Válogatás a nemzetközi szervezetek újdonságaiból (2020.05.28-06.03.)

VÁLOGATÁS

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

az IMF, a BIS, az FSB, az OECD, az IAIS, az IOPS és

az IOSCO

dokumentumaiból

2 0 2 0 . M Á J U S 2 8 - J Ú N I U S 3 .

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. ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS.......................................................................................................	6
5. ÁLTALÁNOS GAZDASÁGPOLITIKA...........................................................................................................................	7
6. KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS .......................................................................................................................	8
7. STATISZTIKA...........................................................................................................................................................	9

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

1. MONETÁRIS POLITIKA, INFLÁCIÓ

Consolidated financial statement of the Eurosystem as at 29 May 2020, 02/06/2020	ECB
https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fst200602.en.html	Press Release
Related commentary:
https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fst200602.en.html
Monetary developments in the euro area: April 2020, 29/05/2020	ECB
https://www.ecb.europa.eu/press/pr/stats/md/html/ecb.md2004~42820d7c46.en.html	Press Release
Related table:
https://www.ecb.europa.eu/press/pdf/md/ecb.md2004_annex~d24fa80d35.en.pdf?6acac361e2ac69fde
37d2faf04369ee0
Patterns of Foreign Exchange Intervention under Inflation Targeting, 29/05/2020	IMF
https://www.imf.org/en/Publications/WP/Issues/2020/05/29/Patterns-of-Foreign-Exchange-	Working Paper
Intervention-under-Inflation-Targeting-49252
The paper documents the use of foreign exchange intervention (FXI) across countries and monetary
regimes, with special attention to its use under inflation targeting (IT). We find significant differences
between advanced and emerging market economies, with the former group conducting FXI limitedly and
broadly symmetrically, while the use of this policy instrument in emerging market countries is pervasive
and mostly asymmetric (biased towards purchasing foreign currency, even after taking into account
precautionary motives). Within emerging markets, the use of FXI is common both under IT and non-IT
regimes. We find no evidence of FXI being used in response to inflation developments, while there is strong
evidence that FXI responds to exchange rates, indicating that IT central banks in EMDEs have dual
inflation/exchange rate objectives. We also find a higher propensity to overshoot inflation targets in
emerging market economies where FXI is more pervasive.
Keywords: inflation targeting, foreign exchange intervention, exchange rate

2. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK

Singapore's financial sector agile and resilient amid Covid-19	BIS
https://www.bis.org/review/r200604b.htm	Central Bankers'
Edited transcript of fireside chat by Mr Ravi Menon, Managing Director of the Monetary Authority of	Speech
Singapore, at ACI Live Aid: Financial Markets Give Back, 29 May 2020
FSB Europe group discusses financial vulnerabilities and responses to the COVID-19 pandemic,	FSB
28/05/2020	Press Release
https://www.fsb.org/2020/05/fsb-europe-group-discusses-financial-vulnerabilities-and-responses-to-
the-covid-19-pandemic/
Out of the Box: A new ESM for a new crisis, 03/06/2020	EU
https://www.esm.europa.eu/blog/out-box-new-esm-new-crisis	Blog

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

RFAs' Financial Structures and Lending Capacities: a statutory, accounting and credit rating perspective,	EU
28/05/2020	Working Paper
https://www.esm.europa.eu/publications/rfas%E2%80%99-financial-structures-and-lending-capacities-
statutory-accounting-and-credit
This paper documents the diverse financial structures - including capital structures and funding strategies
- of Regional Financing Arrangements (RFAs) and offers an analysis of RFAs' lending capacity from a
statutory, accounting and credit rating perspective. Using credit rating agencies' methodologies, the paper
presents the dynamic relationship between RFAs' financial structures, the support from their member
states and their resulting creditworthiness. A stylised model is developed to demonstrate how the relative
size of an institution's paid-in and callable capital, together with its member states' support, could have
an impact on the overall credit rating and lending capacity of an RFA. This paper contributes to the growing
policy discussions on the heterogeneity of RFAs and their rising importance in the Global Financial Safety
Net.
Keywords: regional financing arrangements, IMF, credit rating, capital, lending capacity, global financial
safety net
BIS Quarterly Review June 2020, 03/06/2020	BIS
https://www.bis.org/publ/qtrpdf/r_qt2006.pdf	Publication
This Quarterly Review draws on several BIS data sets to examine emerging market corporates' external
and foreign currency debt on the eve of the Covid-19 outbreak. It also assesses whether emerging market
government debt is a cause for concern.
Contents:
•	International banking and financial market developments
o	Key takeaways
o International dimensions of EME corporate debt
o NFCs' debt in context
o Box: Estimating externally funded and foreign currency debt with BIS statistics
o	Externally funded debt
o	Foreign currency debt
o Dollar debt in early 2020
o	Conclusion
• EME government debt: cause for concern?
•	BIS statistics: charts
The effectiveness of macroprudential policies and capital controls against volatile capital inflows,	BIS
02/06/2020	Working Paper
https://www.bis.org/publ/work867.htm
This paper compares the effectiveness of macroprudential policies (MaPs) and capital controls (CCs) in
influencing the volume and composition of capital inflows, and the probability of banking and currency
crises. The paper distinguishes between foreign exchange (FX)-based MaPs, which may be similar to some
types of CCs, and non-FX-based MaPs. Using a panel of 83 countries over the period 2000-17, and a
propensity score matching model to control for selection bias, it finds that capital inflow volumes are lower
where FX-based MaPs have been activated. The imposition of CCs does not have a significant effect on the
volume or composition of capital inflows. Further, it finds that the activation of MaPs is associated with a
lower probability of banking crises and surges in capital inflows in the following three years.
Keywords: capital account openness, capital flows, capital controls, macroprudential policy, banking
crises, currency crises

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

3. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS

European banking supervision measures in the context of the coronavirus (COVID-19) pandemic	ECB/SSM
https://www.bankingsupervision.europa.eu/press/speeches/date/2020/html/ssm.sp200528~f07ab3b8a	Presentation
e.en.pdf?addc604504784166c8e88f2eab223fc5
Presentation by Edouard Fernandez-Bollo, Member of the Supervisory Board of the ECB, at the Florence
School of Banking & Finance online debate, 28 May 2020
Financial Institutions Conference by UniCredit	EU
https://srb.europa.eu/en/node/1008	Speech
Speech by SRB Board Member Sebastiano Laviola, 2 June 2020
Presentation of the 2019 Annual Report of the ACPR	BIS
https://www.bis.org/review/r200528c.htm	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 press conference, Paris, 28 May 2020
Life beyond Solvency II - a view from the top of the regulator	BIS
https://www.bis.org/review/r200528a.htm	Central Bankers'
Speech by Ms Charlotte Gerken, Executive Director of Insurance Supervision of the Bank of England, at	Speech
the Association of British Insurers (ABI) Prudential Regulation webinar, 19 May 2020
EBA issues Guidelines to address gaps in reporting data and public information in the context of COVID-	EBA
19, 02/06/2020	Press Release
https://eba.europa.eu/eba-issues-guidelines-address-gaps-reporting-data-and-public-information-
context-covid-19
EBA announces timing for publication of its 2020 Spring EU-wide transparency exercise, 02/06/2020	EBA
https://eba.europa.eu/eba-announces-timing-publication-its-2020-spring-eu-wide-transparency-	Press Release
exercise
EBA sees considerable achievements in supervisory convergence and good level of engagement in su-	EBA
pervisory colleges across the EU, 29/05/2020	Press Release
https://eba.europa.eu/eba-sees-considerable-achievements-supervisory-convergence-and-good-level-
engagement-supervisory
EBA consults on draft amended technical standards on own funds and eligible liabilities, 29/05/2020	EBA
https://eba.europa.eu/eba-consults-draft-amended-technical-standards-own-funds-and-eligible-	Press Release
liabilities
EBA seeks to future proof loan origination standards taking into consideration significant transition pe-	EBA
riods to facilitate implementation, 29/05/2020	Press Release
https://eba.europa.eu/eba-seeks-future-proof-loan-origination-standards-taking-consideration-
significant-transition
EIOPA publishes bi-weekly information for Relevant Risk Free Interest Rate Term Structures and Sym-	EIOPA
metric Adjustment to Equity Risk with reference to 26 May 2020, 29/05/2020	Press Release
https://www.eiopa.europa.eu/content/eiopa-publishes-bi-weekly-information-relevant-risk-free-
interest-rate-term-structures-and_en
ESMA consults on cloud outsourcing guidelines, 03/06/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-consults-cloud-outsourcing-guidelines	Press Release

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

ESMA updates transparency and position limit opinions for 3rd country venues, 03/06/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-updates-transparency-and-position-limit-	Press Release
opinions-3rd-country-venues
ESMA publishes final report on FRANDT commercial terms for clearing services, 02/06/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-publishes-final-report-frandt-commercial-	Press Release
terms-clearing-services
ESMA's Supervisory Coordination network concludes its work, 29/05/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma%E2%80%99s-supervisory-coordination-	Press Release
network-concludes-its-work
ESMA updates its Q&As on MiFID II and MiFIR transparency and market structures topics, 29/05/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-updates-its-qas-mifid-ii-and-mifir-	Press Release
transparency-and-market-structures-0
ESMA publishes updates to EMIR Q&As, 28/05/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-publishes-updates-emir-qas	Press Release
ESMA updates Q&AS on MiFID II investor protection, 28/05/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-updates-qas-mifid-ii-investor-protection	Press Release
ESMA updates its Questions and Answers on the Securitisation Regulation, 28/05/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-updates-its-questions-and-answers-	Press Release
securitisation-regulation-0
Join us for the IAIS Executive Committee Dialogue on 25 June 2020 from 14:00-16:00,28/05/2020	IAIS
https://www.iaisweb.org/news/join-us-for-the-iais-executive-committee-dialogue-on-25-june-2020-	Press Release
from-1400-1600-basel-time
Statement from Jonathan Dixon, Secretary General, on the 2020 Annual General Meeting (AGM) and	IAIS
Annual Conference, scheduled for 2 - 6 November in Santiago, Chile, 28/05/2020	Press Release
https://www.iaisweb.org/news/statement-from-jonathan-dixon-secretary-general-on-the-2020-annual-
general-meeting-agm-and-annual-conference-scheduled-for-2--6-november-in-santiago-chile
Pensions Briefing: Incorporating ESG factors in pension investment activity, 28/05/2020	IOPS
https://www.ipe.com/home/pensions-briefing-incorporating-esg-factors-in-pension-investment-	Press Release
activity/10044454.article?adredir=1
IOSCO encourages issuers' fair disclosure about COVID-19 related impacts, 29/05/2020	IOSCO
https://www.iosco.org/news/pdf/IOSCONEWS568.pdf	Press Release
IOSCO consults on outsourcing principles to ensure operational resilience, 28/05/2020	IOSCO
https://www.iosco.org/news/pdf/IOSCONEWS567.pdf	Press Release

4. ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS

A green light to lead us on the path of economic recovery	BIS
https://www.bis.org/review/r200529b.htm	Central Bankers'

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

Contribution by Mr Frank Elderson, Executive Director of Supervision of the Netherlands Bank, during a	Speech
satellite event of the 11th edition of the Petersberg Climate Dialogue " Financing Climate Ambition in the
context of COVID19", 29 April 2020.
Equity Investors Must Pay More Attention to Climate Change Physical Risk, 29/05/2020	IMF
https://blogs.imf.org/2020/05/29/equity-investors-must-pay-more-attention-to-climate-change-physi-	Blog Post
cal-risk/
Blog Post by Felix Suntheim (Financial Sector Expert in the Global Financial Stability Analysis Division of
the Monetary and Capital Markets Department of the IMF) and Jérôme Vandenbussche (Senior Econo-
mist in the Monetary and Capital Markets Department of the IMF)
What policies for greening the crisis response and economic recovery?, 28/05/2020	OECD
https://doi.org/10.1787/c50f186f-en	Working Paper
This paper evaluates green stimulus packages that were introduced in response to the global financial
crisis (GFC) of 2007-08 and draws lessons relevant for greening the recovery from the Coronavirus (COVID-
19) crisis. The paper underscores the importance of building in policy evaluation mechanisms into green
stimulus measures. It also provides evidence that the implementation of sufficiently large, timely and
properly designed green stimulus measures can generate economic growth, create jobs and bring about
environmental benefits. However, there are also trade-offs between competing economic, environmental
and social policy objectives, which underscores the importance of proper policy design.
Keywords: stimulus package, environmental policy, policy evaluation, policy design, green growth, recov-
ery, coronavirus crisis

5. ÁLTALÁNOS GAZDASÁGPOLITIKA

Press conference on InvestEU Programme and its new Strategic Investment Facility	EU
https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_20_974	Speech
Remarks by Commissioner Paolo Gentiloni, 29 May 2020, Brussels
Press conference on Solvency Support Instrument	EU
https://ec.europa.eu/commission/presscorner/detail/en/STATEMENT_20_973	Speech
Statement by Executive Vice-PresidentMargrethe Vestager, 29 May 2020, Brussels
Press conference on the Recovery and Resilience Facility	EU
https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_20_960	Speeches
Remarks by Commissioner Paolo Gentiloni, 28 May 2020, Brussels
https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_20_961
Remarks by Executive Vice-PresidentValdis Dombrovskis, 28 May 2020, Brussels
Related Q&A:
https://ec.europa.eu/commission/presscorner/detail/en/QANDA_20_949
Press Conference on a Green and Just Recovery	EU
https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_20_964	Speech
Opening Remarks by Executive Vice-PresidentFrans Timmermans, 28 May 2020, Brussels
Related Q&A:
https://ec.europa.eu/commission/presscorner/detail/en/QANDA_20_931

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Opening Remarks at UN Event on Financing for Development in the Era of COVID-19	IMF
https://www.imf.org/en/News/Articles/2020/05/28/sp052820-opening-remarks-at-un-event-on-	Speech
financing-for-development-in-the-era-of-covid-19
Opening remarks by Kristalina Georgieva, Managing Director of the IMF, at the UN Event on Financing for
Development in the Era of COVID-19 on 28 May 2020
The nature of central banks' policy response	BIS
https://www.bis.org/speeches/sp200527.htm	Management
Opening remarks by Agustín Carstens, General Manager of the BIS, at the UBS High-level Discussion on	Speech
the Economic and Monetary Policy Outlook, Zurich, 27 May 2020
Overview of economic and financial developments in Italy	BIS
https://www.bis.org/review/r200529c.htm	Central Bankers'
Concluding remarks by Mr Ignazio Visco, Governor of the Bank of Italy, at a meeting for the presentation	Speech
of the Annual Report 2019 - 126th Financial Year, Bank of Italy, Rome, 29 May 2020
Review of recent inflation developments in Russia and economic outlook	BIS
https://www.bis.org/review/r200529a.htm	Central Bankers'
Statement by Ms Elvira Nabiullina, Governor of the Bank of Russia, in the follow-up to the Board of	Speech
Directors meeting, Moscow, 24 April 2020
Harald Waiglein reappointed chair of the financial services committee, 03/06/2020	EU
https://www.consilium.europa.eu/en/press/press-releases/2020/06/03/harald-waiglein-reappointed-	Press Release
chair-of-the-financial-services-committee/
Commission proposes a public loan facility to support green investments together with the European	EU
Investment Bank, 28/05/2020	Press Release
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_930
IMF Executive Board Approves FY 2021-FY 2023 Medium-Term Budget, 29/05/2020	IMF
https://www.imf.org/en/News/Articles/2020/05/29/pr20225-imf-executive-board-approves-fy-2021-fy-	Press Release
2023-medium-term-budget
How the Great Lockdown Saved Lives, 02/06/2020	IMF
https://blogs.imf.org/2020/06/02/how-the-great-lockdown-saved-lives/	Blog Post
Blog Post by Pragyan Deb (Economist in the Strategy, Policy and Review Department of the IMF), Davide
Furceri (Deputy Division Chief of the Research Department of the IMF), Jonathan D. Ostry (Deputy Direc-
tor of the Asia and Pacific Department of the IMF) and Nour Tawk (Economist in the Asia Pacific Depart-
ment of the IMF)
A Turning Point for Political Economy, 01/06/2020	IMF
https://blogs.imf.org/2020/06/01/a-turning-point-for-political-economy/	Blog Post
Blog Post by Gita Bhatt (Head of Policy Communications at the IMF and Editor-In-Chief of Finance & De-
velopment Magazine)

6. KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS

Taxation: Council approves conclusions on future administrative cooperation and excise duty on	EU
tobacco, 02/06/2020	Press Release
https://www.consilium.europa.eu/en/press/press-releases/2020/06/02/taxation-council-approves-
conclusions-on-future-administrative-cooperation-and-excise-duty-on-tobacco/

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

Can Digitalization Help Deter Corruption in Africa?, 29/05/2020	IMF
https://www.imf.org/en/Publications/WP/Issues/2020/05/29/Can-Digitalization-Help-Deter-Corruption-	Working Paper
in-Africa-49385
This paper studies the effect of digitalization on the perception of corruption and trust in tax officials in
Africa. Using individual-level data from Afrobarometer surveys and several indices of digitalization, we find
that an increase in digital adoption is associated with a reduction in the perception of corruption and an
increase in trust in tax officials. Exploiting the exogeneous deployment of submarine cables at the local
level, the paper provides evidence of a negative impact of the use of Internet on the perception of
corruption. Yet, the paper shows that the dampening effect of digitalization on corruption is hindered in
countries where the government has a pattern of intentionally shutting down the Internet, while countries
that successfully promote information and communication technology (ICT) enjoy a more amplified effect.
Keywords: Digitalization, corruption, trust, Africa
In Tax, Gender Blind is not Gender Neutral: why tax policy responses to COVID-19 must consider women,	OECD
01/06/2020	Blog Post
https://oecdecoscope.blog/2020/06/01/in-tax-gender-blind-is-not-gender-neutral-why-tax-policy-
responses-to-covid-19-must-consider-women/
Blog Post by Michelle Harding, Grace Perez-Navarro, and Hannah Simon, OECD Centre for Tax Policy and
Administration (CTPA)

7. STATISZTIKA

Euro area insurance corporation statistics: first quarter of 2020, 03/06/2020	ECB
https://www.ecb.europa.eu/press/pr/stats/icb/html/ecb.icb2020q1~231699d7fb.en.html	Press Release
Euro area unemployment at 7.3%, 03/06/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10294960/3-03062020-AP-EN.pdf/b823ec2b-91af-	Press Release
9b2a-a61c-0d19e30138ef
Industrial producer prices down by 2.0% in euro area, 03/06/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10294924/4-03062020-BP-EN.pdf/2376811b-969f-	Press Release
ad5f-8cfd-623b5c607885
A statistical portrait of the European Union compared with G20 countries, 02/06/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10928892/1-02062020-AP-EN.pdf/c3253596-bbda-	Press Release
491e-6f59-62a7e5f5c965
Euro area annual inflation down to 0.1%, 29/05/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10294840/2-29052020-AP-EN.pdf/82e74a7c-bfea-	Press Release
cc42-b842-260f2ce4039e
Exchange-traded derivatives statistics, 03/06/2020	BIS
https://www.bis.org/statistics/extderiv.htm	Press Release
Debt service ratios for the private non-financial sector, 03/06/2020	BIS
https://www.bis.org/statistics/dsr.htm	Press Release
Debt securities statistics, 03/06/2020	BIS
https://www.bis.org/statistics/secstats.htm	Press Release

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Credit-to-GDP gaps, 03/06/2020	BIS
https://www.bis.org/statistics/c_gaps.htm	Press Release
Credit to the non-financial sector, 03/06/2020	BIS
https://www.bis.org/statistics/totcredit.htm	Press Release
Consolidated banking statistics, 03/06/2020	BIS
https://www.bis.org/statistics/consstats.htm	Press Release
Locational banking statistics, 03/06/2020	BIS
https://www.bis.org/statistics/bankstats.htm	Press Release
Global liquidity indicators, 03/06/2020	BIS
https://www.bis.org/statistics/gli.htm	Press Release
OTC derivatives outstanding, 03/06/2020	BIS
https://www.bis.org/statistics/derstats.htm	Press Release
OECD annual inflation slows sharply to 0.9% in April 2020 but steep rise in food prices, 02/06/2020	OECD
http://www.oecd.org/newsroom/consumer-prices-oecd-updated-2-june-2020.htm	Press Release
Covid-19 hits G20 international merchandise trade in first quarter of 2020 as signs emerge of even	OECD
sharper falls in Q2, 28/05/2020	Press Release
http://www.oecd.org/newsroom/international-trade-statistics-trends-in-first-quarter-2020.htm

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