This Selected Issues paper analyzes France's fiscal stance using a structural stochastic model. The theoretical model features a forward-looking benevolent government that needs to decide the optimal fiscal stance given the level of public debt, the cyclical position of the economy, and...

This paper analyzes the crisis preparedness and crisis management frameworks for German banks. Banks dominate German financial system and represent one of the largest small- and medium-sized banking segments in the EU. The banking sector is a three-pillar system with a total of nearly 1,800...

This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for the Russian Federation in the areas of bank resolution and a crisis management framework. The findings reveal that the experiences of past financial crises have strengthened the...

This note presents a targeted review of selected aspects concerning the regulation and supervision of banks in Italy and their governance framework. The review was carried out as part of the 2019 Italy Financial Sector Assessment Program (FSAP) and was based on the regulatory framework in place...

This technical note leverages on the 2015 FSAP which concluded that the United States (U.S.) had a high degree of compliance with the Basel Core Principles (BCPs). The FSAP reviewed the progress achieved in addressing the main weaknesses previously identified and the main supervisory and...

Banking supervision and regulation by the Hong Kong Monetary Authority (HKMA) remain strong. This assessment confirms the 2014 Basel Core Principles assessment that the HKMA achieves a high level of compliance with the BCPs. The Basel III framework (and related guidance) and domestic and...

The purpose of the missions of Phase I was to develop a functional central bank, including establishing a modern banking supervisory regime. Especially, MCM provided TA missions under the Phase I that have focused on operationalizing banking license capacity, development of on and offsite...

At the request of the Central Bank of Myanmar (CBM), the IMF's Monetary and Capital Markets Department, visited Yangon for a series of missions in 2018 and early 2019 on banking supervision. The objectives of the work were to support the CBM in the development of bank regulation and supervision,...

This review provides an update on the Austrian insurance sector and an analysis of certain key aspects of the regulatory and supervisory regime. The note analyzes regulation and supervision in relation to key issues identified in previous Financial Sector Assessment Programs (FSAP), as well as...

This paper summarizes recent developments in the relationships between the IMF, member countries, and commercial banks, with specific reference to five European countries. The paper also highlights that Better assessment of trends in the market and of the attitude of commercial banks toward...