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International Monetary Fund. European Dept.
Germany managed the first wave of the COVID-19 epidemic relatively well thanks to an early and vigorous public health response. Nonetheless, unprecedented disruptions to economic and social activity caused a deep recession in the first half of 2020. The gradual easing of containment measures since late-April has led to a partial revival of growth, but in late-October a “lockdown light” was announced to counter a new wave of infections, and restrictions were further tightened in mid-December. Significant risks remain about the pace and extent of the recovery as the uncertain course of the epidemic continues to impact economic activity.
Jose M Garrido, Mr. Wolfgang Bergthaler, Ms. Chanda M DeLong, Juliet Johnson, Amira Rasekh, Anjum Rosha, and Natalia Stetsenko
To date, the use of empirical data in insolvency law analysis has been sporadic. This paper provides a conceptual framework for the use of data to assess the effectiveness and efficiency of insolvency systems. The paper analyzes the existing sources of data on insolvency proceedings, including general insolvency statistics, judicial statistics, statistics of insolvency regulators and other sources, and advocates for the design of special data collection mechanisms and statistics to conduct detailed assessments of insolvency systems and to assist in the design of legal reforms.
International Monetary Fund. Legal Dept.
This report provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in Colombia as at the date of the onsite visit (June 5 to 22, 2017). It analyzes the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of Colombia’s AML/CFT system, and provides recommendations on how the system could be strengthened.
Jose M Garrido
Italian banks are burdened with high levels of nonperforming loans, the cleanup of which depends in important part on the efficiency of insolvency and enforcement processes. Traditionally, these processes in Italy have taken very long, hampering the timely cleanup of balance sheets. In response, the authorities have legislated a number of measures. This paper explores the recent insolvency and enforcement reforms and the remaining challenges. These reforms introduce important positive changes that are expected to yield full benefits over the medium to long term. The efficacy of the reforms, including to deal with the current stock of high nonperforming loans, can be enhanced by introducing effective out-of-court enforcement mechanisms, supplemented by a more intensive use of informal and hybrid debt-restructuring solutions. Moreover, there is an urgent need to rationalize the system, which over the years has become very complex and intricate.
International Monetary Fund. European Dept.
This Selected Issues paper analyzes household savings ratio in Spain. The household savings ratio has fallen to its lowest historical rate in 2012, as households cut back savings to support consumption in response to negative income shocks. Household savings fell across all households, but the declines were likely more material among lower income and highly indebted groups. Declining household income and savings slowed deleveraging and put household balance sheets under pressure. Looking ahead, households may need to restrain consumption further to free resources for repaying debt. Household savings rates will likely stay below historical levels for some time then slowly increase.
International Monetary Fund
This 2012 Article IV Consultation reports that the German economy’s performance has been remarkable despite facing considerable headwinds. Several conditions are now in place in Germany for a domestic demand-led recovery. Employment creation has been robust and unemployment at 5.3 percent is at a postreunification low. Executive Directors have commended Germany’s strong macroeconomic management, which has resulted in a favorable economic performance despite the uncertain external environment. Directors have underscored Germany’s pivotal role in reducing euro area and global imbalances.
International Monetary Fund
Gibraltar’s Detailed Assessment Report on Anti-Money Laundering (AML) and Combating the Financing of Terrorism is reviewed. The principal AML risk to Gibraltar is lodged in its professional sector, which is likely to be involved in the layering and integration of proceeds of crime. There is also some risk to Gibraltar at the placement stage, in connection with drug trafficking, migrant smuggling, and organized crime in southern Spain. The Financial Services Commission in Gibraltar has established a strong, risk-based framework for financial institutions for AML.
International Monetary Fund
This report examines the Observance of Standards and Codes on the Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Spain. The findings reveal that the Spanish legal framework for combating money laundering and terrorist financing is generally comprehensive. Money laundering offences are broad in scope and easy to apply, according to Spanish prosecutors. Terrorist financing offences are broadly satisfactory, although they do not appear to cover acts of an individual terrorist and collection of funds under certain circumstances.
International Monetary Fund
This paper discusses key findings of the assessment of Financial Sector Supervision and Regulation in Andorra. The assessment reveals that bank supervision in Andorra is broadly sound and has improved since the 2002 assessment. Institut Nacional Andorrà de Finances’ (INAF) new charter strengthened its independence and remedial powers. But these could be further strengthened by empowering it to impose all types of sanctions. Developing INAF’s onsite supervisory capacity and clarifying its requests to external auditors will be important for the bank and nonbank financial sectors.
International Monetary Fund
This Selected Issues paper attempts to analyze the end-point problem and improve the quality of potential GDP estimates for Germany. It projects that Germany’s potential GDP growth will slow over the coming decade, mainly because of declining labor input. The paper focuses on a long-term fiscal scenario for Germany based on current policies. The paper also attempts to construct a preliminary public sector balance sheet for Germany, and analyzes the performance of its nonfinancial corporate sector.