Válogatás a nemzetközi intézmények és külföldi jegybankok publikációiból (2021.04.08-04.14.)

NEMZETKÖZI SZEMELVÉNYEK

Válogatás a nemzetközi intézmények és külföldi jegybankok publikációiból

2021. április 8. - április 14.

	TARTALOMJEGYZÉK
1.	MONETÁRIS POLITIKA, INFLÁCIÓ ...................................................................................................	3
2.	PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK ....................................................................................	4
3.	MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS...................................................................	5
4.	FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA..........................................................	7
5.	ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS .............................................................................	8
6.	PÉNZFORGALOM, FIZETÉSI RENDSZEREK.....................................................................................	10
7.	MAKROGAZDASÁG .......................................................................................................................	10
8.	ÁLTALÁNOS GAZDASÁGPOLITIKA ................................................................................................	12
9.	KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS .............................................................................................	14
10.	SZANÁLÁS......................................................................................................................................	14
11.	STATISZTIKA ..................................................................................................................................	15

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1. MONETÁRIS POLITIKA, INFLÁCIÓ

Presentation of the ECB Annual Report 2020 to the Committee on Economic and Monetary Affairs of	ECB
the European Parliament	Speech
https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210414~4291d0b4db.en.html
Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the
European Parliament (by videoconference)
Interview with CNBC	ECB
https://www.ecb.europa.eu/press/inter/date/2021/html/ecb.in210412~ccd1b7c9bf.en.html	Interview
Interview with Christine Lagarde, President of the ECB, conducted by Sara Eisen on 9 April 2021 and
broadcast on the same day
How to revisit central banking and financial stability?	BIS
https://www.bis.org/review/r210414c.pdf	Central Bankers'
Speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Peterson Institute for	Speech
International Economics, Washington DC, virtual event, 13 April 2021
The ECB monetary policy response to the pandemic crisis	BIS
https://www.bis.org/review/r210413a.htm	Central Bankers'
Opening remarks by Mr Pablo Hernández de Cos, Governor of the Bank of Spain and Chairman of the	Speech
Basel Committee on Banking Supervision, at the 1st Ibero-American Central Bank Conference, jointly
organized by the Bank of Spain and the Ibero-American General Secretariat, 12 April 2021
IMFC Statement	ECB
https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210408~87574463be.en.html	Statement
Statement by Christine Lagarde, President of the ECB, at the forty-third meeting of the International
Monetary and Financial Committee, Virtual IMF Spring Meetings, 8 April 2021
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, 10-11 March 2021, 08/04/2021	Press Release
https://www.ecb.europa.eu/press/accounts/2021/html/ecb.mg210408~46b9deaa4a.en.html
ECB Annual Report 2020, 14/04/2021	ECB
https://www.ecb.europa.eu/pub/annual/html/ar2020~4960fb81ae.en.html	Publications
Magyar nyelvű verzió:
https://www.ecb.europa.eu/pub/annual/html/ar2020~4960fb81ae.hu.html
Cover letter to the transmission letter to the Annual Report 2020, 14/04/2021
https://www.ecb.europa.eu/pub/pdf/other/ecb.20210414_cover_letter_to_the_transmission_letter~
86b3b03dd6.en.pdf?12731ac63aeaedc16cde0b47f9e73934
Feedback on the input provided by the European Parliament as part of its resolution on the ECB
Annual Report 2019, 14/04/2021
https://www.ecb.europa.eu/pub/pdf/other/ecb.20210414_feedback_on_the_input_provided_by_the
_european_parliament~7d4de6f4c2.en.pdf?f15db8d3a062f6713d3d90a3ec61b806
Euro area equity risk premia and monetary policy: a longer-term perspective, 12/04/2021	ECB
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2535~a236a0a5fe.en.pdf?5b7ae3ca76be1cd1f9	Publication
7e8f6fcd134bc7
This study analyses the effects of euro area monetary policy on equity risk premia (ERP). We find that
changes in equity prices during periods of accommodative monetary policy mainly reflected
adjustments in the discount factor and economic activity - rather than fluctuations in investors'

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required risk compensation. Furthermore, the ERP appears to not have declined much since the
introduction of unconventional monetary policy and stands higher than prior to the GFC. Use of
identified monetary policy shocks points to insignificant effects of monetary policy on the ERP.
Keywords: monetary policy transmission, monetary policy shocks, equity risk premia
Monetary policy rules and the effective lower bound in the Euro area, 09/04/2021	BIS
https://helda.helsinki.fi/bof/bitstream/handle/123456789/17925/BoF_DP_2105.pdf;jsessionid=F642B	Research Hub
66D441AFDE821EDFCC5B906E7D3?sequence=1	Working Paper
The authors analyze the economic performance of different monetary policy strategies, or rules, in a
low interest rate environment, using simulations with a DSGE model which has been estimated for the
euro area. The authors study how often the effective lower bound of interest rates (ELB) is likely to bind,
and how much forgone monetary policy accommodation this entails. Macroeconomic outcomes are
measured by the mean levels and the volatility of output (gaps), unemployment and inflation.
Keywords: monetary policy rules, effective lower bound, euro area
ECB must future-proof monetary policy, 14/04/2021	OMFIF
https://www.omfif.org/2021/04/ecb-must-future-proof-monetary-policy/?utm_source=omfifupdate	Commentary
Later this year, the European Central Bank will conclude its first strategy review since 2003. The ECB
needs to future-proof itself and ensure its monetary policy framework can deliver for the currency union
over the coming decades. But even if life can approach something close to 'normal' by the end of the
year, in a monetary policy context, it is hardly the kind of normality which makes life easy for the ECB.
How long will the great reflation trade last? 12/04/2021	OMFIF
https://www.omfif.org/2021/04/how-long-will-the-great-reflation-trade-	Commentary
last/?utm_source=omfifupdate
Analysts expect the global economy to expand by 6% or more this year, the fastest pace in decades. The
US will lead the way, but growth in Europe should also bounce back as the year progresses. Along with
these rising growth expectations have come concerns about inflation. Many of the structural trends
that weighed on performance in the years before the pandemic are very much still in place. These
factors are likely to restrain growth and inflation.

2. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK

Survey on credit terms and conditions in euro-denominated securities financing and over-the counter	ECB
derivatives markets (SESFOD), 14/04/2021	Publication
https://www.ecb.europa.eu/pub/pdf/other/SESFOD_2021Q1_report~5fb28fb01a.en.pdf?59348bb839	+
da0e9c8a5e67b3f808205e	Press Release
Annexes:
https://www.ecb.europa.eu/pub/pdf/other/SESFOD_2021Q1_survey_guidelines~e9dc120dfc.en.pdf?
bcab977a7ba39b2c2bf254989b664c81
Detailed data series:
https://www.ecb.europa.eu/pub/pdf/other/SESFOD_2021Q1_detailed_data~b13ab58e6d.en.csv?287
28be9d2af3059223e73beb2467c66

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Related press release:
https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210414_1~ff23d59d15.en.html
Macroprudential Bulletin, 12/04/2021	ECB
https://www.ecb.europa.eu/pub/financial-stability/macroprudential-bulletin/html/index.en.html	Publication
Topics:
• Liquidity transformation by investment funds: structural fault line or desirable financial
transformation? A systemic perspective
• How effective is the EU Money Market Fund Regulation? Lessons from the COVID 19 turmoil
• The suspensions of redemptions during the COVID 19 crisis - a case for pre-emptive liquidity
measures?
• A theoretical model analysing investment funds' liquidity management and policy measures
Global Securities Financing Data Collection and Aggregation: Frequently Asked Questions, 12/04/2021	FSB
https://www.fsb.org/2021/04/global-securities-financing-data-collection-and-aggregation-frequently-	Publication
asked-questions/
Securities financing transactions (SFTs) such as securities lending and repurchase agreements (repos)
play a crucial role in supporting price discovery and secondary market liquidity for a wide variety of
securities. However, such transactions can also be used to take on leverage and can lead to maturity
and liquidity mismatched exposures. They therefore can pose risks to financial stability.
Designing financial systems for a healthy planet, 09/04/2021	OMFIF
https://www.omfif.org/2021/04/designing-financial-systems-for-a-healthy-	Commentary
planet/?utm_source=omfifupdate
As we lose natural diversity and degrade ecosystem services, we radically restrict our opportunity to
harness nature-based solutions to tackle climate change. These risks could catastrophically destabilise
our financial system and present an existential threat to the global economy and our future prosperity.
The good news is that the financial sector is starting to respond to climate-related financial risks.

3. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS

List of supervised entities (as of 1 March), 12/04/2021	ECB/SSM
https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities202104.en.pdf?	Press Release
d62ded18a8c05df230e1a8132ead3a1b
EBA updates lists of regional governments and local authorities (RGLAs) and of regional governments	EBA
and local authorities (PSEs) for the calculation of capital requirements, 08/04/2021	Press Release
https://www.eba.europa.eu/eba-updates-lists-regional-governments-and-local-authorities-rglas-and-
regional-governments-and
EBA releases an erratum of the taxonomy package on reporting framework 3.0 phase 2, 08/04/2021	EBA
https://www.eba.europa.eu/eba-releases-erratum-taxonomy-package-reporting-framework-30-	Press Release
phase-2
EIOPA publishes third report on cost and past performance of insurance-based investments products	EIOPA
and personal pension products, 14/04/2021	Press Release
https://www.eiopa.europa.eu/content/eiopa-publishes-third-report-cost-and-past-performance-of-
insurance-based-investments_en

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