Mario Draghi: Monetary policy in the euro area

18 July 2018

The euro area’s economy continues on a growth path and inflation is gradually returning towards our objective, says Mario Draghy, President of the European Central Bank, during his speech. “But uncertainty permeates the economic outlook. Recent data releases have created questions about the durability of the growth outlook. And – as we will discuss over the next two days – the crisis has presented us with new issues and fresh challenges in understanding the wage- and price-setting process.”
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Building the UK financial sector’s operational resilience discussion paper

17 July 2018

The Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a joint discussion paper (DP) on an approach to improve the operational resilience of firms and financial market infrastructures (FMI’s). It envisages that boards and senior management can achieve better standards of operational resilience through increased focus on setting, monitoring and testing specific impact tolerances for key business services, which define the amount of disruption that could be tolerated.
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Fiscal transfers without moral hazard?

16 July 2018

We present a euro area central stabilisation scheme that is relatively free from adverse incentives (moral hazard), because transfer payments to Member States are based on changes in world trade in the various economic sectors. Indeed, these changes are largely driven by external forces and therefore not directly controlled by individual governments or countries. The transfers generated by our scheme tend to be temporary, countercyclical and larger when economies are less diversified. Finally, the scheme is quite robust to revisions in the underlying export data.

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EBA issues recommendation to the Maltese Financial Intelligence Analysis Unit in relation to its supervision of Pilatus Bank

13 July 2018

The European Banking Authority (EBA) issued a Recommendation addressed to the Maltese Financial Intelligence Analysis Unit (FIAU) after establishing it had breached Union law in relation to its supervision of Pilatus Bank. The EBA Recommendation aims at remedying the particular failings identified by the EBA by encouraging the FIAU to take all the necessary actions to comply with the Anti-Money Laundering and Countering Terrorism Financing Directive (AML/CTF). Continue reading…

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Building the UK financial sector’s operational resilience discussion paper

12 July 2018

The Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a joint discussion paper (DP) on an approach to improve the operational resilience of firms and financial market infrastructures (FMI’s). It envisages that boards and senior management can achieve better standards of operational resilience through increased focus on setting, monitoring and testing specific impact tolerances for key business services, which define the amount of disruption that could be tolerated.
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Change is happening now – let’s make the most of it

11 July 2018

The changing business and risk landscape, the implications of the fourth industrial revolution for members and how Airmic can help them flourish in the new environment formed the backbone annual conference. More than 1,800 people attended the event including nearly 500 members. The conference saw the unveiling of more than ten reports and papers, ranging from cyber-governance to parametric insurance to an analysis of the impact of the Insurance Act.
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