Download or read book The IMF s Financial Surveillance in Europe Experiences with FSAPs and Their Links with Article IV Consultations written by IRC Task Force on IMF and Global Financial Governance Issues and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Cross-border financial integration has increased the need to make suitable multilateral arrangements for global financial cooperation and oversight - these include more intense and more effective financial sector surveillance by the International Monetary Fund (IMF). The financial sector has a crucial role to play in addressing today's global health emergency, and it is important that it remains sufficiently resilient to facilitate the prompt return to more orderly economic conditions worldwide.
Download or read book The Imf s Financial Surveillance in Europe Experiences with Fsaps and Their Links with Article IV Consultations written by IRC Task Force on IMF andGlobal Financial Governance Issues IRC Task Force on IMF andGlobal Financial Governance Issues and published by . This book was released on 2020 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cross-border financial integration has increased the need to make suitable multilateral arrangements for global financial cooperation and oversight - these include more intense and more effective financial sector surveillance by the International Monetary Fund (IMF). The financial sector has a crucial role to play in addressing today's global health emergency, and it is important that it remains sufficiently resilient to facilitate the prompt return to more orderly economic conditions worldwide.
Download or read book Guidance Note for Article IV Consultations written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-10-10 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides guidance to staff on the conduct of surveillance in the context of Article IV consultations, a core activity of the Fund. Surveillance involves the continuous monitoring of members‘ economic and financial policies and their impact on their own and global stability. During Article IV consultations, staff holds pointed discussions with country authorities on the economic situation, the authorities‘ policies and how these affect the country‘s stability, the role of potential or actual spillovers where relevant, and desirable policy adjustments. These discussions are then reported to the Fund‘s Executive Board for its consideration. The goal, through thorough analysis, candid discussions, and a peer-review mechanism, is to promote the stability of members‘ economies, as well as the effective operation of the international monetary system, including through maintaining global stability.
Download or read book Financial Sector Surveillance and the IMF written by Carlo Gola and published by International Monetary Fund. This book was released on 2009-11-01 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis has magnified the role of Financial Sector Surveillance (FSS) in the Fund's activities. This paper surveys the various steps and initiatives through which the Fund has increasingly deepened its involvement in FSS. Overall, this process can be characterized by a preliminary stage and two main phases. The preliminary stage dates back to the 1980s and early 1990s, and was mainly related to the Fund's research and technical assistance activities within the process of monetary and financial deregulation embraced by several member countries. The first "official" phase of the Fund's involvement in FSS started in the aftermath of the Mexican crisis, and relates to the international call to include financial sector issues among the core areas of Fund surveillance. The second phase focuses on the objectives of bringing the coverage of financial sector issues "up to par" with the coverage of other traditional core areas of surveillance, and of integrating financial analysis into the Fund's analytical macroeconomic framework. By urging the Fund to give greater attention to its member countries' financial systems, the international community's response to the global crisis may mark the beginning of a new phase of FSS.
Download or read book Integrating Stability Assessments Under the Financial Sector Assessment Program into Article IV Surveillance written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2010-08-27 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Integration of financial sector issues into bilateral surveillance has been a long-standing challenge. Financial stability is a key component of the domestic and external stability of members and is important for the promotion of the “stable system of exchange rates” envisaged under Article IV. But although financial sector issues and policies are at the core of the Fund’s surveillance mandate, their effective integration has been a challenge. To address this challenge, it is proposed to adopt a more risk-based approach to financial sector surveillance by making FSAP stability assessments part of Article IV surveillance for members with systemically important financial sectors.
Download or read book Statement by the Managing Director on the Independent Evaluation Office Report on the IMF Financial Surveillance written by International Monetary Fund and published by International Monetary Fund. This book was released on 2019-01-29 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IEO report provides a welcome opportunity to reflect on the IMF’s initiatives to expand and deepen its financial surveillance work in response to the Global Financial Crisis. In order to improve the relevance and traction of bilateral financial surveillance, the IMF needs to deepen financial and macrofinancial analysis, particularly in Article IV consultations, including by taking practical steps to better integrate Financial Sector Assessment Program analysis in Article IV consultations and by increasing financial skills and expertise among staff. The IMF should continue to work to enhance the impact of IMF multilateral surveillance by increasing rigor and transparency, and by deepening collaboration with international partners. On scaling-up the IMF’s work with the international regulatory agencies to assess the impact of reforms, the IMF has undertaken several assessments of different aspects of the reforms following the 2012 Financial Surveillance Strategy. Some of these have been conducted jointly with the Standard Setting Bodies.
Download or read book Spain written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-06-08 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report summarizes the findings of the Financial Sector Assessment Program (FSAP) Update for Spain. Although there is a core of strong banks that are well managed and appear resilient to further shocks, vulnerabilities remain. Substantial progress has been made in reforming the former savings banks, and the most vulnerable institutions have either been resolved or are being restructured. Recent measures address the most problematic part of banks’ portfolios. Moving ahead, a further restructuring and recapitalization of some of the remaining weaker banks may be needed as a result of deteriorating economic conditions.
Download or read book 2021 Comprehensive Surveillance Review Background Paper on Systemic Risk and Macroprudential Policy Advice in Article IV Consultations written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-18 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses progress made in deepening and integrating systemic risk analysis and macroprudential policy advice in Article IV consultations following up on the findings of the IEO evaluation. The assessment informs the Comprehensive Surveillance Review and the FSAP Review in their recommendations to strengthen these areas in Article IV consultations. The findings point to notable improvements made since the launch of the macrofinancial mainstreaming initiative, particularly in staff reports for advanced economies and in covering bank and credit-related risks.
Download or read book Guidance Note for Surveillance Under Article IV Consultations written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-03-20 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides country teams with guidance on bilateral and multilateral surveillance in the context of Article IV consultations. It covers the following issues: Focus on stability. Stability is the organizing principle of surveillance. Article IV consultations should focus on the conduct of economic and financial policies pursued by members to promote present and prospective domestic and balance of payments stability, as well as global economic and financial stability. For the latter, Article IV consultations should discuss spillovers from members’ economic and financial policies that may significantly affect global stability, including alternative policy options that would minimize their adverse impact. Operational guidance. The note provides detailed guidance, suggestions and references in areas covered in surveillance including risks and spillovers, fiscal policy, macrofinancial and monetary policy, BOP stability, structural policies and data issues. Communication and Engagement. Effective two-way communication is key to surveillance, including with the authorities (to help staff’s advice get traction), the Executive Board (to support effective peer review), and the public and other stakeholders (to gain support for necessary policy adjustments). Surveillance messages need to be clear, concise, and focused. The Fund needs to be evenhanded, in line with the principle of uniformity of treatment, for surveillance to command the confidence of the membership. Process and formal requirements. A number of procedures, rules, and requirements are summarized in this note.
Download or read book IEO Report on the Evaluation of the Financial Sector Assessment Program written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2006-05-02 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Sector Assessment Program (FSAP) is a joint IMF–World Bank initiative to provide countries with comprehensive evaluations of their financial systems.The IEO evaluation assessed the effectiveness of the FSAP from the perspective of the IMF. The main findings address the following areas: the nature of priority setting under the FSAP; the efficiency of FSAP processes and quality of the main diagnostic tools; the overall quality of FSAP content; how well the IMF has used FSAP results in its surveillance, technical assistance, and program activities; and evidence on the overall impact of the FSAP on the domestic policy dialogue, changes in policies and institutions, and market participants.
Download or read book Ireland written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2022-07-07 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ireland has considerably strengthened financial sector regulation and supervision since the 2016 FSAP, aided by the ECB/SSM, and is working with European and international regulators to strengthen oversight of the large market-based finance (MBF) sector. This strengthening is evidenced by a successful navigation through the challenges of Brexit and the pandemic. Despite global headwinds, Ireland is exiting the pandemic with strong economic growth and a highly capitalized and liquid banking system. The financial system has grown rapidly and in complexity, especially after Brexit, and Ireland has become a European base for large financial groups. The MBF sector has grown to the second largest in Europe, with global interlinkages.
Download or read book Integrating Financial Sector Issues and FSAP Assessments into Surveillance Progress Report written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2009-01-16 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Improving the quality of the Fund’s financial sector analysis and integrating it with surveillance is a major undertaking that involves action on several fronts. The 2007 Financial Sector Taskforce Report (“Taskforce Report”) provided a comprehensive assessment of the status of financial sector analysis in the Fund and established a broad organizing framework on how to integrate better finance into Article IV surveillance. The 2008 Triennial Surveillance Review (TSR) and supplements developed this theme further, and the Board’s ensuing Statement on Surveillance Priorities made the integration of macroeconomic and financial sector surveillance one of the four overarching operational priorities for Fund surveillance.
Download or read book Sweden written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2016-11-17 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the findings of the Financial System Stability Assessment for Sweden. The Swedish financial system is large and highly interconnected, putting a premium on the accompanying policy framework. Relative to the size of the domestic economy, the financial system is among Europe’s largest. It features complex domestic and international linkages, reflecting Sweden’s role as a regional financial hub. However, the macrofinancial risks have grown since 2011, for example the rising share of highly indebted households. Stress tests also suggest that banks and nonbanks are largely resilient to solvency shocks, but concerns persist about the ability of bank models to capture unexpected losses.
Download or read book 2014 Triennial Surveillance Review Concept Note written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2013-09-09 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the 2011 TSR laying out a wide ranging agenda for surveillance reform, the 2014 review will take a more narrowly focused approach and be mindful of the need to make cost-neutral recommendations. The themes and associated outputs will cover areas that address the IMF’s core mandate of ensuring the stability of the international monetary system, provide the most value-added for the membership, and leverage the Fund’s comparative advantages. The review will be based on: (i) a review and analysis of Article IV reports and multilateral surveillance products; (ii) guidance from an External Advisory Group at key stages of the exercise; (iii) background studies; and (iv) surveys and interviews with country authorities, staff, and other stakeholders. A review of the Financial Sector Assessment Program (FSAP) will be conducted separately but concurrently with the TSR, with close coordination between the relevant authoring teams. The TSR will also take into account the findings of other recent work, including the progress report on the implementation of the Financial Surveillance Strategy, the range of papers on debt issues, the LIC pilot on financial depth and macroeconomic policy, the set of Board papers on the experience with unconventional monetary policies and the challenges of exit from these policies, and the planned discussion of communication issues with the Executive Board.
Download or read book Implementation Plan In Response To The Executive Board Endorsed Recommendations From The IEO Evaluation Of The IMF s Financial Surveillance written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2019-10-31 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The actions in this Management Implementation Plan aim at: • Strengthening financial and macrofinancial analysis in Article IV consultations • Refocusing FSAP country selection and scope • Increasing traction of multilateral surveillance • Enhancing the IMF’s macrofinancial analysis toolkit • Building financial skills and expertise at the Fund
Download or read book Germany written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2016-06-29 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the risks and vulnerabilities of the German financial system and reviews both the German regulatory and supervisory framework and implementation of the common European framework insofar as it is relevant for Germany. The country is home to two global systemically important financial institutions, Deutsche Bank AG and Allianz SE. The system is also very heterogeneous, with a range of business models and a large number of smaller banks and insurers. The regulatory landscape has changed profoundly with strengthened solvency and liquidity regulations for banks (the EU Capital Requirements Regulation and Directive IV), and the introduction of macroprudential tools.
Download or read book Guidance Note for Surveillance Under Article IV Consultations written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-23 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Guidance Note provides guidance to country teams for surveillance under Article IV consultations. It supersedes the 2015 Guidance Note and its supplement. Fund surveillance continuously adapts to the evolving economic and financial landscape. The 2021 Comprehensive Surveillance Review (CSR) identified priorities for Fund surveillance, both in terms of content and modalities. This Guidance Note covers: Scope and requirements: The note lays out the coverage of, and formal requirements for, Article IV consultations and staff reports. It also outlines best practices aimed at enhancing the traction of Fund analysis and policy advice. Priorities and focus. The note reflects the four surveillance priorities identified in the CSR: (i) confronting risks and uncertainties, (ii) preempting and mitigating spillovers, (iii) ensuring economic sustainability, and (iv) adopting a more unified approach to policy advice. The note also provides guidance on sharpening the focus and selectivity of Article IV staff reports. Policies. The note discusses the content of surveillance in the areas of fiscal policy, macrofinancial analysis and financial policies, monetary policy, external sector policies, and macrostructural policies. Applications. The note considers several applications of such policies, such as with respect to the Integrated Policy Framework, climate change, and gender. Process and procedures. The note describes the Article IV consultation cycle and process, lays out drafting and publication guidelines for staff reports, and covers the treatment of confidential information.
