Central Bank of Hungary : Válogatás a nemzetközi szervezetek újdonságaiból (2020.12.17.-2021.01.06.)

NEMZETKÖZI SZEMELVÉNYEK

Válogatás a nemzetközi intézmények és külföldi jegybankok publikációiból

2020. december 17. - 2021. január 6.

	TARTALOMJEGYZÉK
1.	MONETÁRIS POLITIKA, INFLÁCIÓ ...................................................................................................	3
2.	PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK ....................................................................................	6
3.	MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS...................................................................	9
4.	FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA........................................................	14
5.	ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS ...........................................................................	15
6.	PÉNZFORGALOM, FIZETÉSI RENDSZEREK.....................................................................................	17
7.	MAKROGAZDASÁG .......................................................................................................................	18
8.	ÁLTALÁNOS GAZDASÁGPOLITIKA ................................................................................................	19
9.	KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS .............................................................................................	23
10.	SZANÁLÁS..................................................................................................................................	25
11.	STATISZTIKA ..............................................................................................................................	25

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1. MONETÁRIS POLITIKA, INFLÁCIÓ

Q&A on Twitter	ECB
https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in201218~4e77c2d9e6.en.html	Interview
Interview on Twitter with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and
published on 17 December 2020
The potential long-term effects of the coronavirus crisis on the economy and on monetary policy	BIS
https://www.bis.org/review/r201221c.htm	Central Bankers'
Speech by Dr Jens Weidmann, President of the Deutsche Bundesbank and Chair of the Board of	Speech
Directors of the Bank for International Settlements, at the Humboldt University of Berlin, virtual event,
16 December 2020.
Consolidated financial statement of the Eurosystem as at 1 January 2021, 01/06/2021	ECB
https://www.ecb.europa.eu/press/pr/wfs/2021/html/ecb.fst210106.en.html	Press Release
Related commentary:
https://www.ecb.europa.eu/press/pr/wfs/2021/html/ecb.fs210106.en.html
Monetary developments in the euro area: November 2020, 05/01/2021	ECB
https://www.ecb.europa.eu/press/pr/stats/md/html/ecb.md2011~5d330fa88c.en.html	Press Release
Related table:
https://www.ecb.europa.eu/press/pdf/md/ecb.md2011_annex~0bd5940f36.en.pdf?34a87aebd1ab09
df29423051d6f55712
Letter from the ECB President to Ms Julie Lechanteux, MEP, on monetary policy, 29/12/2020	ECB
https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter201229_Lechanteux~da835d9fe4.en.pdf?0	Letter
75d6488f16dc299c34ab6352d14af0c
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, 29/12/2020	Letter
https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter201229_Zanni_Donato_Grant_Rinaldi_1~9f
22218550.en.pdf?01718c13feef679f9d28036bc62a2a9b
Letter from the ECB President to several MEPs, on monetary policy, 29/12/2020	ECB
https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter201229_Urtasun_Ruiz_Devesa~8c3f04f65b	Letter
.en.pdf?796e180a800e83f3a4954868994aeca7
Letter from the ECB President to Ms Manon Aubry, MEP, on monetary policy, 29/12/2020	ECB
https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter201229_Aubry~82873a5b54.en.pdf?aa623	Letter
7ee0a9ff23bf32ab7b95d85174f
Consolidated financial statement of the Eurosystem as at 25 December 2020, 28/12/2020	ECB
https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fst201229.en.html	Press Release
Related commentary:
https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fs201229.en.html
Consolidated financial statement of the Eurosystem as at 18 December 2020, 22/12/2020	ECB
https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fst201222.en.html	Press Release
Related commentary:
https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fs201222.en.html

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Out of the Box: Euro a magnet for central banks, again, 17/12/2020	EU
https://www.esm.europa.eu/blog/out-box-euro-magnet-central-banks-again	Blog
Will new monetary policy frameworks succeed in achieving inflation targets?, 21/12/2020	OECD
https://oecdecoscope.blog/2020/12/21/will-new-monetary-policy-frameworks-succeed-in-achieving-	Press Release
inflation-targets/
The globalisation of inflation in the European emerging countries, 22/12/2020	BIS
https://www.bis.org/publ/work915.htm	Working Paper
This paper studies inflation globalisation in the European emerging countries by measuring inflation co-
movement across the region and assessing how local inflation rates reacted to global factors. The
analysis covers central and eastern European countries which are members of the European Union but
do not currently belong to the euro area. The results confirm sizeable inflation co-movement and a
significant influence exerted by global factors on the inflation rate in emerging Europe.
Keywords: inflation, globalisation, emerging countries
The central bank balance sheet as a policy tool: past, present and future, 23/12/2020	BIS
https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2020/the-central-bank-balance-	Research Hub
sheet-as-a-policy-tool-past-present-and-future.pdf	Working Paper
This paper focuses on what has been learned from the past decade of previously unconventional
monetary policy measures and the emerging lessons from the effects of monetary policy responses to
the Covid shock. The paper explores two observations from recent quantitative easing (QE) policies in
detail.
Keywords: monetary policy, financial stability, central bank balance sheet, quantitative easing, reserves.
Uncertainty and voting on the Bank of England's Monetary Policy Committee, 23/12/2020	BIS
https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2020/uncertainty-and-voting-	Research Hub
on-the-bank-of-englands-monetary-policy-committee.pdf	Working Paper
Differences of opinion are a natural and vital part of monetary policy making by committee. With the
appropriate stance for monetary policy both unobservable and uncertain, individual policymakers need
to synthesise a wide range of information, including the views of other committee members. Using a
novel measure of views that we construct from text analysis of the Bank of England Monetary Policy
Committee's minutes and speeches, we show that both individual economic assessments and broader
committee views are important in explaining individual voting.
Keywords: central bank communication, committees, monetary policy, uncertainty.
The COVID-19 shock and a fiscal-monetary policy mix in a monetary union, 23/12/2020	BIS
https://www.bancaditalia.it/pubblicazioni/temi-discussione/2020/2020-1313/en_tema_1313.pdf	Research Hub
	Working Paper
This paper evaluates the macroeconomic effects of a monetary and fiscal policy mix implemented in a
two-region monetary union in response to the COVID-19 shock. The pandemic is modelled as a mix of
recessionary demand and supply shocks affecting both regions simultaneously and symmetrically,
under two assumptions: the effective lower bound (ELB) constrains the monetary policy rate; and a
fraction of households, labelled 'hand-to-mouth' (HTM), consume all their available income in every
period.
Keywords: monetary policy, fiscal policy, effective lower bound.

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