This paper discusses key findings of the Detailed Assessment of Observance of the Basel Core Principles for Denmark. The assessment reveals that the basic legal framework is contained in the Financial Business Act (FBA), and in executive orders and explanatory guidelines issued pursuant to the...

Greek real GDP has declined by 2 percent in 2009, and indicators suggest that activity will weaken further in 2010. With the deteriorating fiscal results came downgrades of government bonds by rating agencies, and investors started backing out of Greek bonds, driving up their yields. Impaired...

This technical note provides an overview of Mexico’s derivatives markets, and describes concisely the derivatives regulatory framework and risk management practices in financial institutions active in these markets. The most important derivatives market in Mexico is the over-the-counter...

In this study, Lebanon’s economy performed well during the global financial crisis. The banking sector has been resilient in the face of the global crisis, thanks to relatively conservative funding and asset structures, and prudent banking regulations and supervision. The need to address...

Luxembourg hosts a large international financial center that plays a pivotal role in its economy and in European financial markets. The crisis exposed significant vulnerabilities in Luxembourg’s financial system, owing to large cross-border exposures to foreign parent banks. The...

This technical note presents Cyprus’s Financial Sector Assessment Program Update. The authority has worked to enhance the quality of supervision, inter alia in the organizational area, upgrading the number of staff and staff expertise, and planning to intensify onsite supervision. A...

Increasing integration to the East has benefited the Austrian economy, but also created vulnerabilities that came to a head with the global financial crisis. The crisis has highlighted old challenges and created new ones that need to be addressed. The banking sector’s return to more...

Domestic demand is expected to remain the engine of growth in France, with net exports playing a minor role in the near term. Risks to the outlook are tilted to the downside. Boosting potential growth requires a comprehensive strategy. The consolidation targets set out in France’s...

This 2007 Article IV Consultation highlights that the favorable economic outcome for Austria is owed to a combination of stability-oriented macropolicies, a range of structural reforms, strong international competitiveness resulting from a social partnership that facilitates wage moderation, and...

The financial sector in Liechtenstein provides primarily wealth-management services, including banking, trust, other fiduciary services, investment management, and life insurance. The establishment of the Financial Market Authority (FMA) as the unified, independent regulator in January 2005 is a...