The text of the following statement was released by the Governments of the United States of America and Australia, Canada, Estonia, Finland, France, Germany, India, Italy, Japan, South Korea, Norway, Sweden, the United Kingdom, and the European Union on the margins of the United Nations General Assembly (UNGA).
On May 22, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Cyprus and endorsed the staff appraisal.
According to the IMF, Germany’s medium-term growth prospects could be bolstered by increasing public investment, including in the green transition and digitalization; offsetting the aging-related decline in the labor force, including by improving the availability of childcare and easing other obstacles to full-time work; enhancing the financing environment for start-ups and innovation; cutting red tape; and deepening economic integration within Europe.
Financial inflows triggered by Russia’s war in Ukraine continue to moderate but remain above pre-war levels, supporting a positive outlook. In 2024, growth is expected to ease but remain above trend. Inflation is expected to pick-up as monetary policy continues to normalize, and the current account deficit is expected to widen from historic lows.
The European Banking Authority (EBA) published today the final Guidelines on the criteria related to simplicity, standardisation and transparency and additional specific criteria for on-balance-sheet securitisations (so-called STS criteria).
The European Banking Authority (EBA) today published a Report on the issuance of what is commonly referred to as ‘virtual IBANs’ (vIBANs). In the absence of a common definition, the Report observes that the industry issues vIBANs in different ways and for different purposes and national authorities diverge in interpreting and applying regulatory requirements.
The European Securities and Markets Authority (ESMA) is inviting comments on draft technical standards related to Consolidated Tape Providers (CTPs), other data reporting service providers (DRSPs) and the assessment criteria for the CTP selection procedure under the Markets in Financial Instruments Regulation (MiFIR).
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is launching today a public consultation on proposed changes to the rules for position management controls and position reporting.
“We want to assess macroprudential policies and supervision beyond banks in a cross-cutting way. And I think we need to better understand the risks and vulnerabilities from the different sectors and their impact on the resilience of the financial system.” – EU Commissioner McGuinness.
Paris, 22 May 2024 The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator
“Staying on top of market developments and risks is essential for macroprudential policy. I believe it is worthwhile considering therefore whether our risk analytical work and stress testing routines need an additional boost. This includes using data to identify and measure interconnectedness between NBFI and the banking sector” – ESMA Chair Verena Ross
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