Central Bank of Hungary : Válogatás a nemzetközi szervezetek újdonságaiból (2020.01.23-29.)

VÁLOGATÁS

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

az IMF, a BIS és az OECD

dokumentumaiból

2 0 2 0 . J A N U Á R 2 3 - J A N U Á R 2 9 .

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 ............................................................................................	4
4. FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA ....................................................................................	5
5. ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS.......................................................................................................	5
6. PÉNZFORGALOM, FIZETÉSI RENDSZEREK................................................................................................................	6
7. MAKROGAZDASÁG ................................................................................................................................................	6
8. ÁLTALÁNOS GAZDASÁGPOLITIKA...........................................................................................................................	7
9. KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS .......................................................................................................................	8
10. SZANÁLÁS ............................................................................................................................................................	8
11. STATISZTIKA.........................................................................................................................................................	9

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1. MONETÁRIS POLITIKA, INFLÁCIÓ

Interview with Bloomberg TV	ECB
https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in200124_1~a226a06d7a.en.html	Interview
Interview with Christine Lagarde, President of the ECB, conducted by Francine Lacqua and broadcast on
24 January
Asset price inflation and monetary policy	ECB
https://www.bankingsupervision.europa.eu/press/speeches/date/2020/html/ssm.sp200127~402c54595	Speech
4.en.html
Keynote speech by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the
Supervisory Board of the ECB, at the celebration of INVESTAS' 60th anniversary
Letter from the ECB President to Mr Marco Zanni, Ms Francesca Donato, Mr Valentino Grant and Mr	ECB
Antonio Maria Rinaldi, MEPs, on monetary policy, 24/01/2020	Letter
https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter200124_Zanni_Donato_Grant_Rinaldi_3~2cc5
f5fee7.en.pdf?0dc6c7ad3966f694ae1e75f483eb0f7a
Consolidated financial statement of the Eurosystem as at 24 January 2020, 28/01/2020	ECB
https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fst200128.en.html	Press Release
Commentary
https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fs200128.en.html
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates),	ECB
24/01/2020	Press Release
https://www.ecb.europa.eu/press/govcdec/otherdec/2020/html/ecb.gc200124~2587702a02.en.html
ECB monetary policy decisions, 23/01/2020	ECB
https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp200123~ae33d37f6e.en.html	Press Release
Related press conference:
https://www.ecb.europa.eu/press/pressconf/2020/html/ecb.is200123~0bc778277b.en.html
ECB launches review of its monetary policy strategy, 23/01/2020	ECB
https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200123~3b8d9fc08d.en.html	Press Release

2. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK

Klaus Regling in interview with Bloomberg TV	EU
https://www.esm.europa.eu/interviews/klaus-regling-interview-bloomberg-tv-0	Speech
Transcript of interview with ESM Managing Director Klaus Regling, Bloomberg TV in Davos, Switzerland,
24 January 2020
A Call for Vigilance After a Strong Year for Risky Assets, 28/01/2020	IMF
https://blogs.imf.org/2020/01/28/a-call-for-vigilance-after-a-strong-year-for-risky-assets/	Blog Post
Blog Post by Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets
Department of the IMF and Fabio Natalucci, Deputy Director of the Monetary and Capital Markets
Department of the IMF

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

How ECB purchases of corporate bonds helped reduce firms' borrowing costs, 24/01/2020	ECB
https://www.ecb.europa.eu/pub/economic-	Publication
research/resbull/2020/html/ecb.rb200128~00e0298211.en.html
In June 2016, the ECB launched its corporate sector purchase programme, through which it purchased
corporate bonds in an effort to improve the financing conditions of euro area firms. In this article, I argue
that the programme was successful. In particular, by increasing prices and reducing yields in the targeted
bond market segment, the programme encouraged investors to shift their investments towards similar
but somewhat riskier bonds. This reduced borrowing costs for many firms, including those whose bonds
were not eligible for direct purchase by the ECB.

3. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS

Introductory statement	ECB
https://www.bankingsupervision.europa.eu/press/speeches/date/2020/html/ssm.sp200128~886dbc998	Speech
4.en.html
Introductory statement by Andrea Enria, Chair of the Supervisory Board of the ECB, at the press
conference on the results of the 2019 SREP cycle, Frankfurt, 28 January 2020
ECB keeps capital requirements and guidance for banks stable and increases transparency, 28/01/2020	ECB
https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200128~20e2703d8e.en.html	Press Release
EBA acknowledges Commission's decision on equivalence for Serbia and South Korea, 23/01/2020	EBA
https://eba.europa.eu/eba-acknowledges-commission%E2%80%99s-decision-equivalence-serbia-and-	Press Release
south-korea-0
European insurers face stable risk exposures, but macro and market risks remain high, 29/01/2020	EIOPA
https://eiopa.europa.eu/Pages/News/European-insurers-face-stable-risk-exposures,-but-macro-and-	Press Release
market-risks-remaining-at-a-high-level.aspx
EIOPA publishes information on the use of limitations and exemptions from reporting under Solvency II,	EIOPA
28/01/2020	Press Release
https://eiopa.europa.eu/Pages/News/EIOPA-publishes-information-on-the-use-of-limitations-and-
exemptions-from-reporting-under-Solvency-II.aspx
ESMA announces open hearing on its Consultation on Internal Controls for CRAs, 29/01/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-announces-open-hearing-its-consultation-	Press Release
internal-controls-cras
ESMA Newsletter - Nº11, 24/01/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-newsletter-n%C2%BA11	Press Release
Lifting the banking veil: credit standards' harmonization through lending transparency, 24/01/2020	ECB
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2367~98b6284d2a.en.pdf?994ab13dd2f49e43729	Publication
1a2bc57dbabd7
The paper explores whether the transparency in banks' lending activities enhances the harmonization of
credit terms that a bank offers across its different geographic regions. They take advantage of a novel
loan-level reporting initiative by the European Central Bank, which requires repo borrowing banks that
pledge their asset-backed securities as collateral to disclose granular information on loan characteristics
and performance. The authors find that loans originated under the transparency regime share more
similar interest rate, loan-to-collateral-value ratio and maturity compared to same-purpose loans issued

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by the same bank in different regions. Underperforming regional branches and those with less easily accessible peer-branches experience greater convergence in their credit terms, suggesting that transparency facilitates learning across a bank's different geographic regions. Additionally, banks that face stronger regulatory scrutiny are more likely to alleviate credit term disparities under the transparency regime. Overall, the findings suggest that transparency enhances the within-bank harmonization of lending practices.

4. FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA

Responding to leaps in payments - from unbundling to stablecoins	BIS
https://www.bis.org/review/r200123c.htm	Central Bankers'
Speech by Ms ChristinaSegal-Knowles,Executive Director for Financial Market Infrastructure Directorate	Speech
of the Bank of England, at the Westminster Business Forum, London, 22 January 2020
Impending arrival - a sequel to the survey on central bank digital currency, 23/01/2020	BIS
https://www.bis.org/publ/bppdf/bispap107.htm	Publication
Research and experimentation on central bank digital currencies continue to fuel discussion and debate.
This BIS paper updates an earlier survey that asked central banks how their plans in this area are
developing. The latest responses show emerging market economies reporting stronger motivations and a
higher likelihood that they will issue digital currencies, with central banks representing a fifth of the
world's population reportedly likely to issue very soon.
Keywords: central bank digital currencies; CBDC; digital innovation; money flower; cryptocurrencies;
cryptoassets; financial inclusion.
The Impact of Big Data and Artificial Intelligence (AI) in the Insurance Sector, 28/01/2020	OECD
http://www.oecd.org/finance/Impact-Big-Data-AI-in-the-Insurance-Sector.pdf	Publication
Big data and artificial intelligence (AI) are two words that are widely used when discussing the future of	+
Press Release
business. The potential to applying them in diverse aspects of business has caught the imagination of
many, in particular, how AI could replace humans in the workplace. Big data and AI could customise
business processes and decisions better suited to individual needs and expectations, improving the
efficiency of processes and decisions. The OECD's Insurance and Private Pensions Committee (IPPC)
undertakes surveillance of market developments, including on technological developments, and will
continue to monitor related developments so timely policy recommendations can be made for
policymakers.
Related press release:
http://www.oecd.org/finance/impact-big-data-ai-in-the-insurance-sector.htm

5. ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS

Conference on implementing the European Green Deal	EU
https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_20_139	Speech
Remarks by Executive Vice-PresidentMr Valdis Dombrovskis at the Conference on implementing the
European Green Deal: Financing the Transition, 28 January 2020

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Study of International Regulatory Co-operation (IRC) arrangements for air quality - The cases of the	OECD
Convention on Long-Range Transboundary Air Pollution, the Canada-United States Air Quality	Working Paper
Agreement, and co-operation in North East Asia, 24/01/2020

https://www.oecd-ilibrary.org/docserver/dc34d5e3- en.pdf?expires=1580142103&id=id&accname=guest&checksum=012F5EAE07C38F5A6CEF848235254E18

China, Japan and Korea have deployed a multiplicity of co-operation efforts at different levels of government to promote air quality and curb transboundary pollution. This paper identifies the existing arrangements for air quality co-operation in North East Asia and provides guidance to advance the cooperation required to face cross-border air pollution building on the experience of two long-standing cooperative agreements in this area: the Canada-United States Air Quality Agreement and UNECE's Convention on Long-Range Transboundary Air Pollution. This paper finds that the multilateral arrangements existent in North East Asia are yet to produce a comprehensive science-based regional approach to address transboundary air pollution. Key suggestions for countries to capitalise on the stronger momentum for co-operation in this area include: i) building on the existing frameworks for international regulatory co-operation for air quality; ii) advancing a common understanding of transboundary air pollution across scientific regional arrangements; and iii) strengthening the domestic policy frameworks for air quality in each country as a key prerequisite.

Keywords: air pollution; international regulatory co-operation; regulatory policy.

6. PÉNZFORGALOM, FIZETÉSI RENDSZEREK

Letter from the ECB President to Ms Eva Kaili, MEP, on payment services, 24/01/2020	ECB
https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter200124_Kaili_1~1505d9aa41.en.pdf?e74d0a1	Letter
15fddbbea45cd5e78c8774dac
Letter from the ECB President to Mr Giorgos Georgiou, MEP, on access to cash, 24/01/2020	ECB
https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter200124_Georgiou_2~6cdcdca7d4.en.pdf?11a	Letter
33b9c042927839e9dd64765818344
Euro banknote counterfeiting remained low in the second half of 2019, 24/01/2020	ECB
https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200124~242b62d123.en.html	Press Release

7. MAKROGAZDASÁG

The ECB Survey of Professional Forecasters (SPF) - First quarter of 2020, 24/01/2020	ECB
https://www.ecb.europa.eu/stats/ecb_surveys/survey_of_professional_forecasters/html/ecb.spf2020q1	Publication
~daa5609f81.en.html#toc1	+
Expectations for euro area inflation, growth and unemployment were largely unchanged in the latest (Q1	Press Release
2020) ECB Survey of Professional Forecasters (SPF). HICP inflation expectations stand at 1.2%, 1.4% and
1.5% for 2020, 2021 and 2022, respectively.[1] These figures for 2020 and 2021 are the same as they were
in the previous (Q4 2019) survey round. (2022 was not surveyed in the previous round.) Longer-term
inflation expectations (for 2024) remained at 1.7%. Real GDP growth expectations were also broadly
unchanged, standing at 1.1%, 1.2%, and 1.4% for 2020, 2021 and 2022, respectively. Longer-term growth
expectations (for 2024) remained unchanged at 1.4%. Unemployment rate expectations were unchanged
for 2020 and 2021, and point to a longer-term rate of 7.3%, which is 0.1 percentage points lower than in

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

the previous round. Respondents considered the balance of risks to inflation and GDP growth to remain on the downside.

Related press release:

https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200124_1~607a4e8965.en.html

8. ÁLTALÁNOS GAZDASÁGPOLITIKA

Interview with France 2	ECB
https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in200124~ad81eb4c6f.en.html	Interview
Interview with Christine Lagarde, President of the ECB, conducted by Jean-Paul Chapel, 24 January 2020
How can a united Europe meet the challenges it faces today?	ECB
https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200123~ac51bf0c46.en.html	Speech
Opening remarks by Christine Lagarde, President of the ECB, during a dinner on "Uniting Europe" at the
World Economic Forum
A changing economy - should policymakers act?	BIS
https://www.bis.org/review/r200123a.htm	Central Bankers'
Speech by Prof Claudia Buch, Vice-President of the Deutsche Bundesbank, at the New Year's reception of	Speech
the Cologne Chamber of Industry and Commerce, Cologne, 9 January 2020
ECB appoints Roland Straub as Counsellor to the President, 28/01/2020	ECB
https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200128~bc1848a9e6.en.html	Press Release
Statement by the Eurogroup President on the replacement of the Eurogroup working group President,	EU
29/01/2020	Press Release
https://www.consilium.europa.eu/en/press/press-releases/2020/01/29/statement-by-the-eurogroup-
president-on-the-replacement-of-the-eurogroup-working-group-president/
Outlook for Latin America and the Caribbean: New Challenges to Growth, 29/01/2020	IMF
https://blogs.imf.org/2020/01/29/outlook-for-latin-america-and-the-caribbean-new-challenges-to-	Blog Post
growth/
Blog Post by Alejandro M. Werner, Director of the Western Hemisphere Department of the International
Monetary Fund
Italy: Staff Concluding Statement of the 2019 Article IV Mission, 29/01/2020	IMF
https://www.imf.org/en/News/Articles/2020/01/29/Italy-Staff-Concluding-Statement-of-the-2019-	Press Release
Article-IV-Mission
EU Candidate Countries' & Potential Candidates' Economic Quarterly (CCEQ) - 4th Quarter 2019,	EU
28/01/2020	Technical Paper
https://ec.europa.eu/info/sites/info/files/economy-finance/tp038_en.pdf
An overview of economic developments in candidate and pre-candidate countries.
Republic of Kazakhstan : 2019 Article IV Consultation-Press Release; and Staff Report, 29/01/2020	IMF
https://www.imf.org/en/Publications/CR/Issues/2020/01/29/Republic-of-Kazakhstan-2019-Article-IV-	Country Report
Consultation-Press-Release-and-Staff-Report-49002
The political transition has increased the focus on social conditions and regional and rural development.
Growth has been buoyed by new spending, retail credit, and oil and gas investments. Inflation has picked

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up, and the current account has deteriorated. Renewed fiscal consolidation is planned from 2020. Non-oil growth is expected to moderate to 4 percent (potential), as construction, fiscal stimulus, and household borrowing ease. Growth could be higher if decisive reforms drive productivity gains. The state continues to play a strong role in the economy, and the authorities face challenges ensuring that measures are well targeted and effective in promoting private sector growth.

Related press release: https://www.imf.org/en/News/Articles/2020/01/29/pr2024-kazakhstan-imf-executive-board-concludes-2019-article-iv-consultation

9. KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS

Future of Fiscal Rules in the Euro Area	IMF
https://www.imf.org/en/News/Articles/2020/01/28/sp012820-vitor-gaspar-fiscal-rules-in-europe	Speech
Keynote Address by Vitor Gaspar, Director, Fiscal Affairs Department at the Workshop on "Fiscal Rules in
Europe: Design and Enforcement" in Brussels, Belgium on 28 January 2020
Viet Nam and Palau join the Global Forum on Tax Transparency, 24/01/2020	OECD
http://www.oecd.org/tax/exchange-of-tax-information/viet-nam-and-palau-join-the-global-forum-on-	Press Release
tax-transparency.htm
Debt Sustainability Monitor 2019, 24/01/2020	EU
https://ec.europa.eu/info/sites/info/files/economy-finance/ip120_en.pdf	Institutional
The Debt Sustainability Monitor 2019 provides an overview of fiscal sustainability challenges faced by EU	Paper
Member States over the short, medium and long term. Hungary: page 211.

10. SZANÁLÁS

Cross-border resolution cooperation and information-sharing: an overview of home and host authority	BIS
experience, 27/01/2020	Publication
https://www.bis.org/fsi/publ/insights22.htm
Cooperation and information-sharing between home and host authorities are critical in supporting
effective cross-border resolution planning and execution. While crisis management groups (CMGs) are a
core forum for cooperation between home and key host authorities for global systemically important
banks (G-SIBs), additional arrangements may also be required, especially for host authorities that do not
participate in CMGs. This paper examines cross-border cooperation and information-sharing
arrangements for G-SIBs and other systemic banks, with a particular focus on arrangements other than
CMGs. The study finds there has been some progress in establishing a range of arrangements, but there
are also instances where the information needs of host authorities on resolution planning continue to be
unmet.
Keywords: resolution; cross-border cooperation; information-sharing; crisis management group; CMG;
home authority; host authority.

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Bad bank resolutions and bank lending, 24/01/2020	BIS
https://www.bis.org/publ/work837.htm	Working Paper
The paper investigates whether impaired asset segregation tools, otherwise known as bad banks, and
recapitalisation lead to a recovery in the originating banks' lending and a reduction in non-performing
loans (NPLs). Results are based on a novel data set covering 135 banks from 15 European banking systems
over the period 2000-16. The main finding is that bad bank segregations are effective in cleaning up
balance sheets and promoting bank lending only if they combine recapitalisation with asset segregation.
Used in isolation, neither tool will suffice to spur lending and reduce future NPLs.

Keywords: bad banks; resolutions; lending; non-performing loans; rescue packages; recapitalisations.

11. STATISZTIKA

Monetary developments in the euro area: December 2019, 29/01/2020	ECB
https://www.ecb.europa.eu/press/pr/stats/md/html/ecb.md1912~d454c03551.en.html	Press Release
Euro area economic and financial developments by institutional sector: third quarter of 2019,	ECB
28/01/2020	Press Release
https://www.ecb.europa.eu/press/pr/stats/ffi/html/ecb.eaefd_full2019q3~5c36ca17a4.en.html
EU surplus up to over €186 bn in 2018, 28/01/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10384786/2-28012020-BP-EN.pdf/7c3553b4-e1b7-	Press Release
0efa-cce4-c1f82692de37
Household real income per capita up in both euro area and EU28, 28/01/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10159248/2-28012020-AP-EN.pdf/ebe44270-646c-	Press Release
11fa-4653-53b6ef73638b
Number of nights spent in the EU up by 2.4%, 24/01/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10371904/4-24012020-AP-EN.pdf/225398de-fa6a-	Press Release
4ed9-6052-9167d39f2ea2
Share of renewable energy in the EU up to 18.0%, 23/01/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10335438/8-23012020-AP-EN.pdf/292cf2e5-8870-	Press Release
4525-7ad7-188864ba0c29
Central bank policy rates, 29/01/2020	BIS
https://www.bis.org/statistics/cbpol.htm	Press Release
US dollar exchange rates, 29/01/2020	BIS
https://www.bis.org/statistics/xrusd.htm	Press Release
Effective exchange rate indices, 29/01/2020	BIS
https://www.bis.org/statistics/eer.htm	Press Release
Residential property prices: detailed series (nominal), 29/01/2020	BIS
https://www.bis.org/statistics/pp_detailed.htm	Press Release
Commercial property prices, 29/01/2020	BIS
https://www.bis.org/statistics/pp_commercial.htm	Press Release

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Consumer prices, 29/01/2020	BIS
https://www.bis.org/statistics/cp.htm	Press Release
Global liquidity indicators, 27/01/2020	BIS
https://www.bis.org/statistics/gli.htm	Press Release
BIS global liquidity indicators at end-September 2019, 27/01/2020	BIS
https://www.bis.org/statistics/gli2001.htm	Press Release

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