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Mr. Carlos Sanchez-Munoz, Mr. Paul A Austin, Alicia Hierro, and Ms. Tamara Razin

Abstract

The 2019 Annual Report of the IMF Committee on Balance of Payments Statistics (the Committee) provides an overview of recent trends in global balance of payments and international investment position statistics, summarizes the Committee’s work during 2019, and presents the work program of the Committee in the coming year.

International Monetary Fund. Monetary and Capital Markets Department

recommendations on giving Finanstilsynet more independence in its regulatory powers, operations, and budget. We would like to emphasize, however, that the Ministry’s competence in this area is based on constitutional principles governing relations between the various parts of the executive branch, while the question of which powers should be delegated to Finanstilsynet, is subject to a continuous assessment. In this context, it should also be mentioned that Finanstilsynet has put forward a proposal to the Ministry of Finance to appoint a law committee mandated to review the

International Monetary Fund. Monetary and Capital Markets Department

: Key Recommendations Topic/Recommendation Priority Timeframe 1 Area 1. Consider establishing legal provisions to ground the Financial Stability Committee and ‘Crisis Committeemandate. High Medium term All 2. Implement a “one-voice” method of communication with the public, whereby all the authorities would use the same set of agreed upon facts and assumptions. Medium Short term All 3. Require all banks to develop recovery plans, focusing first on the largest. Medium Short term Supervision and resolution

Ruben Lamdany and Leonardo Martinez-Diaz

Governors and the Managing Director. The Interim Committee mandates the Executive Board to study the Committee’s strengthening and/or transformation. 1999 April The Interim Committee asks Deputies and Executive Directors to explore the scope for institutional improvements, including to the IC. 1999 September The Executive Board advances a resolution without recommending establishment of the Council. Board of Governors transforms the Interim Committee into the International Monetary and Financial Committee, extending the IC’s jurisdiction to cover the

International Monetary Fund. European Dept.

crisis management should be more practical and pragmatic. Table 2. Conceptual Comparisons—Main Features Of A Macroprudential Committee and A Crisis Management Committee (A General Case and Not Specific to Israel) A Macroprudential Committee A Crisis Management Committee Mandate Macroprudential policy: the use of primarily prudential tools to limit systemic risk (IMF, FSB, and BIS, 2009) Crisis preparedness and management Membership Central bank, micro-prudential regulators, Ministry of Finance, and potentially external

International Monetary Fund

bodies of central banks’ operations, but are not always found to be effective . As in 2008, cases arose where committees were found to have lost momentum over time or become ineffective due to insufficient clarity of mandate or coverage of functions, inadequate composition and expertise, and infrequent meetings. Recommendations in this area promote the application of best practices such as: (i) the appointment in the audit committee of at least one member with technical expertise in financial reporting and external audit matters; and (ii) a committee mandate or charter

International Monetary Fund

; and (iii) audit committee mandates that lacked coverage of important areas. Five banks did not have an audit committee, due to omissions in the governance structures established by the legal framework (see above). Importantly, in cases where central banks showed an improvement in the risk profile, this was typically led by legal and governance oversight reforms. Reserves management 14. In the continued low-return environment, assessments found increased credit and concentration risks in investment practices . Central banks with overall capacity

International Monetary Fund
This paper provides Executive Directors with an update of safeguards assessment activities from July 1, 2008 through June 30, 2009. In common with previous updates, it covers the various types of safeguards activities undertaken during the year, highlighting the increased activity associated with the “twin crises” of food and fuel price shocks and the global financial crisis during 2008/09. It also briefly discusses developments in the latter part of that year, including the separate safeguards procedures introduced for members accessing the Flexible Credit Line (FCL).