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International Monetary Fund

. A few Directors emphasized the need for further testing and undertaking cost-benefit assessments before implementing data policy recommendations. Noting the importance of increasing traction of S&C work with policy-makers and market participants, some Directors recommended that the results of some assessments be presented in a non-technical manner for ease of understanding. Directors agreed that the next review of the S&C initiative should be undertaken in due course, following experience gained with operationalizing the recommendations of the current review

International Monetary Fund
The standards and codes (S&C) initiative was launched in the aftermath of the emerging market crises of the 1990s as part of efforts to strengthen the international financial architecture, with a focus on emerging markets. The initiative has aimed at promoting international standards and codes to improve economic and financial resilience by assisting countries in strengthening their economic institutions and informing World Bank and IMF work. The four previous reviews confirmed a fairly high appreciation of the overall initiative, while also raising questions about the initiative’s link to surveillance and capacity development efforts, weak uptake by market participants, as well as a need to improve traction with policy makers. This review reaffirms the country authorities’ appreciation for S&C work, and its focus and scope are guided by the February 2017 paper.
International Monetary Fund. Monetary and Capital Markets Department

confidential balance sheet shows that they yield similar conclusions . Therefore, analyses based on market data are a viable alternative when such data are not available. However, bilateral balance sheet exposures data allow for a deeper investigation of the possible sources of spillovers and connections. Financial supervisors would benefit from collecting bilateral asset exposure data on a regular basis and complementing with higher frequency analyses based on market data. Policy Recommendations 22. Norway should continue to maintain significant buffers . Norway

International Monetary Fund. Monetary and Capital Markets Department
This Technical Note reviews linkages and interconnectedness in the Norwegian financial system for Norway. Norway’s banks have important connections with global financial centers, but regional links are also important. Norwegian banks are very dependent on global financial centers as sources of funding and to hedge currency risks. Cross-sectoral exposures of Norway’s banks, insurance companies, and real estate companies are significant and extend beyond the Nordic region. The authorities are encouraged to expand their current monitoring efforts of crossborder and cross-sectoral exposures of the Norwegian financial sector, and to conduct regional stress tests. For this effect, the authorities can resort to market data and, if available, to balance sheet data of exposures at the individual financial institution level.
International Monetary Fund. Legal Dept.

standards, and seek to avoid an overly complex structure that is too resource-intensive. In the area of data policy, Directors noted its key role in promoting transparency and saw merit in the value of revisions to support effective economic decision-making, with the outcome of pilot exercises and refinement of the module to be taken up in the 10th review of the Fund’s data standards. A few Directors emphasized the need for further testing and undertaking cost-benefit assessments before implementing data policy recommendations. Noting the importance of increasing

International Monetary Fund. Legal Dept.

standards, and seek to avoid an overly complex structure that is too resource-intensive. In the area of data policy, Directors noted its key role in promoting transparency and saw merit in the value of revisions to support effective economic decision-making, with the outcome of pilot exercises and refinement of the module to be taken up in the 10th review of the Fund’s data standards. A few Directors emphasized the need for further testing and undertaking cost-benefit assessments before implementing data policy recommendations. Noting the importance of increasing