Econocom : Válogatás a nemzetközi szervezetek újdonságaiból (2020.01.16-22.)

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 . J A N U Á R 1 6 - 2 2 .

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, MESTERSÉGES INTELLIGENCIA ....................................................................................	6
5. MAKROGAZDASÁG ................................................................................................................................................	6
6. ÁLTALÁNOS GAZDASÁGPOLITIKA...........................................................................................................................	7
7. KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS .......................................................................................................................	9
8. STATISZTIKA.........................................................................................................................................................	11

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1. MONETÁRIS POLITIKA, INFLÁCIÓ

Consolidated financial statement of the Eurosystem as at 17 January 2020, 21/01/2020	ECB
https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fst200121.en.html	Press Release
Commentary:
https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fs200121.en.html
Account of the monetary policy meeting, 16/01/2020	ECB
https://www.ecb.europa.eu/press/accounts/2020/html/ecb.mg200116~973b558e59.en.html	Press Release
Does the global output gap matter for inflation?, 16/01/2020	OECD
https://oecdecoscope.blog/2020/01/16/does-the-global-output-gap-matter-for-inflation/	Press Release
Intervention Under Inflation Targeting--When Could It Make Sense?, 17/01/2020	IMF
https://www.imf.org/en/Publications/WP/Issues/2020/01/17/Intervention-Under-Inflation-Targeting-	Working Paper
When-Could-It-Make-Sense-48938
We investigate the motives inflation-targeting central banks in emerging markets may have for intervening
in foreign exchange markets and evaluate the case for such interventions based on the existing literature.
Our findings suggest that the rationale for interventions depends on initial conditions and country-specific
circumstances. The case is strongest in the presence of large currency mismatches or underdeveloped
markets. While interventions can have benefits in the short-term, sustained over time they could entrench
unfavorable initial conditions, though more work is needed to establish this empirically.
Keywords: emerging markets; monetary and exchange rate policies; inflation targeting; foreign exchange
intervention; capital flows.
Monetary Policy Is Not Always Systematic and Data-Driven: Evidence from the Yield Curve, 17/01/2020	IMF
https://www.imf.org/en/Publications/WP/Issues/2020/01/17/Monetary-Policy-Is-Not-Always-	Publication
Systematic-and-Data-Driven-Evidence-from-the-Yield-Curve-48862
Does monetary policy react systematically to macroeconomic innovations? In a sample of 16 countries -
operating under various monetary regimes - we find that monetary policy decisions, as expressed in yield
curve movements, do react to macroeconomic innovations and these reactions reflect the monetary policy
regime. While we find evidence of the primacy of the price stability objective in the inflation targeting
countries, links to inflation and the output gap are generally weaker and less systematic in money-
targeting and multiple-objective countries.
Keywords: monetary transmission, yield curve, rule-based monetary policy.

2. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK

Interview with Ta Nea	EU
https://www.esm.europa.eu/interviews/nicola-giammarioli-interview-ta-nea-greece	Interview
Interview with Nicola Giammarioli, ESM Secretary General, published in Ta Nea newspaper (Greece) on
18 January 2020

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ESM Appoints Paolo Fioretti as Country Team Coordinator for Greece, 20/01/2020	EU
https://www.esm.europa.eu/press-releases/esm-appoints-paolo-fioretti-country-team-coordinator-	Press Release
greece
The euro area bank lending survey - Fourth quarter of 2019, 21/01/2020	ECB
https://www.ecb.europa.eu/stats/ecb_surveys/bank_lending_survey/html/index.en.html	Publication
	+
The euro area bank lending survey, which is conducted four times a year, was developed by the	Press Release
Eurosystem in order to improve its understanding of banks' lending behaviour in the euro area. The results
reported in the January 2020 survey relate to changes observed in the fourth quarter of 2019 and expected
changes in the first quarter of 2020, unless otherwise indicated. The January 2020 survey round was
conducted between 6 and 27 December 2019. A total of 144 banks were surveyed in this round, with a
response rate of 100%.
Related press release:
https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200121~34300c15c9.en.html
How Should Credit Gaps Be Measured? An Application to European Countries, 17/01/2020	IMF
https://www.imf.org/en/Publications/WP/Issues/2020/01/17/How-Should-Credit-Gaps-Be-Measured-	Working Paper
An-Application-to-European-Countries-48928
Assessing when credit is excessive is important to understand macro-financial vulnerabilities and guide
macroprudential policy. The Basel Credit Gap (BCG) - the deviation of the credit-to-GDP ratio from its long-
term trend estimated with a one-sidedHodrick-Prescott (HP) filter-is the indicator preferred by the Basel
Committee because of its good performance as an early warning of banking crises. However, for a number
of European countries this indicator implausibly suggests that credit should go back to its level at the peak
of the boom after the credit cycle turns, resulting in large negative gaps that might delay the activation of
macroprudential policies. We explore two different approaches-a multivariate filter based on economic
theory and a fundamentals-based panel regression. Each approach has pros and cons, but they both
provide a useful complement to the BCG in assessing macro-financial vulnerabilities in Europe.
Keywords: credit cycle, credit gap, countercyclical capital buffer, macroprudential policies.
Predicting Downside Risks to House Prices and Macro-Financial Stability, 17/01/2020	IMF
https://www.imf.org/en/Publications/WP/Issues/2020/01/17/Predicting-Downside-Risks-to-House-	Working Paper
Prices-and-Macro-Financial-Stability-48932
This paper predicts downside risks to future real house price growth (house-prices-at-risk or HaR) in 32
advanced and emerging market economies. Through a macro-model and predictive quantile regressions,
we show that current house price overvaluation, excessive credit growth, and tighter financial conditions
jointly forecast higher house-prices-at-risk up to three years ahead. House-prices-at-risk help predict
future growth at-risk and financial crises. We also investigate and propose policy solutions for preventing
the identified risks. We find that overall, a tightening of macroprudential policy is the most effective at
curbing downside risks to house prices, whereas a loosening of conventional monetary policy reduces
downside risks only in advanced economies and only in the short-term.
Keywords: house prices; growth at risk; panel quantile regression; early warning models; macroprudential
policy; monetary policy.
Global Monitoring Report on Non-Bank Financial Intermediation 2019, 19/01/2020	FSB
https://www.fsb.org/2020/01/global-monitoring-report-on-non-bank-financial-intermediation-2019/	Publication
	+
The Global Monitoring Report on Non-Bank Financial Intermediation 2019 presents the results of the FSB's	Press Release
annual monitoring exercise to assess global trends and risks from non-bank financial intermediation
(NBFI). The annual monitoring exercise is part of the FSB's strategy to enhance the resilience of NBFI. The
exercise compares the size and trends of financial sectors in aggregate and across jurisdictions. The FSB

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focuses particularly on those parts of NBFI that may pose bank-like financial stability risks and/or regulatory arbitrage.

Related press release: https://www.fsb.org/2020/01/fsb-publishes-annual-report-on-non-bank-financial-intermediation/

3. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS

Basel III finalisation and overall impact of the reforms	ECB/SSM
https://www.bankingsupervision.europa.eu/press/speeches/date/2020/html/ssm.sp200121~b29cd80e3	Speech
0.en.html
Speaking points by Edouard Fernandez-Bollo, Member of the Supervisory Board of the ECB, at the
Working Group Financial Services hosted by Kangaroo Group on "Is the Basel agreement compatible with
strengthened financing of the European economy?", 21 January 2020
Spontaneity and order - transparency, accountability, and fairness in bank supervision	BIS
https://www.bis.org/review/r200121d.htm	Central Bankers'
Speech by Mr Randal K Quarles, Vice Chair for Supervision of the Board of Governors of the Federal	Speech
Reserve System, at the American Bar Association Banking Law Committee Meeting 2020, Washington DC,
17 January 2020
ECB seeks feedback on draft ECB Guideline on materiality threshold for credit obligations past due for	ECB
less significant institutions, 20/01/2020	Press Release
https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200120~5b9349823a.en.html
EBA updates its guidelines on fraud reporting under PSD2, 22/01/2020	EBA
https://eba.europa.eu/eba-updates-its-guidelines-fraud-reporting-under-psd2	Press Release
EBA consults on the future of the EU-wide stress test framework, 22/01/2020	EBA
https://eba.europa.eu/eba-consults-future-eu-wide-stress-test-framework	Press Release
EBA found that Competent Authorities have properly applied standards on identified staff, 16/01/2020	EBA
https://eba.europa.eu/eba-found-competent-authorities-have-properly-applied-standards-identified-	Press Release
staff
ESMA publishes responses to joint consultation paper on PRIIPs KID, 21/01/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-publishes-responses-joint-consultation-	Press Release
paper-priips-kid
ESMA consults on the use of No Data options in securitisation reporting, 17/01/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-consults-use-no-data-options-in-	Press Release
securitisation-reporting
IOSCO recommends synchronising clocks used for timestamping with UTC, 16/01/2020	IOSCO
https://www.iosco.org/news/pdf/IOSCONEWS554.pdf	Press Release
ESRB response to the EIOPA Consultation Paper on the 2020 review of Solvency II, 17/01/2020	ESRB
https://www.esrb.europa.eu/pub/pdf/other/esrb.letter20200117_responsetotheEIOPAConsultationPap	Publication
eronthe2020reviewofSolvencyII~505c08ff78.en.pdf?02c8fc7b04c092da6a1fe3fa73429530

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4. FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA

Central bank group to assess potential cases for central bank digital currencies, 21/01/2020	ECB
https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200121_1~e99d7946d6.en.html	Press Release
Tech in Fin before FinTech: Blessing or Curse for Financial Stability?, 17/01/2020	IMF
https://www.imf.org/en/Publications/WP/Issues/2020/01/17/Tech-in-Fin-before-FinTech-Blessing-or-	Working Paper
Curse-for-Financial-Stability-48797
Motivated by the world-wide surge of FinTech lending, we analyze the implications of lenders' information
technology adoption for financial stability. We estimate bank-level intensity of IT adoption before the
global financial crisis using a novel dataset that provides information on hardware used in US commercial
bank branches after mapping them to their parent bank. We find that higher intensity of IT-adoption led
to significantly lower non-performing loans when the crisis hit.
Keywords: technology, financial stability, it adoption, non-performing loans.
The Tokenisation of Assets and Potential Implications for Financial Markets, 17/01/2020	OECD
http://www.oecd.org/finance/The-Tokenisation-of-Assets-and-Potential-Implications-for-Financial-	Report
Markets.pdf	+
	Press Release
Distributed ledger technologies (DLTs), such as the blockchain, have the potential to transform financial
markets. From their most visible application in equity issuance and capital raising for small companies
through Initial Coin Offerings (ICOs), to post-trade processes, clearing and settlement of securities, the
technology has the potential to challenge the current construct of financial markets, affecting
infrastructure and participants alike. Tokenisation of assets involves the digital representation of real
(physical) assets on distributed ledgers, or the issuance of traditional asset classes in tokenised form. The
application of DLTs and smart contracts in asset tokenisation has the potential to deliver a number of
benefits, including efficiency gains driven by automation and disintermediation; transparency; improved
liquidity potential and tradability of assets with near-absent liquidity by adding liquidity to currently illiquid
assets; faster and potentially more efficient clearing and settlement. It allows for fractional ownership of
assets which, in turn, could lower barriers to investment and promote more inclusive access by retail
investors to previously unaffordable or insufficiently divisive asset classes, allowing global pools of capital
to reach parts of the financial markets previously reserved to large investors. The flow of private financing
from capital owners to SMEs could be eased and facilitated, enhancing access to financing for SMEs.
Highlights:
http://www.oecd.org/finance/The-Tokenisation-of-Assets-and-Potential-Implications-for-Financial-
Markets-HIGHLIGHTS.pdf
Related press release:
http://www.oecd.org/finance/the-tokenisation-of-assets-and-potential-implications-for-financial-
markets.htm

5. MAKROGAZDASÁG

Adaptive Trees: a new approach to economic forecasting, 16/01/2020	OECD
https://www.oecd-ilibrary.org/docserver/5569a0aa-	Working Paper
en.pdf?expires=1579708343&id=id&accname=guest&checksum=954792D6E64B5CA7B9FAC287070F6A0C

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The present paper develops Adaptive Trees, a new machine learning approach specifically designed for
economic forecasting. Economic forecasting is made difficult by economic complexity, which implies non-
linearities (multiple interactions and discontinuities) and unknown structural changes (the continuous
change in the distribution of economic variables). The forecast methodology aims at addressing these
challenges. The algorithm is said to be "adaptive" insofar as it adapts to the quantity of structural change
it detects in the economy by giving more weight to more recent observations. The performance of the
algorithm in forecasting GDP growth 3- to 12-months ahead is assessed through simulations in pseudo-
real-time for six major economies (USA, UK, Germany, France, Japan, Italy). The performance of Adaptive
Trees is on average broadly similar to forecasts obtained from the OECD's Indicator Model and generally
performs better than a simple AR(1) benchmark model as well as Random Forests and Gradient Boosted
Trees.
Keywords: machine learning; short-term forecasts; GDP growth; feature engineering; business cycles;
interpretable AI; forecasting; concept drift, structural change.
Business cycle dynamics after the Great Recession - An extended Markov-Switching Dynamic Factor	OECD
Model, 16/01/2020	Publication
https://www.oecd-ilibrary.org/docserver/9626dda3-
en.pdf?expires=1579709190&id=id&accname=guest&checksum=4DC64860498EC84B5CA153DDEDE9BA8A
The Great Recession and the subsequent period of subdued GDP growth in most advanced economies
have highlighted the need for macroeconomic forecasters to account for sudden and deep recessions,
periods of higher macroeconomic volatility, and fluctuations in trend GDP growth. In this paper, we put
forward an extension of the standard Markov-Switching Dynamic Factor Model (MS-DFM) by
incorporating two new features: switches in volatility and time-variation in trend GDP growth. First, we
show that volatility switches largely improve the detection of business cycle turning points in the low-
volatility environment prevailing since the mid-1980s. It is an important result for the detection of future
recessions since, according to our model, the US economy is now back to a low-volatility environment
after an interruption during the Great Recession. Second, our model also captures a continuous decline in
the US trend GDP growth that started a few years before the Great Recession and continued thereafter.
These two extensions of the standard MS-DFM framework are supported by information criteria, marginal
likelihood comparisons and improved real-time GDP forecasting performance.
Keywords: Great Moderation; Markov-Switching Dynamic Factor Model (MS-DFM); Great Recession;
Turning-Point Detection; Macroeconomic Forecasting.

6. ÁLTALÁNOS GAZDASÁGPOLITIKA

Frankfurt and Europe in a new decade	ECB
https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200116~462f31d9b3.en.html	Speech
Speech by Christine Lagarde, President of the ECB, at the New Year's Reception of the City of Frankfurt,
16 January 2020
ECOFIN and Eurogroup press conference	EU
https://www.consilium.europa.eu/en/press/press-releases/2020/01/20/remarks-by-mario-centeno-	Speeches
following-the-eurogroup-meeting-of-20-january-2020/
Remarks by Mário Centeno, Eurogroup President following the Eurogroup meeting of 20 January 2020
https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_20_94
Remarks by Commissioner Paolo Gentiloni at the Eurogroup press conference

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https://www.esm.europa.eu/press-releases/klaus-regling-eurogroup-press-conference-24
ESM Managing Director Klaus Regling at Eurogroup press conference
Opening speech Davos	EU
https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_20_92	Speech
Opening speech by President von der Leyen at the World Economic Forum, 20 January 2020, Davos
Opening Remarks	IMF
https://www.imf.org/en/News/Articles/2020/01/21/sp01202020-md-opening-remarks-at-weo-press-	Speech
conference
Speech by IMF Managing Director Kristalina Georgieva at the World Economic Outlook Press Conference
in Davos on 20 January 2020
The Financial Sector in the 2020s: Building a More Inclusive System in the New Decade	IMF
https://www.imf.org/en/News/Articles/2020/01/17/sp01172019-the-financial-sector-in-the-2020s	Speech
Speech by Kristalina Georgieva, IMF Managing Director, at IMF Peterson Institute for International
Economics, in Washington, D.C. on 17 January 2020
The competitiveness of the Spanish economy - from recent achievements to medium-term challenges	BIS
https://www.bis.org/review/r200121a.htm	Central Bankers'
Speech by Mr Pablo Hernández de Cos, Governor of the Bank of Spain and Chair of the Basel Committee	Speech
on Banking Supervision, at the Spain Investors Day, Madrid, 14 January 2020
Thomas Östros appointed as new Vice-President of the EIB, 17/01/2020	EU
https://www.eib.org/en/press/all/2020-006-thomas-ostros-appointed-as-new-vice-president-of-the-	Press Release
european-investment-bank
IMF Executive Board Approves Decisions to Implement a Package on Resources and Governance Reform,	IMF
17/01/2020	Statement
https://www.imf.org/en/News/Articles/2020/01/17/pr2010-nab-and-quota-imf-executive-board-
approves-package-resources-governance-reform
Statement by The Managing Director on the Work Program of The Executive Board, 16/01/2020	IMF
https://www.imf.org/en/Publications/Policy-Papers/Issues/2020/01/15/Statement-by-The-Managing-	Statement
Director-on-the-Work-Program-of-The-Executive-Board-December-11-48953
Republic of Estonia : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the	IMF
Executive Director for Republic of Estonia, 22/01/2020	Country Report
https://www.imf.org/en/Publications/CR/Issues/2020/01/21/Republic-of-Estonia-2019-Article-IV-
Consultation-Press-Release-Staff-Report-and-Statement-by-48963
The economy has performed well in recent years, supported by prudent management and effective
structural reforms. Growth remains strong and unemployment is at a record low. Inflation is above the
euro-area average, consistent with Estonia's convergence process. Wages are rising, reflecting a tight labor
market and skill shortages at the high end of the labor market. Absent reforms to boost productivity and
manage demographic challenges, however, growth will slow notably. The authorities need to guard
against potential overheating in the near term while taking advantage of sizable fiscal buffers in the
medium term to support innovation and labor supply and reduce inequality.
Related documents:
https://www.imf.org/en/Publications/CR/Issues/2020/01/21/Republic-of-Estonia-Selected-Issues-48964
https://www.imf.org/en/News/Articles/2020/01/22/pr2014-estonia-imf-executive-board-concludes-
2019-article-iv-consultation
Tentative Stabilization, Sluggish Recovery? by Gita Gopinath, 20/01/2020	IMF
https://blogs.imf.org/2020/01/20/tentative-stabilization-sluggish-recovery/	Blog Post

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One Shock, Many Policy Responses, 17/01/2020	IMF
https://www.imf.org/en/Publications/WP/Issues/2020/01/17/One-Shock-Many-Policy-Responses-48851	Working Paper
Policymakers have relied on a wide range of policy tools to cope with capital flow shocks. And yet, the
effects and interaction of these policies remain under debate, as does the motivation for using them. In
this paper, quantile local projections are used to estimate the entire distribution of future policy responses
to portfolio flow shocks for 20 emerging markets and understand the variety of policy choices across the
sample. To assuage endogeneity concerns, estimates rely on the fact that global capital flows are
exogenous from the viewpoint of any one of these countries.
Keywords: capital flows, emerging markets, foreign exchange intervention, macroprudential policies,
capital flows management.
Finance and Inequality, 17/01/2020	IMF
https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2020/01/16/Finance-and-	Publication
Inequality-45129
The study examines empirical relationships between income inequality and three features of finance:
depth (financial sector size relative to the economy), inclusion (access to and use of financial services by
individuals and firms), and stability (absence of financial distress). Using new data covering a wide range
of countries, the analysis finds that the financial sector can play a role in reducing inequality,
complementing redistributive fiscal policy. By expanding the provision of financial services to low-income
households and small businesses, it can serve as a powerful lever in helping create a more inclusive society
but-if not well managed-it can amplify inequalities.
Keywords: banking, financial depth, financial inclusion, financial stability, economic inequality.
Finland : 2019 Article IV Consultation-Press Release; and Staff Report, 16/01/2020	IMF
https://www.imf.org/en/Publications/CR/Issues/2020/01/14/Finland-2019-Article-IV-Consultation-	Country Report
Press-Release-and-Staff-Report-48944
The economy has performed well over the past three years but has slowed in 2019. There are some
vulnerabilities in household finances, and productivity growth remains weak, with trend growth also
constrained by adverse demographics. A new coalition government targets greater social support and
inclusion, higher employment, carbon neutrality by 2035, and a balanced budget by 2023.
Related documents:
https://www.imf.org/en/Publications/CR/Issues/2020/01/14/Finland-Selected-Issues-48945
https://www.imf.org/en/News/Articles/2020/01/15/pr2008finland-imf-executive-board-concludes-
2019-article-iv-consultation

7. KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS

Eurogroup statement on the updated draft budgetary plan of Portugal for 2020, 20/01/2020	EU
https://www.consilium.europa.eu/en/press/press-releases/2020/01/20/eurogroup-statement-on-the-	Press Release
updated-draft-budgetary-plan-of-portugal-for-2020/
Exploring the Output Effect of Fiscal Policy Shocks in Low Income Countries, 17/01/2020	IMF
https://www.imf.org/en/Publications/WP/Issues/2020/01/17/Exploring-the-Output-Effect-of-Fiscal-	Working Paper
Policy-Shocks-in-Low-Income-Countries-48939

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What do we know about the output effects of fiscal policy in low income countries (LICs)? There are very
few empirical studies on the subject. This paper fills this gap by estimating the output effects of
government spending shocks in LICs. Our analysis-based on the local projection method-finds that the
output effects in LICs are markedly lower than those in AEs and marginally smaller than those in EMs. We
also find that in LICs, the output effects are larger (i) during recessions; (ii) under a fixed exchange rate
regime; and/or (iii) with higher quality of institutions.
Keywords: fiscal policy; fiscal multipliers; low income countries.
The (Subjective) Well-Being Cost of Fiscal Policy Shocks, 17/01/2020	IMF
https://www.imf.org/en/Publications/WP/Issues/2020/01/17/The-Subjective-Well-Being-Cost-of-Fiscal-	Working Paper
Policy-Shocks-48933
Do discretionary spending cuts and tax increases hurt social well-being? To answer this question, we
combine subjective well-being data covering over half a million of individuals across 13 European
countries, with macroeconomic data on fiscal consolidations. We find that fiscal consolidations reduce
individual well-being in the short run, especially when they are based on spending cuts. In addition, we
show that accompanying monetary and exchange rate policies (disinflation, depreciations and the
liberalization of capital flows) mitigate the well-being cost of fiscal consolidations. Finally, we investigate
the well-being consequences of the two well-knowns expansionary fiscal consolidations episodes taking
place in the 80s (in Denmark and Ireland).
Keywords: fiscal consolidations; subjective well-being; spending cuts; tax hikes.
Strengthening Governance of EU Funds under Cohesion Policy - Administrative Capacity Building	OECD
Roadmaps, 20/01/2020	Publication
https://www.oecd-ilibrary.org/sites/9b71c8d8-en/index.html?itemId=/content/publication/9b71c8d8-
en&mimeType=text/html
Successfully managing and administering European Structural Investment Funds (ESIF) rests on the
effective governance of the investment process, on the administrative capacity of Managing Authorities,
and on the engagement of a diverse range of stakeholders, including beneficiaries. The OECD has
developed an analytical framework with four dimensions - people management, organisational
management, strategic planning, and framework conditions - to analyse the challenges and capacity gaps
confronting Managing Authorities in the administration and management of these funds. Based on a pilot
project with three national- and two regional-level Managing Authorities, the study identified a series of
common challenges. These include being more strategic and innovativein how staff, processes and
programmes are managed; managing the impact of framework conditions on stability and certainty in
administrative and investment processes; and needing to ensure that capacity building among Managing
Authorities and/or beneficiariesis undertaken at the appropriate scale. Capacity-building Roadmaps were
built with each participant. This report recommends concrete actions for actors in the ESIF governance
system to build and reinforce the administrative and investment management capacity of Managing
Authorities throughout the EU. The findings can also benefit non-EU publicactors in managing public
investment.
Executive summary:
https://www.oecd-ilibrary.org/sites/8890aae0-en/index.html?itemId=/content/component/8890aae0-
en&mimeType=text/html

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

8. STATISZTIKA

Euro area monthly balance of payments: November 2019, 17/01/2020	ECB
https://www.ecb.europa.eu/press/pr/stats/bop/2020/html/ecb.bp200117~45a27f7d3a.en.html	Press Release
Seasonally adjusted government deficit unchanged at 0.7% of GDP in the euro area, 21/01/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10159236/2-21012020-BP-EN.pdf/72d8084c-7751-	Press Release
2969-25b4-121d73bbcd66
Government debt down to 86.1% of GDP in euro area, 21/01/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10159223/2-21012020-AP-EN.pdf/c5589b24-03fe-	Press Release
2e47-6f4f-227c57b68752
Annual inflation up to 1.3% in the euro area, 17/01/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10159211/2-17012020-AP-EN.pdf/12e497ea-cfce-	Press Release
c8ae-acf5-2b97b5076ba0
Production in construction up by 0.7% in euro area, 17/01/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10159344/4-17012020-BP-EN.pdf/02546858-7824-	Press Release
a8d4-d34d-aaa838627709
House prices up by 4.1% in both the euro area and the EU, 16/01/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10159199/2-16012020-AP-EN.pdf/c438f3b6-5e66-	Press Release
8c24-eae1-2427e5c9fe42
Locational banking statistics, 22/01/2020	BIS
https://www.bis.org/statistics/bankstats.htm	Press Release
Consolidated banking statistics, 22/01/2020	BIS
https://www.bis.org/statistics/xrusd.htm	Press Release
US dollar exchange rates, 22/01/2020	BIS
https://www.bis.org/statistics/xrusd.htm	Press Release
Central bank policy rates, 22/01/2020	BIS
https://www.bis.org/statistics/cbpol.htm	Press Release
Effective exchange rate indices, 22/01/2020	BIS
https://www.bis.org/statistics/eer.htm	Press Release
BIS international banking statistics at end-September 2019, 22/01/2020	BIS
https://www.bis.org/statistics/rppb2001.htm	Press Release
OECD employment rate increases slightly in the third quarter of 2019 - OECD employment rate increases	OECD
slightly in the third quarter of 2019, 20/01/2020	Press Release
http://www.oecd.org/sdd/labour-stats/employment-situation-oecd-01-2020.pdf
A Monthly Indicator of Economic Growth for Low Income Countries, 17/01/2020	IMF
https://www.imf.org/en/Publications/WP/Issues/2020/01/17/A-Monthly-Indicator-of-Economic-	Working Paper
Growth-for-Low-Income-Countries-48929
Monthly economic indicators support policy analysis of current economic developments and forecasting.
This paper presents an overview of the data and statistical requirements to develop those indicators taking
into account resource constraints that LIC typically face. We review statistical procedures for developing

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

these indicators under the System of National Accounts and propose a general procedure to derive a monthly composite indicator of economic growth in low income economies.

Keywords: economic activity, system of national accounts, GDP.

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