BIS published the annual report and the annual economic report for 2018–19. BIS also published speeches by the General Manager Agustín Carstens, the Economic Adviser and Head of Research Hyun Song Shin, and the Head of the Monetary and Economic Department Claudio Borio, who presented on the occasion of the BIS Annual General Meeting in Basel.
The annual report provides a description of its activities, governance, and organization, along with its annual financial statements for 2018–19. The BIS General Manager Agustín Carstens presented the new BIS Annual Report and highlighted the core activities of BIS in three main areas: economic analysis and research, banking activities, and cooperation among central banks and other financial authorities. Further, the report provides information on the BIS Innovation Hub 2025. The report notes that the role of the Hub will be to identify and develop in-depth insights into the critical technology trends affecting central banking, to develop public goods in the technology space for improving the functioning of the global financial system, to and serve as a focal point for a network of central bank experts on innovation.
The annual economic report highlights that monetary policy can no longer be the main engine of economic growth and that other policy drivers need to kick in to ensure the global economy achieves sustainable momentum. BIS calls for a better balance between monetary policy, structural reforms, fiscal policy, and macro-prudential measures. The report mentions that macro-prudential policies complement the monetary policy framework as an integral element of the wider macro-financial stability framework. They are targeted at addressing risks to financial stability, which arise from domestic financial imbalances. The report also features a chapter on big tech and financial services, which was released on June 23, 2019.
Keywords: International, Banking, Annual Report, Annual Economic Report, Macro-Prudential Measures, Innovation Hub, Fintech, BIS
Previous ArticleSEC Adopts Revisions to the EDGAR Filer Manual and Related Rules
EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.
The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.
In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.
In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.
EU published, in the Official Journal of the European Union, a corrigendum to the revised Capital Requirements Regulation (CRR2 or Regulation 2019/876).
ESAs published a joint supervisory statement on the effective and consistent application and on national supervision of the regulation on sustainability-related disclosures in the financial services sector (SFDR).
EC published a public consultation on the review of crisis management and deposit insurance frameworks in EU.
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
EBA launched consultations on the regulatory and implementing technical standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.
BoE issued a letter to the CEOs of eight major UK banks that are in scope of the first Resolvability Assessment Framework (RAF) reporting and disclosure cycle.