Válogatás a nemzetközi intézmények és külföldi jegybankok publikációiból (2022.01.20-01.26.)

NEMZETKÖZI SZEMELVÉNYEK

Válogatás a nemzetközi intézmények és külföldi jegybankok publikációiból

2022. január 20-26.

	TARTALOMJEGYZÉK
1.	MONETÁRIS POLITIKA, INFLÁCIÓ ...................................................................................................	3
2.	PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK ....................................................................................	4
3.	MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS...................................................................	5
4.	FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA..........................................................	6
5.	ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS .............................................................................	7
6.	MAKROGAZDASÁG .........................................................................................................................	8
7.	ÁLTALÁNOS GAZDASÁGPOLITIKA ..................................................................................................	9
8.	KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS .............................................................................................	13
9.	SZANÁLÁS......................................................................................................................................	13
10.	STATISZTIKA ..............................................................................................................................	14

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1. MONETÁRIS POLITIKA, INFLÁCIÓ

National Bank of Ukraine press briefing - monetary policy statement	BIS
https://www.bis.org/review/r220125c.htm	Central Bankers'
Speech by Mr Kyrylo Shevchenko, Governor of the National Bank of Ukraine, at a press briefing on	Speech
monetary policy, Kyiv, 20 January 2022.
Account of the monetary policy meeting of the Governing Council of the European Central Bank held	ECB
in Frankfurt am Main on Wednesday and Thursday, 15-16 December 2021, 20/01/2022	Press Release
https://www.ecb.europa.eu/press/accounts/2022/html/ecb.mg220120~7ed187b5b1.en.html
Monetary and Capital Markets Department: Technical Assistance Handbook, 25/01/2022	IMF
https://www.imf.org/en/Publications/miscellaneous-publications/Issues/2022/01/18/monetary-and-	Publication
capital-markets-department-technical-assistance-handbook
The Monetary and Capital Markets Department (MCM) has for many years provided technical
assistance (TA) across a wide range of economic and financial issues. The application of these issues is
often not well covered in reference material, particularly so regarding the recognition of challenges
faced by authorities in emerging and low-income countries and in countries that manage substantial
natural resource wealth. This handbook is motivated by the desire to distill, document and make widely
available, the lessons learnt from MCM TA over a long period of time while also incorporating lessons
learnt globally.
Monetary policy and inequality: The Finnish case, 21/01/2022	BIS
https://helda.helsinki.fi/bof/bitstream/handle/123456789/18277/BoF_DP_2203.pdf;jsessionid=CC7E2	Research Hub
9085A69D3CD36AD4E626C113B59?sequence=1	Working Paper
The authors use Finnish household-level registry and survey data to study the effects of ECB's monetary
policy on the distribution of income and wealth. The authors find that monetary easing has a large
positive effect on aggregate economic activity in Finland, but its overall net impact on income and
wealth inequality is negligible. Monetary easing increases households' gross income by reducing
unemployment and leading to a general rise in wages, while at the same time it boosts asset prices.
These different channels have counteracting effects on income and wealth inequality, as measured by
the Gini coefficient and the ratios of income and wealth of the 90th percentile to the 50th percentile.
Keywords: monetary policy, income inequality, wealth inequality
European sovereigns expect to ride out inflation spike, 26/01/2022	OMFIF
https://www.omfif.org/2022/01/european-sovereigns-expect-to-ride-out-inflation-	Commentary
spike/?utm_source=omfifupdate&utm_medium=email&utm_campaign=update
The German Bund's flirtation with a positive yield in January was short lived. But it was regarded as a
notable straw in the wind, given that it was the first time since May 2019 that the 10-year yield had
climbed above zero. Panellists at OMFIF's 20 January meeting on the outlook for European sovereign
borrowing were relaxed about rising yields. Borrowers on the panel confirmed that investors have
reassured them that they are untroubled by rising yields.
Wind of change at ECB as Fed tightens, inflation stance shifts, 26/01/2022	OMFIF
https://www.omfif.org/2022/01/wind-of-change-at-ecb-as-fed-tightens-inflation-stance-	Commentary
shifts/?utm_source=omfifupdate&utm_medium=email&utm_campaign=update
A wind of change is blowing at the ECB as the world braces for higher US interest rates. Six years of low
inflation, followed by Covid-19, have allowed the ECB to maintain negative interest rates and near-
continuous asset purchases, promoting policies to dampen the sovereign debt crisis. Now that both

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these factors are receding, some of the underlying problems are resurfacing - confronting the ECB with
near insoluble dilemmas.
Outlook 2022: can the Fed avoid addressing wealth inequality? 24/01/2022	OMFIF
https://www.omfif.org/2022/01/outlook-2022-can-the-fed-avoid-addressing-wealth-	Commentary
inequality/?utm_source=update&utm_medium=email&utm_campaign=update+email
In 2022, the Federal Reserve must begin normalisation and re-align policy with fast wage growth. The
first hike is likely to come in March, with quantitative tightening now part of the mix too. Inflation
anxiety will remain heightened, while the Fed's December meeting minutes suggest that keeping
abreast of wages could easily mean derailing equities, forcing the Fed to address the wealth side of
inequality as well.

2. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK

Mind the liquidity gap: a discussion of money market fund reform proposals, 21/01/2022	ECB
https://www.ecb.europa.eu/pub/financial-stability/macroprudential-	Publication
bulletin/html/ecb.mpbu202201_1~218b65d720.en.html
This article assesses proposed reforms to the European Money Market Funds (MMF) Regulation to
enhance the resilience of the sector. Specifically, the article provides a rationale for requiring private
debt MMFs to hold higher levels of liquid assets, of which a part should be public debt, and considers
the design and calibration of such a requirement. The article also proposes that the impediments to the
use of liquidity buffers should be removed and authorities should have a role in releasing these buffers.
Finally, while the removal of a stable net asset value for low-volatility MMFs would reduce cliff effects,
we argue that this might not be necessary if liquidity requirements for these private debt MMFs are
sufficiently strengthened.
Assessing the impact of a mandatory public debt quota for private debt money market funds,	ECB
21/01/2022	Publication
https://www.ecb.europa.eu/pub/financial-stability/macroprudential-
bulletin/focus/2022/html/ecb.mpbu_focus202201_1.en.html
This impact assessment shows that a mandatory public debt holding would reduce the liquidity risk of
private debt money market funds by increasing their shock absorption capacity and diversifying their
asset liquidity profile. This would enable these funds to better mitigate the externalities associated with
large-scale redemptions. The analysis also considers possible costs related to the funding of non-
financial corporations and the attractiveness of MMFs as well as possible feasibility issues in terms of
the supply of public debt.
Report on the economic rationale supporting the ESRB Recommendation of 2 December 2021 on	ESRB
money market funds and assessment, 25/01/2022	Publications
https://www.esrb.europa.eu/pub/pdf/reports/esrb.ascreport220125_economic_rationale_MMFs_Re	+
commendation~dbd5e76776.en.pdf	Press Release
The recommendation:
https://www.esrb.europa.eu/pub/pdf/recommendations/esrb.recommendation220125_on_reform_o
f_money_market_funds~30936c5629.en.pdf
Related press release:
https://www.esrb.europa.eu/news/pr/date/2022/html/esrb.pr.220125~32ad91c140.en.html

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European financial crises database, 20/01/2022	ESRB
https://www.esrb.europa.eu/pub/fcdb/esrb.fcdb20220120.en.xlsx	Publication
When uncertainty decouples expected and unexpected losses, 26/01/2022	BIS
https://www.bis.org/publ/work995.htm	Working Paper
A parsimonious extension of a well-known portfolio credit-risk model allows us to study a salient stylized
fact - abrupt switches between high- and low-loss phases - from a risk-management perspective. As
uncertainty about phase switches increases, expected losses decouple from unexpected losses, which
reflect a high percentile of the loss distribution. Banks that ignore this decoupling have shortfalls of loss-
absorbing resources, which is more detrimental if the portfolio is more diversified within a phase.
Likewise, the risk-management benefits of improving phase-switch forecasts increase with
diversification. The analysis of these findings leads us to an empirical method for comparing the degree
of within-phase default clustering across portfolio
Keywords: expected loss provisioning, bank capital, unexpected losses, credit cycles, portfolio credit risk

3. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS

Strengthening supervision, corporate governance and risk management in the financial sector of the	BIS
Republic of Moldova	Central Bankers'
https://www.bis.org/review/r220121e.htm	Speech
Speech by Mr Mugur Isărescu, Governor of the National Bank of Romania, at the event for the launching
of the Twinning project "Strengthening supervision, corporate governance and risk management in the
financial sector of the Republic of Moldova", Bucharest, 18 January 2022.
EBA amends standards on currencies with constraints on the availability of liquid assets, 26/01/2022	EBA
https://www.eba.europa.eu/eba-amends-standards-currencies-constraints-availability-liquid-assets	Press Release
EBA publishes binding standards on Pillar 3 disclosures on ESG risks, 24/01/2022	EBA
https://www.eba.europa.eu/eba-publishes-binding-standards-pillar-3-disclosures-esg-risks	Press Release
EBA consults on draft Guidelines on remuneration and gender pay gap benchmarking exercise for	EBA
banks and investment firms, 21/01/2022	Press Release
https://www.eba.europa.eu/eba-consults-draft-guidelines-remuneration-and-gender-pay-gap-
benchmarking-exercise-banks-and
EBA consults on updates to its Guidelines on data collection exercises regarding high earners,	EBA
21/01/2022	Press Release
https://www.eba.europa.eu/eba-consults-updates-its-guidelines-data-collection-exercises-regarding-
high-earners
ESMA requires to report net short positions between 0.1% and 0.2% during transition, 26/01/2022	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-requires-report-net-short-positions-	Press Release
between-01-and-02-during-transition
ESMA launches a common supervisory action with NCAs on valuation of UCITS and open-ended AIFs,	ESMA
20/01/2022	Press Release
https://www.esma.europa.eu/press-news/esma-news/esma-launches-common-supervisory-action-
ncas-valuation-ucits-and-open-ended

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