Template-Type: ReDIF-Article 1.0
Author-Name: Gábor Gyura
Author-Email: gyurag@mnb.hu
Author-Workplace-Name: Magyar Nemzeti Bank (central bank of Hungary)
Author-Name: Anikó Szombati
Author-Email: szombatia@mnb.hu
Author-Workplace-Name: Magyar Nemzeti Bank (central bank of Hungary)
Title: Systemic risk in focus – New directions of financial supervision at home and abroad
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.
Classification-JEL: G01, G21, G28.
Keywords: financial supervision, systemic risk, financial stability.
Journal: MNB Bulletin
Pages: 6-12
Volume: 4
Issue: 4
Year: 2009
Month: December
File-URL: http://www.mnb.hu/letoltes/gyura-szombati-en-0912.pdf
File-Format: Application/pdf

Handle: RePEc:mnb:bullet:v:4:y:2009:i:4:p:6-12