Válogatás a nemzetközi szervezetek újdonságaiból (2020.04.02-08.)

VÁLOGATÁS

az ECB, az ESRB, az EU, az EBA, az EIOPA, az ESMA, az IMF, a BIS, az FSB, az OECD, az IOPS és az IOSCO dokumentumaiból

2 0 2 0 . Á P R I L I S 2 - 8 .

MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

TARTALOMJEGYZÉK

1. KORONAVÍRUS.......................................................................................................................................................	3
2. MONETÁRIS POLITIKA, INFLÁCIÓ ...........................................................................................................................	6
3. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK .............................................................................................................	7
4. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS ............................................................................................	8
5. FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA ..................................................................................	10
6. ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS.....................................................................................................	11
7. PÉNZFORGALOM, FIZETÉSI RENDSZEREK..............................................................................................................	11
8. MAKROGAZDASÁG ..............................................................................................................................................	12
9. ÁLTALÁNOS GAZDASÁGPOLITIKA.........................................................................................................................	12
10. KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS ...................................................................................................................	13
11. STATISZTIKA.......................................................................................................................................................	13

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1. KORONAVÍRUS

Opening Remarks for Joint IMF/WHO press conference	IMF
https://www.imf.org/en/News/Articles/2020/04/03/sp040320-opening-remarks-for-joint-imf-who-	Speech
press-conference
Opening remarks by Kristalina Georgieva, Managing Director of the IMF, during a joint IMF/WHO press
conference on 3 April 2020
Related transcript:
https://www.imf.org/en/News/Articles/2020/04/03/tr040320-transcript-kristalina-georgieva-
participation-world-health-organization-press-briefing
From the emergency crisis response to initial thinking on the post-crisis environment	BIS
https://www.bis.org/review/r200409a.htm	Central Bankers'
Hearing of Mr François Villeroy de Galhau, Governor of the Bank of France, before the Section for the	Speech
Economy and Finance of the French Economic, Social and Environmental Council, Paris, 8 April 2020
The Riksbank's measures to mitigate the effects of the corona crisis on the economy	BIS
https://www.bis.org/review/r200403a.htm	Central Bankers'
Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, at the Sveriges Riksbank, Stockholm,	Speech
3 April 2020
The Bulgarian banking sector under Covid-19	BIS
https://www.bis.org/review/r200406d.htm	Central Bankers'
Publication by Mr Dimitar Radev, Governor of the Bulgarian National Bank, in the Quarterly Bulletin of the	Speech
Association of Banks in Bulgaria, issue 61, March 2020
State aid: Commission approves €5.4 billion Danish scheme to compensate companies particularly	EU
affected by the coronavirus outbreak, 08/04/2020	Press Release
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_541
EIB Group contributes € 5.2 billion to EU response to Covid-19 outside European Union, 08/04/2020	EU
https://www.eib.org/en/press/all/2020-096-eib-group-contributes-eur-5-2-billion-to-eu-response-to-	Press Release
covid-19-outside-european-union#
ESCALAR: up to €1.2 billion to help high potential companies grow and expand in Europe, 08/04/2020	EU
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_628	Press Release
COVID-19 outbreak: Council approves measures to help the most deprived EU citizens, 08/04/2020	EU
https://www.consilium.europa.eu/en/press/press-releases/2020/04/08/covid-19-outbreak-council-	Press Release
approves-measures-to-help-the-most-deprived-eu-citizens/
COVID-19: Council gives go-ahead to further use of cohesion resources, 08/04/2020	EU
https://www.consilium.europa.eu/en/press/press-releases/2020/04/08/covid-19-council-gives-go-	Press Release
ahead-to-further-use-of-cohesion-resources/
State aid: Commission approves €1 billion Greek scheme providing repayable advances to support the	EU
economy in the coronavirus outbreak, 07/04/2020	Press Release
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_611
State aid: Commission approves £50 billion UK "umbrella" scheme to support the economy in the	EU
coronavirus outbreak, 06/04/2020	Press Release
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_603

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Coronavirus: Commission and European Investment Fund (part of EIB Group) unlock €8 billion in finance	EU
for 100,000 small and medium-sized businesses, 06/04/2020	Press Release
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_569
State aid: Commission approves €13 billion Portuguese schemes to support economy in coronavirus	EU
outbreak, 04/04/2020	Press Release
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_599
EIB Group moves to scale up economic response to COVID-19 crisis, 03/04/2020	EU
https://www.eib.org/en/press/all/2020-094-eib-group-moves-to-scale-up-economic-response-to-covid-	Press Release
19-crisis
State aid: Commission approves Polish scheme enabling public guarantees up to €22 billion to support	EU
economy in coronavirus outbreak, 03/04/2020	Press Release
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_596
State aid: Commission approves €2 billion Greek guarantee measure to support companies affected by	EU
the coronavirus outbreak, 03/04/2020	Press Release
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_591
State aid: Commission extends Temporary Framework to enable Member States to accelerate research,	EU
testing and production of coronavirus relevant products, to protect jobs and to further support the	Press Release
economy in the coronavirus outbreak, 03/04/2020
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_570
State aid: Commission approves €23 million Dutch scheme to support the economy in the current	EU
coronavirus outbreak, 03/04/2020	Press Release
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_597
State aid: Commission approves Spanish "umbrella" scheme to support economy in coronavirus	EU
outbreak, 02/04/2020	Press Release
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_581
State aid: Commission approves a €9.1 billion Swedish guarantee scheme to support economy in	EU
coronavirus outbreak, 02/04/2020	Press Release
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_579
Questions and answers on the Coronavirus Response Investment Initiative Plus: New actions to mobilise	EU
essential investments and resources, 02/04/2020	Press Release
https://ec.europa.eu/commission/presscorner/detail/en/QANDA_20_574
Commission proposes SURE, a new temporary instrument worth up to €100 billion to help protect jobs	EU
and people in work, 02/04/2020	Press Release
https://ec.europa.eu/commission/presscorner/detail/en/QANDA_20_572	+
	Speech
Related speech:
https://ec.europa.eu/commission/presscorner/detail/en/STATEMENT_20_587
Remarks by European Commission President Ursula von der Leyen at the press conference on SURE; the
Emergency Support Instrument; and on the Coronavirus Response Investment Initiative Plus
EBA publishes Guidelines on treatment of public and private moratoria in light of COVID-19 measures,	EBA
02/04/2020	Press Release
https://eba.europa.eu/eba-publishes-guidelines-treatment-public-and-private-moratoria-light-covid-19-
measures

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Update on other measures impacted by COVID-19 Pandemic, 02/04/2020	EIOPA
https://www.eiopa.europa.eu/content/update-other-measures-impacted-covid-19-pandemic	Press Release
Transcript of Background Briefing Conference Call on IMF Resources and the Fund's Strategy to Help	IMF
Countries Combat COVID-19,01/04/2020	Press Release
https://www.imf.org/en/News/Articles/2020/04/03/tr040120-transcript-background-briefing-
conference-call-imf-resources-strategy-help-combat-covid-19
The 17th meeting of the FSB MENA group discusses regional financial stability and the impact of COVID-	FSB
19, 02/04/2020	Press Release
https://www.fsb.org/2020/04/the-17th-meeting-of-the-fsb-mena-group-discusses-regional-financial-
stability-and-the-impact-of-covid-19/
FSB members take action to ensure continuity of critical financial services functions, 02/04/2020	FSB
https://www.fsb.org/2020/04/fsb-members-take-action-to-ensure-continuity-of-critical-financial-	Press Release
services-functions/
OECD issues recommendations on implications of the COVID-19 crisis on cross-border workers and other	OECD
related cross-border matters, 03/04/2020	Press Release
https://www.oecd-forum.org/users/369395-pascal-saint-amans/posts/65032-oecd-issues-
recommendations-on-implications-of-the-covid-19-crisis-on-cross-border-workers-and-other-related-
cross-border-matters
IOPS Members measures taken to address the COVID-19 crisis, 08/04/2020	IOPS
http://www.iopsweb.org/iopsmembersmeasurestakentoaddressthecovid-19crisis.htm	Press Release
IOSCO reprioritizes its work program to address impact of COVID-19,04/08/2020	IOSCO
https://www.iosco.org/news/pdf/IOSCONEWS562.pdf	Press Release
IOSCO Statement on Application of Accounting Standards during the COVID-19 Outbreak, 03/04/2020	IOSCO
https://www.iosco.org/news/pdf/IOSCONEWS561.pdf	Press Release
COVID-19 crisis: the Single Resolution Board's approach to MREL targets, 08/04/2020	EU
https://srb.europa.eu/en/node/967	Blog Post
Blog post by Elke König, Chair at single resolution board
The time for solidarity in Europe is now - a concerted European financial response to the corona-crisis,	EU
02/04/2020	Blog Post
https://www.esm.europa.eu/blog/time-solidarity-europe-concerted-european-financial-response-
corona-crisis
Blog post by Klaus Regling, ESM Managing Director
Some say there is a trade-off: save lives or save jobs - this is a false dilemma	IMF
https://www.imf.org/en/News/Articles/2020/04/03/vs-some-say-there-is-a-trade-off-save-lives-or-save-	Publication
jobs-this-is-a-false-dilemma
Op-edby Kristalina Georgieva(Managing Director of the IMF) and Dr Tedros Adhanom Ghebreyesus
(Director-General of the WHO) published in The Telegraph on 3 April 2020
Catastrophe Containment and Relief Trust : Policy Proposals and Funding Strategy, 02/04/2020	IMF
https://www.imf.org/en/Publications/Policy-Papers/Issues/2020/04/02/Catastrophe-Containment-and-	Policy Paper
Relief-Trust-Policy-Proposals-and-Funding-Strategy-49305
In direct response to the COVID-19 crisis the International Monetary Fund (IMF) Executive Board has
adopted some immediate enhancements to its Catastrophe Containment and Relief Trust (CCRT) to enable
the Fund to provide debt service relief for its poorest and most vulnerable members. The CCRT enables

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the IMF to deliver grants for debt relief benefiting eligible low-income countries in the wake of
catastrophic natural disasters and major, fast-spreading public health emergencies.
Measures to reflect the impact of Covid-19,03/04/2020	BIS
https://www.bis.org/bcbs/publ/d498.htm	Publication
The document sets out technical guidance related to: (i) the exceptional measures introduced by
governments and banks to alleviate the impact of the coronavirus disease (Covid-19); and (ii) expected
credit loss (ECL) accounting. The guidance seeks to ensure that banks reflect the risk-reducing effect of the
exceptional measures when calculating their capital requirements. It also sets out the amended
transitional arrangements for the regulatory capital treatment of ECL accounting, which will provide
jurisdictions with greater flexibility in how to phase in the impact of ECL on regulatory capital.
Europe must act now to prepare the aftermath of the pandemic crisis, 06/04/2020	OECD
https://oecdecoscope.blog/2020/04/06/europe-must-act-now-to-prepare-the-aftermath-of-the-	Blog Post
pandemic-crisis/
Blog post by by Laurence Boone, OECD Chief Economist and Alvaro S. Pereira, Director, Economics
Department Country Studies Branch, OECD

2. MONETÁRIS POLITIKA, INFLÁCIÓ

Interview with To Vima	ECB
https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in200404~5233e69a1f.en.html	Interview
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Angelos
Athanasopoulos and published on 4 April 2020
Consolidated financial statement of the Eurosystem as at 3 April 2020, 08/04/2020	ECB
https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fst200408.en.html	Press Release
Commentary:
https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fs200408.en.html
ECB announces package of temporary collateral easing measures, 07/04/2020	ECB
https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200407~2472a8ccda.en.html	Press Release
ECB extends review of its monetary policy strategy until mid-2021,02/04/2020	ECB
https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200402~942a1358ee.en.html	Press Release
Monetary policy: the challenges ahead, 08/04/2020	ECB
https://www.ecb.europa.eu/pub/pdf/other/ecb.20191217_Monetary_policy_the_challenges_ahead~2c	Publication
ac5a564e.en.pdf?6c688b33f2cc3990e816db78afce0914

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Monetary policy, investment and firm heterogeneity, 07/04/2020	ECB
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2390~f6688df85d.en.pdf?c98083ddd8e6f12362afb	Working Paper
46ce8585460
This paper provides new evidence on the channels of monetary policy transmission combining 9 million
observations on firm level investment and high-frequency identified monetary policy shocks. We show
that the reaction of firms' investment to a monetary policy shock is heterogeneous along dimensions that
correspond to the two main channels of monetary policy transmission. First, we show that young firms
are more sensitive to monetary policy shocks, supporting the existence of a credit channel of monetary
policy. Second, we document large cross-sectional heterogeneity related to the industry the firm operates
in. We find that firms producing durable goods react more than others, which is consistent with traditional
interest rate channel effects of monetary policy. Third, we find that the effect of monetary policy shocks
is longer lived for firms that are durable goods producers than for young firms indicating that demand
effects last longer than credit effects.
Keywords: monetary policy transmission, monetary policy shocks, investment
Does the liquidity trap exist?, 08/04/2020	BIS
https://www.bis.org/publ/work855.htm	Working Paper
The liquidity trap is synonymous with ineffective monetary policy. The common wisdom is that, as the
short-term interest rate nears its effective lower bound, monetary policy cannot do much to stimulate the
economy. However, central banks have resorted to alternative instruments, such as QE, credit easing and
forward guidance. Using state-of-the-art estimates of the effects of monetary policy, we show that
monetary easing stimulates output and inflation, also during the period when short-term interest rates
are near their lower bound. These results are consistent across the United States, the euro area and Japan.
Keywords: liquidity trap, effective lower bound, monetary transmission
Average inflation targeting and the interest rate lower bound, 02/04/2020	BIS
https://www.bis.org/publ/work852.htm	Working Paper
Assigning a discretionary central bank a mandate to stabilize an average inflation rate - rather than a
period-by-period inflation rate - increases welfare in a New Keynesian model with an occasionally binding
lower bound on nominal interest rates. Under rational expectations, the welfare-maximizing averaging
window is infinitely long, which means that optimal average inflation targeting (AIT) is equivalent to price
level targeting (PLT). However, AIT with a finite, but sufficiently long, averaging window can attain most
of the welfare gain from PLT. Under boundedly-rational expectations, if cognitive limitations are
sufficiently strong, the optimal averaging window is finite, and the welfare gain of adopting AIT can be
small.
Keywords: monetary policy objectives, makeup strategies, liquidity trap, deflationary bias, expectations

3. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK

International capital flows at the security level: evidence from the ECB's Asset Purchase Programme,	ECB
06/04/2020	Working Paper
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2388~5b8ce891a8.en.pdf?89895554b93e1e15f486
d8ca1607215c
The authors analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase
Programme at the security level. Based on net transactions of domestic and foreign securities, we observe

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euro area sectors' capital flows into individual securities, cleaned from valuation effects. Their empirical
analysis - which accounts for security-level characteristics - shows that euro area investors (in particular
investment funds and households) actively rebalanced away from securities targeted under the Public
Sector Purchase Programme and other euro-denominated debt securities, towards foreign debt
instruments, including 'closest substitutes', i.e. certain sovereign debt securities issued by non-euro area
advanced countries. This rebalancing was particularly strong during the first six quarters of the
programme.
Keywords: international investment patterns, capital flows, sovereign debt, investor heterogeneity,
quantitative easing
Opinion of the European Systemic Risk Board of 26 February 2020 regarding Belgian notification of an	ESRB
extension of the period of application of a stricter national measure based on Article 458 of the CRR	Opinion
(ESRB/2020/2), 08/04/2020	+
https://www.esrb.europa.eu/pub/pdf/other/esrb.opinion200408_measureart458~053e7b3e53.en.pdf	Report
Report:
Assessment of the Belgian notification in accordance with Article 458 of Regulation (EU) No 575/2013
concerning the extension of a stricter national measure for residential mortgage lending, 08/04/2020
https://www.esrb.europa.eu/pub/pdf/other/esrb.opinion200408_report~b584261c97.en.pdf
A New Indicator of Bank Funding Cost, 06/04/2020	BIS
https://www.bis.org/publ/work854.htm	Working Paper
The cost of bank funding on money markets is typically the sum of a risk-free rate and a spread that reflects
rollover risk, i.e., the risk that banks cannot roll over their short-term market funding. This risk is a major
concern for policymakers, who need to intervene to prevent the funding liquidity freeze from triggering
the bankruptcy of solvent financial institutions.
Keywords: bank funding risk, bank credit spreads, liquidity supply regimes, multicurve environment,
economic activity predictability

4. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS

EBA updates impact of the Basel III reforms on EU banks' capital and compliance with liquidity measures,	EBA
08/04/2020	Press Release
https://eba.europa.eu/eba-updates-impact-basel-iii-reforms-eu-banks%E2%80%99-capital-and-
compliance-liquidity-measures
EBA updates list of Other Systemically Important Institutions (O-SIIs),03/04/2020	EBA
https://eba.europa.eu/eba-updates-list-other-systemically-important-institutions-o-siis	Press Release
EBA publishes updated List of Reporting Institutions for 2020, 02/04/2020	EBA
https://eba.europa.eu/eba-publishes-updated-list-reporting-institutions-2020	Press Release
EIOPA publishes extraordinary information for Solvency II Relevant Risk Free Interest Rate Term Struc-	EIOPA
tures and Symmetric Adjustment to Equity Risk with reference to 6 April 2020, 08/04/2020	Press Release
https://www.eiopa.europa.eu/content/eiopa-publishes-extraordinary-information-solvency-ii-relevant-
risk-free-interest-rate-term_en

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EIOPA publishes Opinion on the supervision of remuneration principles in the insurance and reinsurance	EIOPA
sector, 07/04/2020	Press Release
https://www.eiopa.europa.eu/content/eiopa-publishes-opinion-supervision-remuneration-principles-
insurance-and-reinsurance-sector
EIOPA publishes second report on costs and pasts performance of insurance based investment products	EIOPA
and personal pension products, 06/04/2020	Press Release
https://www.eiopa.europa.eu/content/eiopa-publishes-second-report-costs-and-pasts-performance-
insurance-based-investment
Monthly technical information for Solvency II Relevant Risk Free Interest Rate Term Structures - end-	EIOPA
March 2020, 03/04/2020	Press Release
https://www.eiopa.europa.eu/content/monthly-technical-information-solvency-ii-relevant-risk-free-
interest-rate-term-structures-%E2%80%93
Monthly update of the symmetric adjustment of the equity capital charge for Solvency II - end-March	EIOPA
2020, 03/04/2020	Press Release
https://www.eiopa.europa.eu/content/monthly-update-symmetric-adjustment-equity-capital-charge-
solvency-ii-%E2%80%93-end-march-2020
EIOPA urges (re)insurers to temporarily suspend all discretionary dividend distributions and share buy	EIOPA
backs, 02/04/2020	Press Release
https://www.eiopa.europa.eu/content/eiopa-urges-reinsurers-temporarily-suspend-all-discretionary-
dividend-distributions-and
ESMA issues an opinion on Hungarian product intervention measures, 08/04/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-issues-opinion-hungarian-product-	Press Release
intervention-measures
MiFID II: ESMA issues latest double volume cap data, 07/04/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/mifid-ii-esma-issues-latest-double-volume-cap-	Press Release
data-21
ESMA publishes translations for Guidelines on standardised procedures and messaging protocols,	ESMA
06/04/2020	Press Release
https://www.esma.europa.eu/press-news/esma-news/esma-publishes-translations-guidelines-
standardised-procedures-and-messaging
ESMA report stresses impact of costs on retail investor benefits, 06/04/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-report-stresses-impact-costs-retail-	Press Release
investor-benefits
ESMA publishes guidance on performance fees in UCITS and certain AIFs, 03/04/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-publishes-guidance-performance-fees-in-	Press Release
ucits-and-certain-aifs
ESMA Updates Its Public Statement of Consultation Practices, 03/04/2020	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-updates-its-public-statement-consultation-	Press Release
practices
Pensions Briefing: Incorporating ESG factors in pension investment activity, 07/04/2020	IOPS
https://www.ipe.com/home/pensions-briefing-incorporating-esg-factors-in-pension-investment-	Press Release
activity/10044454.article?adredir=1

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Jurisdictions move towards full implementation of standards for financial market infrastructures,	IOSCO
08/04/2020	Press Release
https://www.iosco.org/news/pdf/IOSCONEWS563.pdf
Basel Committee and IOSCO announce deferral of final implementation phases of the margin require-	IOSCO
ments for non-centrally cleared derivatives, 03/04/2020	Press Release
https://www.iosco.org/news/pdf/IOSCONEWS560.pdf
List of supervised entities (as of 1 March 2020), 06/04/2020	ECB/SSM
https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities202004.en.pdf?4c	Publication
3154a498837f7e7ccf8324ad6f7041
Basel III Monitoring Report, 08/04/2020	BIS
https://www.bis.org/bcbs/publ/d500.htm	Publication
This report presents the results of the Basel Committee's latest Basel III monitoring exercise, based on
data as of 30 June 2019. The report sets out the impact of the Basel III framework that was initially agreed
in 2010 as well as the effects of the Committee's December 2017 finalisation of the Basel III reforms and
the finalisation of the market risk framework published in January 2019. Given the June 2019 reporting
date, the results do not reflect the economic impact of the coronavirus disease (Covid-19) on participating
banks.
Home sweet host: Prudential and monetary policy spillovers through global banks, 06/04/2020	BIS
https://www.bis.org/publ/work853.htm	Working Paper
Prudential regulation of banks is multi-layered: policy changes by home-country authorities affect banks'
global operations across many jurisdictions; changes by host-country authorities shape banks' operations
in the host jurisdiction regardless of the nationality of the parent bank. Which layer matters most? Do
these policies create cross-border spillovers? And how does monetary policy alter these spillovers? This
paper examines the effect that changes in home- and hostcountry prudential measures have on cross-
border credit, and how these interact with monetary policy.
Keywords: international banking, prudential policy, international policy coordination and transmission,
currencies, international spillovers
Margin requirements for non-centrally cleared derivatives, 03/04/2020	BIS
https://www.bis.org/bcbs/publ/d499.htm	Publication
The Basel Committee on Banking Supervision and the International Organization of Securities
Commissions (IOSCO) have revised the framework for margin requirements for non-centrally cleared
derivatives. Relative to the 2019 framework the revision extend by one year the final two implementation
phases of the margin requirements. With this extension, the final implementation phase will take place
on 1 September 2022. This extended timeline will provide additional operational capacity for firms to
respond to the immediate impact of the Covid-19 and at the same time, facilitate covered entities to act
diligently to comply with the requirements by the revised deadline.

5. FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA

Consultation on a retail payments strategy for the EU, 03/04/2020	EU
https://ec.europa.eu/info/consultations/finance-2020-retail-payments-strategy_en	Consultation

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

Digitalisation and new technologies have prompted the emergence of innovative payments, but
Europeans are not fully benefitting, as faster, more innovative payments remain domestic, or are not yet
available on a large or European scale. In the face of this and the challenges brought by big techs, Europe
needs a strategic vision to ensure that consumers and companies fully reap the benefits of an integrated
market, offering secure, fast, convenient, accessible and affordable payment services. This public
consultation, which is published together with the public consultation on a new digital finance strategy, is
a key step towards the adoption of a retail payments strategy for Europe. The outcome of this public
consultation will help the Commission prepare its retail payments strategy to be published in Q3 of 2020.
Consultation on a new digital finance strategy for Europe / FinTech action plan, 03/04/2020	EU
https://ec.europa.eu/info/consultations/finance-2020-digital-finance-strategy_en	Consultation
It is crucial that Europe grasps all the potential of digital age across the economy, including in the financial
sector. As set out in the Commission work programme, given the broad and fundamental nature of the
challenges ahead for the financial sector, the Commission will propose in Q3 2020 a new digital finance
strategy / FinTech action plan that sets out a number of areas that public policy should focus on in the
coming five years. This new strategy will build on the work carried out during the previous mandate, in
particular in the context of the FinTech action plan. It will take into consideration all the recent market
and technological developments that are likely to impact the financial sector in the near future. Responses
to this consultation will inform forthcoming work on a digital finance strategy / FinTech action plan.

6. ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS

The Commission launches a consultation on the renewed sustainable finance strategy, 08/04/2020	EU
https://ec.europa.eu/info/consultations/finance-2020-sustainable-finance-strategy_hu	Consultation
Building on the 2018 Action Plan on financing sustainable growth, the renewed sustainable finance
strategy will provide a roadmap with new actions to increase private investment in sustainable projects
and activities to support the different actions set out in the European Green Deal and to manage and
integrate climate and environmental risks into our financial system. The initiative will also provide
additional enabling frameworks for the European Green Deal Investment Plan. The aim of this public
consultation is to collect the views and opinions of interested parties in order to inform the Commissions
renewed strategy on sustainable.

7. PÉNZFORGALOM, FIZETÉSI RENDSZEREK

Sweden joins ECB's instant payments settlement platform, 03/04/2020	ECB
https://www.ecb.europa.eu//press/pr/date/2020/html/ecb.pr200403_1~302d8928e3.en.html	Press Release
Statement on European payments: Cooperation agreement concluded between the European Central	EU
Bank, the Eurosystem and Sveriges Riksbank, 04/04/2020	Statement
https://ec.europa.eu/info/files/200403-statement-ecb-eurosystem-sveriges-riksbank_en

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

8. MAKROGAZDASÁG

Attention to the tail(s): global financial conditions and exchange rate risks, 06/04/2020	ECB
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2387~d5e26ab7b6.en.pdf?7393ae06eea3b61ac1a	Working Paper
3c0cda2c27894
The authors document how the distribution of exchange rate returns responds to changes in global
financial conditions. Global financial conditions are measured as the common component of country-
specific financial condition indices, computed consistently across a large panel of developed and emerging
economies. Based on quantile regression results, the authors provide a characterisation and ranking of
the tail behaviour of a large sample of currencies in response to a tightening of global financial conditions,
corroborating (and quantifying) some of the prevailing narratives about safe haven and risky currencies.
Their approach delivers a more nuanced picture than one based on standard OLS regression. They then
carry out a portfolio sorting exercise to identify the macroeconomic fundamentals associated with such
different tail behaviour, and find that currency portfolios sorted on the basis of net foreign asset positions,
relative interest rates, current account balances and levels of international reserves display a higher
likelihood of large losses in response to a tightening of global financial conditions.

Keywords: exchange rates, tail risks, financial conditions indices, global financial cycle, quantile regression

9. ÁLTALÁNOS GAZDASÁGPOLITIKA

Indebtedness and spending: what happens when the music stops?, 07/04/2020	ECB
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2389~810e7e91d5.en.pdf?beed7cff06fb867053bb	Working Paper
0e50f99b7e4e
We analyse the effect of shocks to housing wealth and income before and after the Great Recession. We
combine datasets containing information on expenditure, income, wealth and debt in a synthetic panel to
understand how household indebtedness affects the response to income and wealth shocks. We find
evidence for both a housing wealth effect and income shocks depressing household consumption during
the crisis in Ireland. The long recovery of consumption is also related to high levels of indebtedness at the
onset of the crisis. Households who entered the crisis with more debt are significantly more sensitive to
changes in their income. In this way, household balance sheets can be an important amplification
mechanism for aggregate shocks
Keywords: Housing, income, wealth, expenditure.
Post-Programme Surveillance Report. Portugal, Autumn 2019, 08/04/2020	EU
https://ec.europa.eu/info/sites/info/files/economy-finance/ip124_en.pdf	Institutional
	Paper
This report by the European Commission presents the findings of the eleventh post-programme
surveillance mission to Portugal and identifies remaining challenges for the Portuguese economy.

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

10. KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS

A fiscal capacity for the euro area: lessons from existing fiscal-federal systems, 08/04/2020	ECB
https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op239~d9fdddad32.en.pdf?6fb4f08ff3e6d0f117e1e81	Occasional Paper
27510345a
After the financial and economic crisis in Europe, a broad consensus has emerged that a stronger fiscal
dimension may be needed to complete the architecture of Economic and Monetary Union (EMU). This
paper analyses the performance of interregional transfers in existing fiscal-federal systems, notably in
Austria, Belgium, Germany, Spain and the United States, and aims to draw lessons for the design of a euro
area fiscal instrument. The empirical risk-sharing analysis in this paper suggests that effective cross-
regional stabilisation of asymmetric shocks tends to work via direct cash transfers to households, such as
unemployment benefits, which are financed out of cyclical central government taxes and social security
contributions. This would suggest that a euro area budgetary instrument for stabilisation should be
designed as a tool that enhances the automatic stabilisation capacity in the single currency area. At the
same time, it seems important that a prospective central stabilisation instrument for the euro area would
be integrated in an overall fiscal policy framework that ensures proper incentives for national
policymakers.

Keywords: euro area fiscal capacity, fiscal risk-sharing, fiscal federalism

11. STATISZTIKA

Households and non-financial corporations in the euro area: fourth quarter of 2019, 07/04/2020	ECB
https://www.ecb.europa.eu/press/pr/stats/ffi/html/ecb.eaefd_early2019q4~7a769cf588.en.html	Press Release
Euro money market statistics: first maintenance period 2020, 07/04/2020	ECB
https://www.ecb.europa.eu/press/pr/stats/euro_money_market/html/ecb.emms200407~1c2b457777.e	Press Release
n.html
Euro area quarterly balance of payments and international investment position:	ECB
fourth quarter of 2019, 07/04/2020	Press Release
https://www.ecb.europa.eu/press/pr/stats/bop/2020/html/ecb.bq200407~ff67f5c0ce.en.html
EU27 current account surplus €90.9 bn, 08/04/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10685588/2-08042020-BP-EN.pdf/6a32c5d7-cdda-	Press Release
5c67-9b31-18a6db0764d9
House prices up by 4.2% in the euro area, 08/04/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10294612/2-08042020-AP-EN.pdf/d624aabc-eca8-	Press Release
029c-868b-f80efec5b89a
Business investment up to 25.8% in the euro area, 07/04/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10294600/2-07042020-BP-EN/97cd6993-a720-	Press Release
7150-cf0b-6bba8a65f492
Household saving rate nearly stable at 13.0% in the euro area, 07/04/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10294588/2-07042020-AP-EN/d4b91871-20c6-	Press Release
c309-2815-4431595a931b

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MNB - Válogatás a nemzetközi pénzügyi és gazdasági intézmények dokumentumaiból

Volume of retail trade up by 0.9% in euro area, 03/04/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10294756/4-03042020-AP-EN.pdf/a7e0e90e-bf1e-	Press Release
f33a-488c-045127090b1e
Industrial producer prices down by 0.6% in both euro area and EU, 02/04/2020	EU
https://ec.europa.eu/eurostat/documents/2995521/10294744/4-02042020-AP-EN.pdf/5183f309-42be-	Press Release
ebfc-6d97-732bb69902ec
Central bank policy rates, 08/04/2020	BIS
https://www.bis.org/statistics/cbpol.htm	Press Release
Effective exchange rate indices, 08/04/2020	BIS
https://www.bis.org/statistics/eer.htm	Press Release
US dollar exchange rates, 08/04/2020	BIS
https://www.bis.org/statistics/xrusd.htm	Press Release
OECD CLIs show biggest monthly drop on record in most major economies, 08/04/2020	OECD
http://www.oecd.org/newsroom/composite-leading-indicators-cli-oecd-april-2020.htm	Press Release
OECD annual inflation slowed marginally to 2.2% in February 2020 , 02/04/2020	OECD
http://www.oecd.org/newsroom/consumer-prices-oecd-updated-2-april-2020.htm	Press Release
Supervisory Banking Statistics - Fourth quarter 2019, 07/04/2020	ECB/SSM
https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.supervisorybankingstatistics_fourth_quar	Publication
ter_2019_202004~4848fcfef2.en.pdf?1165cf9f5b430d433e6d32a0d9b7d217	+
	Press Release
Aggregated Data Quality Tables, Fourth quarter 2019
https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.aggregateddataquality_fourth_quarter_2
019_202004~1a0814461b.en.pdf?a07557643ce773eaab1c27bba25b22d0
Related press release:
https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200407~c2e39fb2a5.en.ht
ml
European Business Cycle Indicators - 1st Quarter 2020, 08/04/2020	EU
https://ec.europa.eu/info/sites/info/files/economy-finance/tp039_en.pdf	Technical Paper
This edition of the EBCI takes a closer look at the drivers of the Economic Sentiment Indicator.

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