that take into account the evolution of “global stablecoin” arrangements and the risks they

may pose over time. The report also highlights key international financial regulatory standards from the

Basel Committee, the Financial Action Task Force, the Committee of Payments and Market Infrastructures

and the International Organization of Securities Commissions that could apply to “global stablecoins”.

Keywords: EMDEs, FinTech

Related press release:

https://www.fsb.org/2020/04/fsb-consults-on-regulatory-supervisory-and-oversight-recommendations-

for-global-stablecoin-arrangements/

MNB – Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

Payment aspects of financial inclusion in the fintech era, 04/2020

BIS

https://www.bis.org/cpmi/publ/d191.htm

Publication

Technological innovation has made major inroads into financial services, especially payments. The pace of

innovation has substantially increased in the past five years, leading to the “era of fintech”. Fintech

presents both opportunities and challenges for financial access and inclusion. It can support improved

access to safe transaction accounts and encourage their frequent use. However, it is not a panacea and

there are risks that need to be managed.

6. ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS

7. PÉNZFORGALOM, FIZETÉSI RENDSZEREK

Enhancing Cross-border Payments – Stage 1 report to the G20, 09/04/2020

FSB

https://www.fsb.org/2020/04/enhancing-cross-border-payments-stage-1-report-to-the-g20/

Publication

The Financial Stability Board (FSB) today published the Stage 1 report of its project to develop a roadmap

+

Press Release

to enhance cross-border payments. This report, which is being delivered to the G20, provides an

assessment of existing arrangements and challenges for global cross-border payments. The report

concludes with some preliminary thoughts on areas to consider when developing the eventual roadmap,

which will include practical steps and indicative timeframes. These include questions to explore a range of

topics that fall under four broad categories: operational improvement of payment infrastructures;

standardisation of data and market practice; legal, regulatory and oversight framework; and progress

monitoring and information sharing.

Related press release:

https://www.fsb.org/2020/04/fsb-reports-on-its-work-to-develop-a-roadmap-to-enhance-global-cross-

border-payments/

8. ÁLTALÁNOS GAZDASÁGPOLITIKA

MNB – Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

Interview with Le Parisien

ECB

Interview with Christine Lagarde, President of the ECB, conducted by Matthieu Pelloli and published on 9

Interview

April 2020

https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in200408~2e7bcefbe5.en.html

ECOFIN Press videoconference

EU

https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_20_646

Speech

Remarks by Commissioner Mr. Paolo Gentiloni at the Eurogroup press conference, 9 April 2020

Press videoconference after Eurogroup meeting

EU

https://www.consilium.europa.eu/en/press/press-releases/2020/04/09/remarks-by-mario-centeno-

Speeches

following-the-eurogroup-videoconference-of-9-april-2020/

+

Remarks by Mário Centeno, the President of the Eurogroup following the Eurogroup videoconference of

Letters

9 April 2020

+

Press Release

https://www.esm.europa.eu/press-releases/klaus-regling-european-response-corona-crisis

Remarks by ESM Managing Director Klaus Regling at Eurogroup press conference, 9 April 2020

Statement by the President of the European Council Charles Michel following the agreement of the

Eurogroup, 10/04/2020

https://www.consilium.europa.eu/en/press/press-releases/2020/04/10/statement-by-the-president-of-

the-european-council-charles-michel-following-the-agreement-of-the-eurogroup/

Letter by the President of the Eurogroup, Mario Centeno, to the President of the European Council,

Charles Michel, on the coordinated response to the COVD-19 pandemic, 10/04/2020

https://www.consilium.europa.eu/media/43300/200410_peg-centeno-letter-to-pec-michel_covid.pdf

Report on the comprehensive economic policy response to the COVID-19 pandemic, 09/04/2020

https://www.consilium.europa.eu/en/press/press-releases/2020/04/09/report-on-the-comprehensive-

economic-policy-response-to-the-covid-19-pandemic/

IMF Managing Director Kristalina Georgieva Creates External Advisory Group, 10/04/2020

IMF

https://www.imf.org/en/News/Articles/2020/04/10/pr20147-imf-managing-director-kristalina-

Press Release

georgieva-creates-external-advisory-group

The Managing Director’s Global Policy Agenda, Spring Meetings 2020 : Exceptional Times Exceptional

IMF

Action, 15/04/2020

Policy Paper

https://www.imf.org/en/Publications/Policy-Papers/Issues/2020/04/15/The-Managing-Directors-Global-

Policy-Agenda-Spring-Meetings-2020-Exceptional-Times-49328

Managing Director Kristalina Georgieva’s Global Policy Agenda, Exceptional Times, Exceptional Action,

highlights three priorities for policymakers around the world: protect lives, protect livelihoods, and plan

for the recovery. She says “The reality is that anyone’s fight against the #COVID-19 virus is everyone’s

fight. More than ever we need global solidarity, a common resolve, and coordinated international efforts.

And with so many countries short on resources, we need to give more support to those most in need”.

World Economic Outlook, 14/04/2020

IMF

https://www.imf.org/en/Publications/WEO/Issues/2020/04/14/weo-april-2020

Publication

The COVID-19 pandemic is inflicting high and rising human costs worldwide, and the necessary protection

measures are severely impacting economic activity. As a result of the pandemic, the global economy is

projected to contract sharply by -3 percent in 2020, much worse than during the 2008-09 financial crisis.

In a baseline scenario–which assumes that the pandemic fades in the second half of 2020 and containment

efforts can be gradually unwound-the global economy is projected to grow by 5.8 percent in 2021 as

economic activity normalizes, helped by policy support. The risks for even more severe outcomes,

however, are substantial.

MNB – Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

Related transcript: https://www.imf.org/en/News/Articles/2020/04/14/tr041420-transcript-of-april-2020-world-economic- outlook-press-briefing

Transcript of the presentation made by Gita Gopinath, Economic Counsellor and Director of the Research Department of the IMF, during the press briefing on the World Economic Outlook on 14 April 2020

9. KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS

Fiscal Monitor, 15/04/2020

IMF

https://www.imf.org/en/Publications/FM/Issues/2020/04/06/fiscal-monitor-april-2020

Publication

This report argues that fiscal policies are at the forefront of responding to the COVID-19 pandemic. Fiscal

measures can save lives, protect the most-affected people and firms from the economic impact of the

pandemic, and prevent the health crisis from turning into a deep long-lasting slump. A key priority is to

fully accommodate spending on health and emergency services. Global coordination is for a universally

low-cost vaccine and to support countries with limited health capacity. Large, temporary and targeted

support is urgently needed for affected workers and firms until the emergency abates. As the shutdowns

end, broad-based, coordinated fiscal stimulus-where financing conditions permit-will become more

effective in fostering the recovery.

Synthesising good practices in fiscal federalism, 14/04/2020

OECD

https://doi.org/10.1787/89cd0319-en

Publication

The design of intergovernmental fiscal relations can help to ensure that tax and spending powers are

assigned in a way to promote sustainable and inclusive economic growth. Decentralisation can enable sub-

central governments to provide better public services for households and firms, while it can also make

intergovernmental frameworks more complex, harming equity. The challenges of fiscal federalism are

multi-faceted and involve difficult trade-offs. This synthesis paper consolidates much of the OECD’s work

on fiscal federalism over the past 15 years, with a particular focus on OECD Economic Surveys. The paper

identifies a range of good practices on the design of country policies and institutions related strengthening

fiscal capacity delineating responsibilities across evels of government and improving intergovernmental

co-ordination.

Keywords: fiscal relations, decentralisation, fiscal federalism.

10. STATISZTIKA

MNB – Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

Main Economic Indicators, Volume 2020 Issue 4, 11/04/2020

OECD

https://doi.org/10.1787/58177352-en

Publication

The monthly Main Economic Indicators (MEI) presents comparative statistics that provide an overview of

recent international economic developments for OECD countries, the euro zone and a number of non-

member economies.

* * *

Disclaimer

Central Bank of Hungary published this content on 16 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 April 2020 12:35:02 UTC





Source link

Add a Comment