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Systemic risk in focus – New directions of financial supervision at home and abroad

Author

Listed:
  • Gábor Gyura

    (Magyar Nemzeti Bank (central bank of Hungary))

  • Anikó Szombati

    (Magyar Nemzeti Bank (central bank of Hungary))

Abstract

Stronger, more efficient control of the financial system can primarily be ensured by strengthening macro-prudential supervisory activities focusing on the risks of the financial system as a whole. This may be facilitated, first of all, by closer cooperation between central banks and supervisory authorities, as well as by broadening the powers and intervention opportunities of these authorities. The European Systemic Risk Board (ESRB) and the European System of Financial Supervisors (ESFS) are being established in the European Union in order to apply these principles in practice. Similarly to several other countries, Hungary is also planning to reform its supervisory system: according to the plans, both the central bank and the supervisory authority will have more powerful tools at their disposal, and a Financial Stability Council will be established to harmonise the activities of the national authorities more closely.

Suggested Citation

  • Gábor Gyura & Anikó Szombati, 2009. "Systemic risk in focus – New directions of financial supervision at home and abroad," MNB Bulletin (discontinued), Magyar Nemzeti Bank (Central Bank of Hungary), vol. 4(4), pages 6-12, December.
    • Handle: RePEc:mnb:bullet:v:4:y:2009:i:4:p:6-12
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    File URL: http://www.mnb.hu/letoltes/gyura-szombati-en-0912.pdf
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    References listed on IDEAS

    as
    1. Erlend Nier, 2009. "Financial Stability Frameworks and the Role of Central Banks: Lessons From the Crisis," IMF Working Papers 2009/070, International Monetary Fund.
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    More about this item

    Keywords

    financial supervision; systemic risk; financial stability.;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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