Central Bank of Hungary : Válogatás a nemzetközi szervezetek újdonságaiból (2019.10.24-10.30.)

VÁLOGATÁS

az ECB, az EU, az EBA, az EIOPA, az ESMA,

az IMF, a BIS és az OECD

dokumentumaiból

2 0 1 9 . O K T Ó B E R 2 4 - O K T Ó B E R 3 0 .

MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

TARTALOMJEGYZÉK

1. MONETÁRIS POLITIKA, INFLÁCIÓ ...........................................................................................................................	3
2. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK .............................................................................................................	3
3. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS ............................................................................................	5
4. FINTECH, KRIPTOVALUTÁK.....................................................................................................................................	6
5. ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS.......................................................................................................	7
6. ÁLTALÁNOS GAZDASÁGPOLITIKA...........................................................................................................................	7
7. KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS .......................................................................................................................	9
8. SZANÁLÁS ............................................................................................................................................................	10
9. STATISZTIKA.........................................................................................................................................................	11
10. PÉNZÜGYI ISMERETTERJESZTÉS, PÉNZÜGYI KULTÚRA ........................................................................................	12

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

1. MONETÁRIS POLITIKA, INFLÁCIÓ

Interview with El País	ECB
https://www.ecb.europa.eu/press/inter/date/2019/html/ecb.in191026~8cf307b251.en.html	Interview
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Luis Doncel on 11 October 2019,
26 October 2019
Consolidated financial statement of the Eurosystem as at 25 October 2019, 29/2010/2019	ECB
https://www.ecb.europa.eu/press/pr/wfs/2019/html/ecb.fst191029.en.html	Press Release
Commentary
https://www.ecb.europa.eu/press/pr/wfs/2019/html/ecb.fs191029.en.html
ECB monetary policy decisions, 24/10/2019	ECB
https://www.ecb.europa.eu/press/pr/date/2019/html/ecb.mp191024~438769bd4f.en.html	Press Release
Press conference:
https://www.ecb.europa.eu/press/pressconf/2019/html/ecb.is191024~78a5550bc1.en.html
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates):
https://www.ecb.europa.eu/press/govcdec/otherdec/2019/html/ecb.gc191025~e4e072b123.en.html
Statement by the Eurogroup President on the candidates for the post of ECB executive board member,	EU
24/10/2019	Press Release
https://www.consilium.europa.eu/en/press/press-releases/2019/10/24/statement-by-the-eurogroup-
president-on-the-candidates-for-the-post-of-ecb-executive-board-member/

2. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK

Safeguarding the Euro - the inside story of the ESM	EU
https://www.esm.europa.eu/speeches-and-presentations/safeguarding-euro-inside-story-esm-speech-	Speech
klaus-regling
Speech by Klaus Regling, ESM Managing Director at "Safeguarding the Euro - the inside story of the ESM"
book presentation by the ESM and the European Commission, Brussels, 29 October 2019
Risk-sharing in the EU: how to ensure common ground on adequate instruments, institutional	EU
framework and appropriate procedures	Speech
https://www.esm.europa.eu/speeches-and-presentations/risk-sharing-eu-speech-nicoletta-mascher
Speech by Nicoletta Mascher, ESM Head of Banking, FRS Financial Stability Conference, Berlin, 28 October
2019
Vulnerabilities in the international monetary and financial system	BIS
https://www.bis.org/speeches/sp191030.htm	Management
Speech by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, at the OECD-	Speech
G20 High Level Policy Seminar, Paris, 11 September 2019
ECB and People's Bank of China extend bilateral currency swap arrangement, 25/10/2019	ECB
https://www.ecb.europa.eu/press/pr/date/2019/html/ecb.pr191025_1~a1221c41cd.en.html	Press Release

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

ESM and EFSF approve waiver of Greece's mandatory repayment obligation, 28/10/2019	EU
https://www.esm.europa.eu/press-releases/esm-and-efsf-approve-waiver-greece%E2%80%99s-	Press Release
mandatory-repayment-obligation
ECB Macroprudential Bulletin, 29/10/2019	ECB
https://www.ecb.europa.eu/pub/financial-stability/macroprudential-bulletin/html/index.en.html	Publication
Contents:
• Introductory statement by Luis de Guindos
• Bank capital-at-risk: measuring the impact of cyclical systemic risk on future bank losses
• The interaction between the liquidity coverage ratio and the net stable funding ratio
• The effect of supervisory scrutiny on banks' risk-taking in the EU-wide stress test
• Impact of leverage on investor flows in European mutual funds
• Investigating initial margin procyclicality and corrective tools using EMIR data
• Macroprudential policy measures
Fixed rate versus adjustable rate mortgages: evidence from euro area banks, 28/10/2019	ECB
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2322~0ed0879d8a.en.pdf?f543295e5c68a5fe5e07	Working Paper
d746b905c21e
Why do residential mortgages carry a fixed or an adjustable interest rate? To answer this question we
study unique data from 103 banks belonging to 73 different banking groups across twelve countries in the
euro area. To explain the large cross-country and time variation observed, we distinguish between the
conditions that determine the local demand for credit and the characteristics of banks that supply credit.
As bank funding mostly occurs at the group level, we disentangle these two sets of factors by comparing
the outcomes observed for the same banking group across the different countries. Local demand
conditions dominate.
Keywords: mortgages; interest rate fixation; cross-border banks.
France: Financial Sector Assessment Program-TechnicalNote-Nonfinancial Corporations and	IMF
Households Vulnerabilities, 29/10/2019	Country Report
https://www.imf.org/en/Publications/CR/Issues/2019/10/28/France-Financial-Sector-Assessment-
Program-Technical-Note-Nonfinancial-Corporations-and-48757
Corporates: The debt of French nonfinancial corporations has been on a rising trend in percent of GDP,
especially in recent years, in contrast what is observed in peer European countries. This trend on non-
consolidated data is mostly accounted for by bond issuances and loans among nonfinancial corporations
(NFCs) while bank credit to NFCs has also grown but at a slower pace. While, across countries, French firms
do not appear to be more indebted on average or to be more likely to have their debt-at-risk than their
peers, there exists a tail of firms with debt-at-risk that has remained fatter than before the global financial
crisis, despite the low interest rate environment.
Households: There is no clear evidence of vulnerabilities in households' balance sheets at an aggregated
level. Households have continued to build their financial net worth by accumulating financial assets even
faster than debt. Their saving rate is healthy, and they appear to invest their inflows primarily in safe
assets. Household debt is not high in international comparisons. However, some households-lower
income, younger-may have experienced a deterioration of their balance sheet along certain dimensions.
Related documents:
Technical Note-Balance Sheet Risks and Financial Stability
https://www.imf.org/en/Publications/CR/Issues/2019/10/28/France-Financial-Sector-Assessment-
Program-Technical-Note-Balance-Sheet-Risks-and-Financial-48760
Technical Note-Macroprudential Policy Framework and Tools
https://www.imf.org/en/Publications/CR/Issues/2019/10/28/France-Financial-Sector-Assessment-
Program-Technical-Note-Macroprudential-Policy-Framework-48763

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

3. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS

The banking union - a personal view on its past, present and future	ECB/SSM
https://www.bankingsupervision.europa.eu/press/speeches/date/2019/html/ssm.sp191030~a66780e0a	Speech
5.en.html
Speech by Andrea Enria, Chair of the Supervisory Board of the ECB, at a dinner of the Centre for European
Reform, 30 October 2019
Interview with Radio Nacional	ECB/SSM
https://www.bankingsupervision.europa.eu/press/interviews/date/2019/html/ssm.in191030~0d4ff74a9	Interview
0.en.html
Interview with Andrea Enria, Chair of the Supervisory Board of the ECB, conducted by Cristina Ganuza on
22 October
The Banking Union - a key building block of the EU project	BIS
https://www.bis.org/review/r191024b.pdf	Central Bankers'
Opening remarks by Ms Margarita Delgado, Deputy Governor of the Bank of Spain, at the roundtable	Speech
"Banking Union - Five years in the making", organized by the Bank of Spain, Madrid, 23 October 2019
Insuring in the long term in a short-term world	BIS
https://www.bis.org/review/r191028c.pdf	Central Bankers'
Speech by Mr François Villeroy de Galhau, Governor of the Bank of France and Chairman of the Autorité	Speech
de contrôle prudentiel et de resolution (ACPR), at the 11th International Insurance Conference, Paris,
25 October 2019
Benchmarks regulation and related issues	ESMA
https://www.esma.europa.eu/press-news/esma-news/steven-maijoor-delivers-speech-benchmarks-in-	Speech
madrid
Speech by Steven Maijoor, Chair of the ESMA, at the Conference on the adaptation of interest rate
benchmarks to the new European regulation on benchmarks, organized by the Comisión Nacional del
Mercado de Valores (CNMV), Madrid, 29 October 2019
EBA publishes Opinion proposing to further strengthen depositor protection in the EU, 30/10/2019	EBA
https://eba.europa.eu/eba-publishes-opinion-proposing-further-strengthen-depositor-protection-eu	Press Release
The EBA calls on the European Commission to take action to facilitate the scaling up of cross-border	EBA
activity, 29/10/2019	Press Release
https://eba.europa.eu/eba-calls-european-commission-take-action-facilitate-scaling-cross-border-
activity
EIOPA's Risk Dashboard for October 2019 shows broadly stable risk exposures of European insurers,	EIOPA
with macro and market risks still at a high level, 25/10/2019	Press Release
https://eiopa.europa.eu/Pages/News/EIOPA's-Risk-Dashboard-for-October-2019-shows-broadly-stable-
risk-exposures-of-European-insurers,-with-macro-and-market-ris.aspx
ESMA update on Brexit preparations, 30/10/2019	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-update-brexit-preparations	Press Release
MiFID II - New Publication Date for Systematic Internaliser and Bond Data, 30/10/2019	ESMA
https://www.esma.europa.eu/press-news/esma-news/mifid-ii-new-publication-date-systematic-interna-	Press Release
liser-and-bond-data

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